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Wednesday, December 10, 2008

Principal Trims its Staff

by: Armie Margaret Lee

Principal Financial is slashing 550 jobs, or 3.5 percent of its staff. Company spokeswoman Susan Houser confirmed that the cuts include 300 in the firm's headquarters in Des Moines, Iowa and about 250 in its 45 other locations. It was not immediately clear whether whether the mutual fund division is affected by the layoffs.

“The most difficult decision business leaders ever have to make is the decision to eliminate jobs,” senior vice president Mary O'Keefe said in an e-mailed statement. “Since September when market conditions worsened, we have been continuously reviewing expenses and expected revenues.”

Most of the affected employees' last day will be December 31. 

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