Tuesday, March 10, 2009

Breaking News: Principal Layoffs

Principal Financial Group has confirmed another round of layoffs. Here's a statement from Sonja Rice Sorrel from the media relations department:

The Principal Financial Group has eliminated positions in its health business. About 20 positions were eliminated at its headquarters in Des Moines and about 40 more nationwide. The primary reason for the position eliminations is due to improvements in process within the health business. This was a planned improvement which resulted in the need to realign resources accordingly. All affected employees will receive severance and career assistance
Last December, Principal announced it was cutting 300 jobs at its Des Moines headquarters and another 250 worldwide. As I write this at 1:59pm, Principal stock is selling at $7.15 per share. That's up $1.26, which is more than 21%. It sold at $57.44 a year ago.

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