Principal Lays Off More Employees

Another announcement from the Principal Financial Group that it is getting rid of more employees. The statement from the company is below. The Des Moines Register is also reporting long-time employee or former State Representative Libby Jacobs is one of the workers who has lost her job.

Statement from Susan Houser, the Principal Financial Group (June 3, 2009):

"As part of an ongoing review of our business, we made the decision to eliminate approximately 140 positions in Des Moines and approximately 80 positions in other locations, primarily in the retirement business. In the normal course of running the business, we continually review all operations to ensure that resources are aligned with customer needs. Retirement plan customers and advisors are asking for different levels of service. Well-run companies like The Principal must make difficult decisions in order to adapt to changing customer needs and to position the company for continued strength and growth. We thank these employees for their dedicated service to The Principal. As the markets recover and customers review and realign service needs, we hope to be back in contact with them."

Breaking: More Layoffs at Principal

Rumors have been swirling for weeks that Principal Financial Group, headquarters in Des Moines, would again lay off workers. We just received corporate confirmation that would be the case.

Statement from Susan Houser, the Principal Financial Group, April 30, 2009:

Market conditions continue to create pressure and challenges for all asset managers, including Principal Global Investors. We’ve adapted to changes as business opportunities have continued to decline over recent months. In response to the environment and to better align expenses and resources, we made the decision to eliminate approximately 75 positions in Principal Global Investors. Most of these positions are located in Des Moines.