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.