Principal Financial Layoffs Job Cut: fires 550 employees

The economic situation is worsening and the financial sector is the worst affected by it. Now, the Principal Financial has decided to go for layoffs - another 550 employees may be fired by the company.

How many employees will be fired in the Principal Financial Layoffs
Around 550 employees will see the job cut by Principal. This would be around 3.5% of the total employee strength of Principal.

What are the businesses of Principal Financial?
The company is in various financial sectors - Insurance, banking, retirement and asset management and is based in Des Moines, Iowa

What are the primary reasons for the Principal Financial Layoffs?
The layoffs are said to be because of the worsening of the U.S. and global markets.

Which locations will be affected by the Principal Financial Layoffs?
Around 300 jobs will go at its headquarters at Des Moines, Iowa, while another will be cut in 250 in 45 other locations.

When will the Principal Financial Layoffs happen?
The affected employees will have to leave the company by the year end or 31st Decemeber, 2008.

Any compensation padi to the affected employees of Principal Financial Layoffs
Yes. All affected employees will receive severance and career assistance.