SEPTEMBER 15, 2021 — CONTINUING LAYOFFS IN DES MOINES, IOWA.
The company has announced the layoffs of 25 Des Moines employees associated with the discontinuance of the sale of the company’s fixed annuities and life insurance to individual customers. The separation is scheduled for October 15, 2021.
The decision was driven by activist investor Elliott Management Corp. called for an internal review of its lines of business. Like most Elliot deals, the company “expected to provide $3 billion to shareholders through the end of 2022 by buying back stock and increasing dividend payments.” Of course, the winner was Elliot Management and the employees were the losers.
JULY 7, 2021 — Original post…
Principal Financial Group is an American global financial investment management and insurance company headquartered in
Des Moines, Iowa-based Principal Financial Group, a financial investment management, and insurance company has announced substantial changes to its business operations which will lead to a personnel realignment and a reduction in force of up to 5% of the companywide employee base.
The company has announced that it will be discontinuing individual life insurance for the retail market and the sales of retail fixed annuities.
According to Dan Houston, chairman, president, and CEO of Principal, “This thorough and intensive review considered strategic fit, client needs, financial impact, and the risk profile of our business lines. The outcome will result in a more focused portfolio and stronger capital management strategy that we believe positions Principal for strengthened leadership in higher growth markets and greater capital efficiency, leading to higher expected shareholder return. I am confident that as we move forward, we’ll be positioned to win and grow in meaningful ways for our shareholders, customers, and employees, both today and into the future."
"Some people will be laid off, but company officials said plans have not been finalized yet. The company employs 18,000 people globally."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?