Principal lays off 75 in asset management division
The Des Moines, Iowa-firm laid off 550 people companywide in December and subsequently instituted salary reductions ranging from 2% to 10%,
Principal Financial Group Inc. has laid off 75 employees in its asset management division, Principal Global Investors.
Most of the positions, eliminated last week, were located in the Des Moines, Iowa, headquarters, the firm reported.
The firm laid off 550 people companywide in December and subsequently instituted salary reductions ranging from 2% to 10%, confirmed Principal spokeswoman Susan Houser.
Principal Financial employs 15,000 people worldwide.
“Market conditions continue to create pressure and challenges for all asset managers, including Principal Global Investors,” the firm said in a statement.
The division had $180.5 billion in assets under management as of March 31.
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