The Genworth campus off West Broad Street near Glenside Drive. Photo by Michael Schwartz.
Note: This story has been revised to include comments received from Genworth after deadline. Employees to be laid off had been notified by the company prior to publication.
A local Fortune 500 has announced its latest round of layoffs.
Genworth Financial said it is eliminating 42 positions, including jobs in Richmond and Lynchburg.
The layoffs were announced in a notice through the federal Worker Adjustment and Retraining Notification Act. The notice, posted this week but dated June 15, did not specify how many jobs in each market are affected.
Genworth spokeswoman Janice Luvera said Thursday that employees to be laid off had already been notified. She said the layoffs are related to the company’s decision to suspend sales of its traditional life insurance and fixed annuity products.
In total, the layoffs involved 27 positions in Richmond, four in Lynchburg, and 11 in other locations, including nine that reported to Richmond remotely and one each in New York and Washington, D.C.
The layoffs are the latest for the financial firm, which cut 270 employees, including 70 in Richmond, earlier this year, according to a Roanoke Times report in February. It also cut 400 positions companywide in 2013 as part of a plan to save as much as $90 million a year. Of those positions, between 75 and 100 were local. In 2011, the company eliminated 130 local jobs when it did away with many of its annuities products.
By the end of 2015, the company employed about 4,100 full-time and part-time employees. In addition to its four-building headquarters at 6620 W. Broad St., the company maintains facilities in Lynchburg and leases additional office space in 11 locations in the U.S. and 16 locations in other countries.
The company is currently restructuring its U.S. life insurance businesses, according to its latest annual report. In February, it announced it would suspend sales of its traditional life insurance and fixed annuity products after the first quarter, separate its long-term care insurance business, and “further reduce expense levels in 2016,” among other measures.
According to that report, the company reported losses the past two years. While revenues reached $4.57 billion in 2015, compared to $4.7 billion in 2014 and $4.51 billion in 2013, the company reported a loss of $413 million in 2015 and $1.24 billion in 2014, compared to $560 million in net income in 2013.
The Genworth campus off West Broad Street near Glenside Drive. Photo by Michael Schwartz.
Note: This story has been revised to include comments received from Genworth after deadline. Employees to be laid off had been notified by the company prior to publication.
A local Fortune 500 has announced its latest round of layoffs.
Genworth Financial said it is eliminating 42 positions, including jobs in Richmond and Lynchburg.
The layoffs were announced in a notice through the federal Worker Adjustment and Retraining Notification Act. The notice, posted this week but dated June 15, did not specify how many jobs in each market are affected.
Genworth spokeswoman Janice Luvera said Thursday that employees to be laid off had already been notified. She said the layoffs are related to the company’s decision to suspend sales of its traditional life insurance and fixed annuity products.
In total, the layoffs involved 27 positions in Richmond, four in Lynchburg, and 11 in other locations, including nine that reported to Richmond remotely and one each in New York and Washington, D.C.
The layoffs are the latest for the financial firm, which cut 270 employees, including 70 in Richmond, earlier this year, according to a Roanoke Times report in February. It also cut 400 positions companywide in 2013 as part of a plan to save as much as $90 million a year. Of those positions, between 75 and 100 were local. In 2011, the company eliminated 130 local jobs when it did away with many of its annuities products.
By the end of 2015, the company employed about 4,100 full-time and part-time employees. In addition to its four-building headquarters at 6620 W. Broad St., the company maintains facilities in Lynchburg and leases additional office space in 11 locations in the U.S. and 16 locations in other countries.
The company is currently restructuring its U.S. life insurance businesses, according to its latest annual report. In February, it announced it would suspend sales of its traditional life insurance and fixed annuity products after the first quarter, separate its long-term care insurance business, and “further reduce expense levels in 2016,” among other measures.
According to that report, the company reported losses the past two years. While revenues reached $4.57 billion in 2015, compared to $4.7 billion in 2014 and $4.51 billion in 2013, the company reported a loss of $413 million in 2015 and $1.24 billion in 2014, compared to $560 million in net income in 2013.