Genworth will be laying off 1,000 employees, or about 1/7th of the company’s global workforce.
A company spokesman said he does not yet know how any of the 1,750 Richmond workers will be let go. But if the cuts were even across all the offices, it would amount to around 250 workers.
“This move is one step along with other cost efficiency actions being taken to reduce pretax operating expenses by approximately $100 million to $150 million on an annual run rate by the end of 2009,” said CEO Michael Fraizer in a statement.
Genworth also employs around 1,350 workers in Lynchburg.