Genworth Financial said Thursday that it is discontinuing the sale of some of its annuity products, a move that will result in the elimination of 130 employees at the company’s Richmond office.
“As part of ongoing refinement of its business strategies, Genworth Financial, Inc. today announced key changes to annuity products in its Retirement and Protection segment,” the company said in a news release.
Genworth spokesman Al Orendorff said that although 130 jobs will be eliminated here in Richmond, 30 of those positions will be transferred to the company’s Lynchburg office. Orendorff said that the company has 100 open positions at its Richmond office and that the affected employees are welcome to apply for those jobs.
Genworth’s corporate headquarters, located just off West Broad Street in Glen Allen, not far from Innsbrook, employs about 1,300 workers, Orendorff said. The Lynchburg office employs around 1,500.
Genworth said in its release that the move will cost about $12 million in the first quarter related to severance and outplacement support to assist affected employees during the transition.
Stay tuned to BizSense for more.
Genworth Financial said Thursday that it is discontinuing the sale of some of its annuity products, a move that will result in the elimination of 130 employees at the company’s Richmond office.
“As part of ongoing refinement of its business strategies, Genworth Financial, Inc. today announced key changes to annuity products in its Retirement and Protection segment,” the company said in a news release.
Genworth spokesman Al Orendorff said that although 130 jobs will be eliminated here in Richmond, 30 of those positions will be transferred to the company’s Lynchburg office. Orendorff said that the company has 100 open positions at its Richmond office and that the affected employees are welcome to apply for those jobs.
Genworth’s corporate headquarters, located just off West Broad Street in Glen Allen, not far from Innsbrook, employs about 1,300 workers, Orendorff said. The Lynchburg office employs around 1,500.
Genworth said in its release that the move will cost about $12 million in the first quarter related to severance and outplacement support to assist affected employees during the transition.
Stay tuned to BizSense for more.