Genworth Financial to Cut 400 Positions


Genworth Financial plans to to eliminate roughly 400 positions, which includes 150 open jobs that it will not fill, the company announced Thursday.

The cuts are part of what Genworth terms an "expense reduction plan" that aims to reduce annual pre-tax costs by $80 million-$90 million. For its Q2, it will book a pre-tax, non-operating charge of around $15 million-$20 million related to this activity.

CEO Tim McInerney is quoted by the company as saying that "we do not believe these actions significantly change our previously disclosed views on performance in 2013, but anticipate them to have a more meaningful impact in future years."

Genworth has around 5,840 employees, so cutting 250 jobs (not counting the 150 positions that are currently open and won't be filled) would be about 4.3%.


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