Principal Financial Group, an insurance, retirement, and asset management firm has announced it is cutting 550 jobs, or about 3.5 percent of its work force.
The cuts are a result of the continually declining US and global markets.
The layoffs include 300 positions at the company's Des Moines, Iowa, corporate headquarters and 250 in 45 other locations.
The company said in a statement that most of the employees affected will leave December 31. Those who received the bad news were offered severance packages and job search assistance, according to the firm's human resources executive vice president.
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