Northwestern Mutual to cut 'hundreds' of jobs
Northwestern Mutual Life Insurance Co. plans to eliminate about 100 jobs this year and "hundreds" more in 2017, the company's top executive told employees Thursday morning.
"As we invest in our strategic priorities to meet our clients’ current and future needs, we are also committed to maintaining our strong financial position during this period of unprecedented low interest rates," Betsy Hoylman, a spokeswoman for Northwestern Mutual, said in a statement. "To balance these two goals, we’ve been evaluating how we work to better serve our clients. While we will continue to focus on hiring people with the skills we need and developing our teams, some positions will be impacted and these decisions have not been easy."
John Schlifske, the chairman and chief executive of Northwestern Mutual, made the job news official during an employee town hall meeting.
The company said earlier this month that it expected to eliminate some jobs as it dealt with lingering low interest rates that have made it harder to increase profits. Low interest rates make it more difficult for insurers to grow earnings because insurance companies invest premiums from policy owners mostly in relatively safe investments tied to rates.
Read more: http://www.jsonline.com/story/money/business/2016/09/29/northwestern-mutual-cut-hundreds-jobs/91266526/
