A new round of cuts at Principal Financial Group
specifically targets its asset management team. Spokeswoman Susan Houser confirmed that the Des Moines, Iowa-based firm is eliminating about 75 jobs from Principal Global Investors.
The Associated Press
, the Des Moines Register
and KCCI Des Moines 8
all reported on the news.
In an emailed statement, Houser told MFWire
that market turmoil has caused "pressure and challenges for all asset managers, including Principal Global Investors."
"We've adapted to changes as business opportunities have continued to decline
"We've adapted to changes as business opportunities have continued to decline over recent months," Houser stated, adding that the cuts are "in response to the environment and to better align expenses and resources."
The move follows temporary reductions in salary Principal confirmed in March, as well as 550 job cuts that came to light in December (see MFWire
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