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    Principal Lays Off 550

    Per KCCI.....

    BREAKING NEWS: Principal Financial Cuts 550 Jobs - Des Moines News Story - KCCI Des Moines

    Des Moines-based Principal Financial Group Inc. said Tuesday that it is cutting 300 jobs at its headquarters and around 250 in 45 other locations.

    The insurance, banking, retirement and asset management company on Tuesday blamed the cuts on continued deterioration of U.S. and global markets.

    The cuts represents about 3.5 percent of Principal's workforce.


    A program isn't built on one player and it doesn't succeed because of one player, thus a program won't fail if it doesn't get that one player.

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    Re: Principal Lays Off 550

    Ouch. I feel for those families that are affected.


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    Re: Principal Lays Off 550

    It's been a tough day around here. Nerves are certainly on high end.



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    Re: Principal Lays Off 550

    its never a good time for layoffs, but does it seem like they always come more frequently during holidays?



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    Re: Principal Lays Off 550

    I hope they can find something (even if temporary) quickly.



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    Re: Principal Lays Off 550

    Quote Originally Posted by delt4cy View Post
    It's been a tough day around here. Nerves are certainly on high end.
    I'll 2nd that...



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    Re: Principal Lays Off 550

    Quote Originally Posted by delt4cy View Post
    It's been a tough day around here. Nerves are certainly on high end.
    I feel for ya.

    What type of people were let go? IT? Operations?



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    Re: Principal Lays Off 550

    Quote Originally Posted by ISUFan22 View Post
    I feel for ya.

    What type of people were let go? IT? Operations?
    A little of everything



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    Re: Principal Lays Off 550

    I think it is safe to say things are pretty bad right now. My company had never had layoffs in it's history. We just had 50 laid off a couple weeks ago. Sad stuff.



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    Re: Principal Lays Off 550

    I wonder if Principal considered selling one of its corporate jets in lieu of cutting jobs?

    They are asking for $ 2 billion in assistance - so perhaps the luxuries of the executives need to be cut as well... the auto companies are being pressured to make such cuts.

    I have a family member affected by this... any time is a tough time, but especially during th holidays.


    Last edited by Klonz; 12-09-2008 at 01:50 PM. Reason: add

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    Re: Principal Lays Off 550

    I CLEARLY don't mean for this to sound inappropriate. However, I've just expanded a CPA firm and am looking for a person that wants to become a CPA, but that would be willing to spend a year or two doing a lot of admin tasks in addition some accounting work. If anyone you know of is losing a job from anywhere, including PFG, I'd like to talk to them ASAP. I can't pay much and don't have a complete benefit package in place, but I can offer a future.

    But I really need someone that wants to be a CPA in the future.

    PM me if anybody knows someone that may have an interest.


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  12. #12
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    Re: Principal Lays Off 550

    How many does Principal employ in Des Moines?

    I'd heard they were for sale and if that happed who knows how many jobs would be lost?



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    Re: Principal Lays Off 550

    Just a question: With all of these job cuts going on what areas seem to be most effected? Also, what types of things do the big wigs look at when deciding to cut jobs...seniority? level on the pay scale? department? I am not currently employed, but as a college senior am either headed to grad school or the workforce, and just was curious what is to look out for.

    Luckily I am a political science major so I have planned on being unemployed anyways.



  14. #14
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    Re: Principal Lays Off 550

    Quote Originally Posted by djkent01 View Post
    I CLEARLY don't mean for this to sound inappropriate.
    How would this be inappropriate? You have a need, people lost their jobs that could fill that need and have a job.

    Seems completely appropriate to me.

    I'd recommend those laid off look at some of the consulting companies in town. They seem to do a good job finding work. I was applying for FT positions after my layoff and there simply were not many. Second I started talking to the consulting companies, I had a number of good opportunities.

    My current one - was contacted by the firm on a Monday and had the job locked up that same Thursday.

    It is a really crappy time to get laid off - but there generally are not any "good" times for such either.


    Last edited by ISUFan22; 12-09-2008 at 01:59 PM.

  15. #15
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    Re: Principal Lays Off 550

    Quote Originally Posted by ISUFan22 View Post
    How would this be inappropriate? You have a need, people lost their jobs that could fill that need and have a job.

    Seems completely appropriate to me.
    Thanks. I just didn't want to sound like a vulture preying on other people's misfortune.


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