Yet they still have enough $$$ to construct a 88 story office building in NYC... It absolutely makes no sense to build something like this, when NYC has an commercial occupancy rate of 60% in manhattan alone...
Principal Layoffs - 3-10-09
- Thread starter dosry5
- Start date
I agree. I think people tend to take jabs at things they just don't understand. PFG is big, and therefore a big target.
I just don't get it, usually everyone on CF is so rational!
I haven't seen any in this thread here, but there were some in the thread from the last round of lay offs. The genius posters on the DM Rag's website are very rough on PFG.
CubsNClones---what is your source on this big building in NYC?
Wife use to work at principal. She told me of new PFG building being constructed in downtown NYC starting in 2007... I'll try to find a link...
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I wasn't doubting you, just didn't know of it. But looking at the date....this was before the layoffs came to fruition.
Someone posted the internal memo concerning the layoffs. It was then modded out at some point. Sorry about that.
Believe it was a division in their Healthcare Department and some in Claims.
That is correct. It was removed by the original poster of said memo but the news has started reporting the layoffs so I'm sure they'll have details on the jobs affected.
I think you are talking about this:
Principal Real Estate Investors Sign Contract to Acquire Premier Office Building in New York City. | Real Estate > Real Estate Investing from AllBusiness.com
It was from 2005. Also you talked about 2007. In 2007 (when I started), PFG had one of it's best years in many areas and the stock was at $70. Times are a lot different now...
Principal Real Estate Investors Sign Contract to Acquire Premier Office Building in New York City. | Real Estate > Real Estate Investing from AllBusiness.com
It was from 2005. Also you talked about 2007. In 2007 (when I started), PFG had one of it's best years in many areas and the stock was at $70. Times are a lot different now...
I can't find any articles on it... I know I heard something about this new skyscaper they were building..
I saw this article too, but it's not that... And according to my investor,the commercial real estate bubble burst in middle of 2006
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I think you'll find that most current and former employees have a pretty good opinion about PFG. I also notice that a lot of the people that complain the most are the ones that you see about 6 months later in the hallway with a PFG badge on. I can tell you that there were a lot of employees at Principal Mortgage that I used to work with that wish they would have never went to Citi.
Dm register. 3 hours late and a dollar short.
Principal lays off 20 locally, 40 elsewhere | DesMoinesRegister.com | The Des Moines Register
Principal lays off 20 locally, 40 elsewhere | DesMoinesRegister.com | The Des Moines Register
Just talked to my wife who works there and she said it was in the health department.
That NYC building you are talking about was built by one of the REIT funds that Principal manages. Which is in turn owned by millions of 401(k) investors. I would venture to guess that technically PFG doesn't even own 801 Grand. It is probably majority owned by the pool of funds produced by the Life Insurance clients.
PFG as an entity is entirely separate. I know PFG is in cost cutting mode for sure. (plus no need to build a NYC tower for the apx. 50 employees there).
PFG as an entity is entirely separate. I know PFG is in cost cutting mode for sure. (plus no need to build a NYC tower for the apx. 50 employees there).
Health has been a major underperformer and hindrance on PFG over the past few years unfortunately. It would not surprise me one bit.
