Principal Financial Group warns of more job cuts after ‘challenging’ quarter
February 6, 2019 by Kevin Hardy and Donnelle Eller
After laying off employees in late 2018, Principal Financial Group is warning workers to expect more job losses this year.
The bleak assessment came Wednesday after Principal reported its profits dropped by more than half a billion dollars in the fourth quarter of last year, falling short of Wall Street analysts’ expectations.
The Des Moines-based financial services company’s fourth-quarter earnings report, released after the market closed Tuesday afternoon, showed net income fell to $236.5 million, down from $841.8 million in the fourth quarter of 2017. CEO Dan Houston characterized the quarter as “challenging” on a call with stock analysts Wednesday morning.
The retirement services company is one of the largest employers in central Iowa with some 6,500 workers in the Des Moines metro area.
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