RICHMOND, Va. (AP) - In a story Feb. 6 about layoffs at Genworth Financial Inc., The Associated Press reported erroneous numbers and misidentified a company spokesman. The total number of layoffs is 330, not approximately 400, with 70 of those in Richmond and 200 in Lynchburg - not between 75 and 100 in Richmond and 39 in Lynchburg. The figures came from spokeswoman Julie Westerman, not Al Orendorff.
A corrected version of the story is below:
Insurance company Genworth Financial announces it will eliminate 330 positions in a cost-cutting move
Henrico County-based insurance company Genworth Financial Inc. has announced it would “eliminate 330 positions” in a cost-cutting move
RICHMOND, Va. (AP) - Henrico County-based insurance company Genworth Financial Inc. has announced it would eliminate 330 positions in a cost-cutting move.
Media outlets report that the latest job cuts were disclosed Friday, after Genworth announced Thursday that it was suspending sales of its traditional life coverage and fixed annuity products in the first quarter of this year.
Genworth spokeswoman Julie Westerman says 70 of the cut positions are in the Richmond area and 200 are in Lynchburg. Some employees outside Virginia will also be affected.
The company says the job cuts, combined with other measures, would save the company between $80 million and $90 million a year.
Genworth President and CEO Tom McInerny said in a statement the company would “support” employees who lost their job and treat them with “the utmost respect.”
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