October Festival Guide

JOB CUTS: Genworth lays off hundreds, 75+ in Richmond

Genworth

HENRICO COUNTY, Va. (WTVR) – Henrico-based Genworth Financial, Inc. announced it would “eliminate approximately 400 positions” in a cost-cutting move.

Between 75 and 100 of those positions are here in the Richmond area, 39 are in Lynchburg, according to Genworth Financial spokesman Al Orendorff. Around 1,300 people work for Genworth in Richmond.

Of the 400 positions, 150 were considered “open positions,” the company said in a statement.

The company announced the jobs cuts, combined with a reduction in “related information technology and program spend” would save the company between $80 and $90 million a year.

“These are very difficult decisions to make but the changes are essential to our ongoing work to improve the performance of our businesses and deliver value to our shareholders,” Genworth President and CEO Tom McInerney said in a statement. “Our organization will remain sharply focused on our priorities as we make further progress on operating our businesses as efficiently and effectively as possible.”

McInerney said the company would “support” employees who lost their job and treat them with “the utmost respect.”

Genworth, which sells life and mortgage insurance, provides “financial security and protection through retirement income, life and long term care insurance, and related financial and wellness advisory services,” according to its website.

Last year, Genworth Financial’s chairman and CEO Michael D. Fraizer stepped down. after the company’s quarterly report showed another decrease in revenue. Genworth reported a first-quarter profit of $47 million in 2012, compared to $59 million in 2011.

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