The Houston Business Journal reports Principal Financial Group is closing seven offices in Texas and laying off 47 workers. The news was revealed in a letter from the company to the Texas Workforce Commission.
According to the filing, the closures are the result of Principal Financial Group’s move out of the health-insurance business. The company’s focus is now limited to asset management, retirement, other forms of insurance, and banking services.
Two of the office closures are to come in Houston, where a total of 10 associates will be laid off. The departures are scheduled to begin Dec. 10 and continue over the next year and a half, the Houston Business Journal reports.
Principal Financial Group is based in Des Moines, Iowa.Principal Financial Laying Off 47 in Texas by Harrison Barnes