Henrico County-based insurance coverage large Genworth Monetary Inc. has began notifying a few of its workers that their jobs are being eradicated after the corporate’s deliberate merger with a China-based funding agency was indefinitely delayed.
A spokeswoman for Genworth, which has thousand of workers in Virginia primarily within the Richmond and within the Lynchburg areas, confirmed on Wednesday that the corporate is beginning notifying workers of job reductions.
The corporate declined to supply any particular numbers of workers affected or when the roles might be reduce.
“I can affirm that we have now notified sure colleagues that their positions are being eradicated,” Genworth spokeswoman Julie Westermann mentioned in an electronic mail in response to questions.
“This isn’t one thing we take calmly and we’re dedicated to offering affected colleagues with the utmost care, compassion and assist throughout this transition,” Westermann mentioned. “Out of respect for our colleagues who’re shedding their jobs, we won’t be offering another particulars at the moment.”
The job cuts come about two weeks after Genworth introduced that its long-delayed deliberate to be acquired by China Oceanwide Holdings Group Inc. had been placed on indefinite maintain.
Genworth President and CEO Thomas McInerney instructed traders and analysts on a convention name on Jan. 5 that the corporate would look to chop prices after the merger deal was placed on maintain.