A large financial services company says it will be reducing some expenses and investing some of the savings in its operations.
Genworth Financial Inc., Richmond, Va., says it hopes to eliminate about $220 million costs over the next 2 years thanks to “recently completed legal entity mergers and the combination of multiple functional teams.”
But Genworth is aiming for a 20% expansion in the number of U.S.-based wholesalers and sales support staff serving its retirement, life insurance and long term care insurance lines in order to maximize distribution capabilities. The company also is increasing investments overseas, the company says.