NU Online News Service
A financial services company says it has implemented plans announced in December 2008 to reduce the size of its workforce by about 14%.
Genworth Financial Inc., Richmond, Va., laid off about 1,000 of its 7,300 employees Thursday, the company says.
Genworth first warned about the layoffs Dec. 17, 2008.
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The cuts return company employment to 2004 levels, according to Genworth Chairman Michael Fraizer.
Genworth wants to continue its long term care product lines, by increasing sales of LTC insurance and of packages that combine LTC benefits with other products, Fraizer writes in a letter on the Genworth Web site addressed to customers, distributors and partners.