Pacific Life has announced about 300 layoffs.
A majority of the cuts are affecting employees in California, and some are affecting employees in Omaha, Nebraska, and Lynchburg, Virginia, according to reports by the Los Angeles Times, the Lincoln Journal-Star and WSET.
Pacific Life had about 3,800 employees before the layoffs started.
What Your Peers Are Reading
The Newport Beach, California-based life insurer says the job cuts are the result of the effects of low interest rates and COVID-19, and a desire to reduce information technology spending.