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.
(Related: Wells Fargo Makes ‘Sizable’ Cuts to Advisor Force)
Pacific Life had about 3,800 employees before the layoffs started.
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.
The company is continuing to advertise for a senior solutions analyst and an information security engineer.
The Allstate Corp. said Sept. 30 that it expects to lay off about 3,800 employees, or about 8% of its 46,000 employees, due to the effects of the COVID-19 pandemic.
Rumors are circulating that some other large insurers have announced or implemented significant layoffs. Tracking layoffs is more difficult than in the past, because some states have changed their usual layoff notice requirements due to the impact of the COVID-19 pandemic.
— Read Carlyle Group Co-Founder: Mass Layoffs Are Coming — Soon, on ThinkAdvisor.
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