Genworth to cut 1,000 jobs
- December 19, 2008
Henrico County-based Genworth Financial will cut 1,000 jobs, or about 14 percent of its worldwide work force, the company announced Thursday.
The insurance company suffered under the housing crisis, and the recession further weakened its finances. During the third quarter,
Genworth reported a loss of $258 million. The company did not say how many cuts will come from its 1,750 employees in the Richmond area.
Genworrth plans to buy InterBank, a Minnesota financial institution, so it will be eligible to receive money from the Treasury Department under the federal bailout. The deal is contingent on federal money and approval from the Office of Thrift Supervision. (Richmond Times-Dispatch)