Genworth Financial (GNW) Cutting 400 Jobs

Genworth Financial (NYSE: GNW) announced an expense reduction plan as it continues to work on improving the operating performance of its businesses. This plan will eliminate approximately 400 positions, including 150 open positions that will not be filled, and will reduce related information technology and program spend. When fully implemented, the company expects to realize approximately $80 to $90 million in annual pre-tax expense savings primarily related to these actions. Overall expense levels may vary for a variety of reasons, including changes in sales volume or other strategic actions the company may take. A pre-tax non-operating charge of approximately $15 to $20 million will be recorded in the second quarter of 2013 reflecting severance, outplacement and other associated costs.

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