A life insurance company is laying off 800 employees nationwide, including 120 in Cedar Rapids.
Transamerica announced the layoffs Thursday. In addition to the 120 job cuts in Cedar Rapids and 680 more companywide, Transamerica plans to close two offices in California and another in Ohio.
The actions are part of the life insurance company’s “strategic plan to increase returns” and improve “operational efficiencies.”
Tranamerica statement on the layoffs:
“Transamerica recently undertook a strategic plan designed to enhance returns in an increasingly competitive environment. The first step in this plan was to functionalize the entire organization earlier this year, bringing all resources together as One Transamerica. Additional efforts have focused on enhancing returns through operational efficiencies, a rationalized and optimized portfolio, and a highly disciplined approach to expense management.”