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Citigroup Says They're Cutting Jobs After Principal SaleWOI-TV.com - Channel 5 Eyewitness News
July 2, 2004
(Des Moines)-- Hundreds of Principal Mortgage employees in the metro will lose their jobs. The move comes after Principal Financial Group sold it's residential mortgage business to Citigroup. Citigroup closed the billion dollar deal yesterday.
In a letter to city officials, the company said it will begin eliminating 390 of the division's 800 employees in Des Moines. Citigroup says the dismissals will continue in stages through December. The sale allows Principal Financial to focus on retirement and risk protection for small businesses.
http://www.woi-tv.com/Global/story.asp?S=1991843&nav=1LFXOPFs
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