Job cuts are coming to Northwestern Mutual.
On Thursday, the Milwaukee Business Journalshared specifics, including 100 job losses by the end of 2016 and hundreds more in 2016.
A Company spokesperson tells NBC26 the layoffs are not expected to affect local field offices which are located in Appleton, De Pere, Green Bay, Manitowoc, Fond du Lac and Oshkosh.
The Milwaukee-based insurer is one of the metro area's largest employers, with a workforce of about 5,900 at its downtown and Franklin campuses, according to theMilwaukee Journal Sentinel.
CEO and Chairman John Schifske shared this statement with the Business Journal.
“As we invest in our strategic priorities to meet our clients’ current and future needs, we are also committed to maintaining our strong financial position during this period of unprecedented low interest rates. To balance these two goals, we’ve been evaluating how we work to better serve our clients. While we will continue to focus on hiring people with the skills we need and developing our teams, some positions will be impacted and these decisions have not been easy. Our Chairman and CEO John Schlifske told employees today that approximately 100 positions will be eliminated this year and hundreds will be eliminated next year.”
In a statement to employees in early September, communications director Betsy Hoylman said unprecedented low-interest rates are putting pressure on companies across the industry.
