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Genworth cuts about 80 positions at Va offices

Monday - 5/7/2012, 5:43pm  ET

RICHMOND, Va. - Genworth Financial Inc. has cut nearly 80 positions at two Virginia operations.

The move comes days after the Richmond-based company's chairman and CEO, Michael D. Fraizer, resigned.

Genworth spokesman Tom Topinka told the Richmond Times-Dispatch ( http://bit.ly/ICUet4) that the cuts were fewer than 40 positions in Richmond and fewer than 30 in Lynchburg in the company's life insurance and information technology units.

In a statement, Topinka said the changes are "designed to drive cost efficiencies" within its U.S. life insurance unit and move its technological capabilities "deeper within the business."


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)