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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 ( 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."

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