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Insurance company is cutting jobs following merger delay

Genworth Financial is cutting some of its jobs after its plans to merge with a China-based company was paused.
Credit: Getty Images/iStockphoto

RICHMOND, Va. — Insurance giant Genworth Financial has started notifying some of its workers that their jobs are being cut after its planned merger with a China-based investment firm was delayed. 

The Richmond Times-Dispatch reports a spokeswoman for Genworth confirmed on Wednesday that the company is starting to notify employees of job reductions. 

The company didn't say how many workers would be eliminated, or when the cuts would occur. 

Genworth has thousands of employees in Virginia, mainly in the Richmond and Lynchburg areas. 

Genworth President and CEO Thomas McInerney told investors and analysts on a conference call on Jan. 5 that the company would look to cut costs after the merger deal was placed on hold.