AEGON plans additions, layoffs in C.R.
AEG | Quote | Chart | News | PowerRating -- AEGON USA in Cedar Rapids is eliminating about 50 jobs in its investments division, but reportedly plans to transfer work to Cedar Rapids from Louisville later this year.
The North American subsidiary of Netherlands-based AEGON N.V. said Tuesday that it has initiatives under way to increase efficiency and adjust to market and economic conditions.
"As a result of these initiatives we will be reducing employment in certain areas of the company and increasing employment in others," the company said in a statement.
AEGON USA said plans are under way to consolidate certain insurance administrative and financial functions in Cedar Rapids, resulting in new hires during the third quarter.
Business First of Louisville reported Tuesday that AEGON USA will cut 138 positions from its Louisville offices.
AEGON USA Investment Management will eliminate 13 positions during the next few weeks. Another 125 positions handling certain life insurance administrative functions will be eliminated over the next several months as those responsibilities are transferred to Cedar Rapids.
AEGON said the exact employment impact on Cedar Rapids has not been determined.
AEGON, which offers insurance and other financial services, has increased staffing in recent years as it has consolidated functions in Cedar Rapids. The company, with operations in northeast and southwest Cedar Rapids, has employed as many as 3,500.
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