Thrivent Financial Inc. on Tuesday unveiled several cost-cutting steps, including an early retirement offer that hundreds of employees accepted and the wind down of a personal finance literacy service that will result in the layoffs of about 60 people.
The Minneapolis-based investment and financial-services firm said it aimed to trim $40 million in operating expenses over the next two years with the moves.
Thrivent said it was making the changes to focus on initiatives that will support growth of its base of 2 million clients. The firm, which is owned by its clients, earlier this year said it earned $1.2 billion on revenue of $8.2 billion in 2018, growing strongly from the previous year.
Seeking to "reposition resources," Thrivent in March offered an early retirement package to employees who were near retirement age. About 430 accepted, representing about 10% of its overall workforce.
https://www.startribune.com/thrivent-trims-hundreds-of-jobs-via-early-retirements-closes-service-aimed-at-young-adults/509281532