Financial services company Aegon has announced plans to move some 280 jobs out of Louisville as part of a decision to consolidate the company’s United States operations.
The jobs, which are primarily in asset management and corporate services, will be moved to Aegon’s offices in Baltimore or Little Rock, Ark. The Netherlands-based company’s plans also involve consolidating and outsourcing certain back office activities in Cedar Rapids, Iowa.
Aegon officials said the consolidations are part of a long-term strategy to focus on the company’s core activities and identify ways to better leverage resources and capture efficiencies. To that end, Aegon is discontinuing new sales of executive non-qualified benefit plans and related bank-owned and corporate-owned life insurance business in the U.S.
As a consequence of these actions, Aegon will be reducing the number of employees in its U.S. operations by 400 to 500 over the next two years. That figure represents approximately 5 percent of the company’s U.S. workforce.