Transamerica to close L.A. and Folsom offices, cutting hundreds of jobs
Financial services and insurance company Transamerica said Thursday that it will close its office in Los Angeles, cutting about 315 jobs.
The Baltimore company will also close its office in Folsom, where 30 employees will be affected. Transamerica will no longer have operations in California, though the company still owns the Transamerica Pyramid in San Francisco and will continue to serve customers in California.
Transamerica said it will also close its office in West Chester, Ohio. All the office closures will occur next year.
Nationwide, Transamerica will eliminate about 800 positions, including job cuts in other locations.
Transamerica said the job cuts and office closures will accelerate the company’s efforts to reduce expenses and “operational efficiencies.”
“Improving efficiencies helps ensure we can invest in the technology and capabilities necessary to constantly adapt as customer needs change,” Transamerica said in a statement.
The company said it will offer separation benefits, including outplacement services, for affected employees.
Transamerica has roots in California. Amadeo Giannini, founder of Bank of America, acquired major insurance firm Occidental Life Insurance in 1930 through a holding company he called Transamerica. The company was long based in San Francisco.
In 1999, Dutch insurer Aegon acquired Transamerica for $9.7 billion.
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Dec. 2, 9:41 a.m.: This article was updated to clarify that Transamerica will still serve customers in California.
This article was originally published on Dec. 1. at 3:15 p.m.
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