Principal Financial has laid off 75 people in asset management, most of them from its Des Moines headquarters.

The cuts come on top of the 550 people, or 3.5% of the workforce, who lost their jobs in December, and the 2% to 10% reduction in salaries in March.

“We’ve adapted to changes as business opportunities have continued to decline over recent months,” said a company spokeswoman.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.