Principal Financial Group employees in Cedar Falls will now work from home — permanently.
The company confirmed in a statement late Thursday that employees in four of its U.S. service locations — Cedar Falls, Mason City, Spokane, Washington, and Grand Island, Nebraska — will transition to working remotely.
Principal’s integration of Wells Fargo’s Institutional Retirement & Trust business and the ongoing pandemic brought on the move, according to the company.
“The disruption of COVID-19 has tested and proven the ability of our service teams to maintain quality care while working remotely — reinforcing that great work can be done anywhere,” wrote Lonnetta Ragland, a spokesperson for Principal, in a statement.
The decision comes on the heels of the Des Moines-based company announcing that 23 percent of its staff globally will take anywhere from a 7.5% to 25% pay cut, according to a story in the Des Moines Register.
Principal employs 6,500 statewide.
Get local news delivered to your inbox!
Subscribe to our Daily Headlines newsletter.