Nationwide to cut 1,100 jobs across the country
Nationwide will eliminate COLUMBUS — 1,100 jobs across the country as part of a move to modernize and streamline operations. At least 350 of those affected are in Columbus.
Nationwide said Tuesday that it will cut the jobs, nearly 4 percent of its workforce, as part of a move to modernize and streamline its operations.
The first batch of affected workers, those in Columbus and 80 in Des Moines, Iowa, were told Tuesday that their jobs are being eliminated.
The remaining affected workers will be told over the next several weeks.
The company said it wouldn’t know the exact number of local cuts until they are all put in place. More losses in Columbus are possible.
The cuts will go into effect early next year.
Workers in information technology, marketing, Nationwide’s property and casualty business, and its bank are among those affected.
“We are making these changes from a position of strength and stability to position the organization for long-term success and growth,” the company said in a statement.
Nationwide employs about 30,000 workers, including about 13,000 in central Ohio.
Some of the cuts are tied to the insurer’s decision announced this year to get out of the retail banking business.
But the cuts also reflect technology investments Nationwide has been making over the past several years that are allowing the company to operate more efficiently, the insurer said. Such investments have allowed the insurer to retire old systems, move applications to the cloud and accelerate automation.
Workers will receive four months’ notice, severance and outplacement services. They will be eligible to apply for other open jobs with Nationwide.
The company has 770 open positions, including 320 in Columbus.
Nationwide said it will continue to make adjustments based on business need and that it will try to manage any future staff reductions through attrition as much as possible.
“These are difficult but necessary choices to position the company for the future,” the company. “We are committed to moving through this period with great respect and full support for those impacted.”