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Northwestern Mutual to lay off hundreds

NorthwesternMutual Life Insurance Co. is cutting about 100 jobs this year, withhundreds more expected to be cut in 2017, the Milwaukee Business Journal reported.

Chief Investment Officer Ron Joelson reportedly said thatthe job cuts are part of the company's plan to reduce expenses as it tries tomaintain its position as a low-cost life insurer amid a low interest rateenvironment.

The company's income from fixed-income investments has beenreduced by more than $6 billion due to low interest rates, Joelson reportedlytold the news outlet.