Transamerica furloughs salaried employees for one week to save money - Business Insider

While some of the largest US banks have promised not to lay off employees this year, cracks are beginning to show in the financial services industry at firms including insurers and asset managers.This story is available exclusively on Business Insider Prime.Life insurer and investment firm Transamerica has told salaried staff that they must take one week of unpaid leave in the next six months, according to an email to staff that was confirmed by a spokesman.

Transamerica's policy compares to buyouts at peer investment firm TIAA and pledges of no layoffs across several of Wall Street's largest banks. While some of the largest US banks have promised not to lay off employees this year, cracks are beginning to show in the financial services industry at firms including insurers and asset managers.

A spokesperson for the Cedar Rapids, Iowa-based company confirmed the furloughs in an emailed statement, saying they will take place over the next six months and won't impact benefits. Hourly employees will be asked to take three days of no pay.

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