Financial services firm Northwestern Mutual, known as a leader in Milwaukee's tech scene, has eliminated around 20 technology positions due to organizational changes, a spokesperson confirmed.
The cuts represent around 1% of the company's technology team, Northwestern Mutual senior director of strategic communications Julia Fennelly said via email. Some of the individuals impacted have accepted or are pursuing other roles within the company, she said.
"Recent changes within our technology function were focused on moving people into new opportunities or roles to better align talent with business need," Fennelly said. "As an example, we made the decision to decentralize an innovation team and embed our experts within the business. This better positions teams to innovate and solve business challenges in a more direct, agile way."
The company's job cuts come as tech companies nationwide are laying off workers in droves.
Northwestern Mutual, which has dozens of jobs posted on its tech-focused career page, is attempting to hire employees who have been laid off from other companies. It recently set up an online form seeking information from prospective job seekers that says, "We're sorry you were impacted. Let us introduce you to #TeamNM."
Northwestern Mutual co-founded the MKE Hub Coalition, partners with gener8tor on the Northwestern Mutual Black Founder Accelerator program and invests in Milwaukee-area startups through its Cream City Venture Capital firm.
Earlier this year in April, Northwestern Mutual replaced its chief information officer, appointing Jeff Sippel to assume the role formerly held by Neal Sample.
In September, Northwestern Mutual's vice president of technology workforce programs James Hischke announced on LinkedIn he was leaving the company after 18 years.
Hischke had represented Northwestern Mutual on the MKE Hub Coalition's board, serving as its vice chair. The company's MKE Hub Coalition board representative is now Northwestern Mutual vice president of technology customer success Sangeetha Rai, who is based in New York.
Rai is also the company's executive sponsor for Northwestern Mutual's Women in Tech group, which is hosting its third-annual Women in Tech Conference Thursday as a virtual event.
