Aegon Cutting Jobs In Louisville

by Gabe Bullard on December 1, 2010

The Aegon financial services company will move about 300 jobs from its tower in downtown Louisville to Baltimore.

The loss is a reflection of trends in the industry. Aegon is consolidating its operations, with a presence in fewer cities. About 120 jobs will remain in Louisville, while the other 300 will be transferred to Maryland gradually over the next year. University of Louisville finance professor David Dubofsky says the move isn’t surprising, since many financial services companies are cutting costs. But he says without Aegon, there will likely be 300 fewer taxpayers, homeowners and retail shoppers in Louisville.

“They’re probably 300 fairly well-paid jobs, and those individuals just won’t be here anymore,” he says. “I’m not sure the financial community here in Louisville is going to be able to absorb any of the individuals who want to stay, so a lot of these people are going to have to leave town.”

Mayor Jerry Abramson released a statement saying Aegon did not give the administration enough time to try to convince the company to keep the jobs in Louisville.

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