TIAA, which acquired Jacksonville-based EverBank Financial Corp. three years ago, is offering voluntary separation packages to 75% of its U.S. employees.
However, the financial services company is not saying how many jobs it expects to cut. It also is not giving details on how many jobs may be lost in specific offices or business units.
The company moved the headquarters of TIAA Bank to Jacksonville after it acquired EverBank in June 2017, and the bank employed 1,117 people in Jacksonville at the end of 2018.
The New York-based company employs more than 18,000, according to a story on the separation offer by the Pensions & Investments newsletter.
“As we navigate through these unprecedented times, we are exploring a variety of measures to reduce costs while managing our business and continuing to serve our clients,” TIAA said in an emailed statement on May 12.
“As part of that process, we have introduced a voluntary separation program for our employees, which is designed to give our people the ability to decide what's best for them,” it said.
Employees who take the buyout would get between 45 and 91 weeks of salary and 100% of last year’s cash bonus.
Eligible employees have until mid-July to make a decision and the company will make final decisions on those employees by Aug. 3. Those who are approved for separation will leave the company by Nov. 2.
TIAA said its decisions will be based on ensuring its businesses can continue to operate effectively with fewer employees.
“Some employee groups in critical client-support roles are not eligible to participate in the program. These include certain process and technology roles,” it said.
Business news website Business Insider first reported the separation program May 8, saying employees were informed about it in an all-staff phone call the previous morning.