Lincoln Financial Distributors Inc. laid off as many as 3 percent of its employees nationwide on Monday, including in Radnor, where the division of Lincoln Financial Group is based.
Lincoln Financial Group employs more than 1,300 in Radnor and Philadelphia.
Lincoln spokeswoman Laurel O'Brien confirmed that an undisclosed number of employees were let go across the country on Monday from Lincoln Financial Distributors, the company's wholesale division that markets and sells variable and fixed annuities, life insurance and investment management products.
"We're not disclosing the specific numbers," O'Brien said. Layoffs included administrative personnel, sales, and wholesalers. "The continuing poor economy is putting pressure on all financial services companies," she said.
Lincoln's shares rose 5.66 percent, or 95 cents, to $17.72 in afternoon trading on the New York Stock Exchange.