Principal Financial Group Inc. announced today that it will eliminate 550 jobs, including 300 in its Des Moines headquarters.

The company’s senior vice president for human resources, Mary O’Keefe, said the employees whose positions have been eliminated will receive severance pay and career assistance.

“The most difficult decision business leaders ever have to make is the decision to eliminate jobs,” O’Keefe, said in a prepared statement. “Since September when market conditions worsened, we have been continuously reviewing expenses and expected revenues. In order to bring expenses more in line with projected revenues, we have already cut many expenses. Unfortunately, this must include eliminating some jobs.”

The Des Moines-based insurance and financial services company employs more than 16,000 people worldwide and 8,000 in Central Iowa.