DES MOINES (AP) - Principal Financial Group Inc. has eliminated 40 jobs from its global investing division.

The Des Moines-based insurance and financial services company blames the move on adverse conditions in the credit market. Principal says the credit crunch affected its real estate and fixed income spread businesses.

Twenty-six jobs in Des Moines will be cut from Principal Global Investors; the other cuts will be spread across the country.

Spokeswoman Tina Marchetti says she did not have a breakdown of what types of jobs had been eliminated.

Principal Global Investors takes money from clients and invests it on their behalf, in everything from commercial mortgages to municipal bonds.