Payoneer, a cross-border payment company, plans to lay off 9% of its 2000-person workforce by the end of the third quarter.
According to a document filed with the SEC, the company expects the workforce reduction plan to “improve productivity and efficiency and streamline the company’s organizational structure to better align operations with its growth.” Regarding severance payments and payroll taxes, the initiative is anticipated to cost USD 5 million.
The company intends to reinvest some savings from the Plan into future growth initiatives, according to the SEC filing’s conclusion. According to the company, the termination program will save its operating expenses USD 20 million a year in the future.
Read More: Payoneer to cut nine percent of staff