Payoneer to lay off 9% of its workforce

Date:

Share post:

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

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

Trading Technologies acquires ATEO to expand its post-trade solutions in global markets

Trading Technologies, a global capital markets technology company, has acquired ATEO SAS, a provider of post-trade solutions for...

Fiserv seeks to acquire Shift4 Payments – Reuters

According to Reuters, Fiserv is competing with Amadeus IT Group for the acquisition of payment processor Shift4 Payments. Shift4,...

Oliver Wyman announces acquisition of Innopay

Oliver Wyman, a management consulting firm and a Marsh McLennan business, has announced the completion of its acquisition...

How FinTech-Bank Partnership Can Redefine Digital Banking

As the digital payment ecosystem evolves, banks recognize the importance of partnering with FinTech companies. However, many of...