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French digital payments firm Worldline to lay off 8% of its workforce

Economic Times

Economic Times · 1y ago

French digital payments firm Worldline to lay off 8% of its workforce

French digital payments company Worldline will be reducing its global workforce by approximately 8% as part of its cost reduction plan. The company has confirmed that it has started the necessary procedures with employee representative bodies. This move comes following the initial announcement of the cost reduction plan in October.

Related News

Worldline’s India Arm Gets Payment Aggregator Licence

Inc42 · 1y ago

Worldline’s India Arm Gets Payment Aggregator Licence

Worldline ePayments India Pvt Ltd, the Indian arm of French digital payments company Worldline, has received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This approval will allow Worldline to acquire merchants and offer digital payment acceptance solutions in India. The company entered the Indian market in 2017 through the acquisition of Chennai-based payments platform MRL PosNet. The RBI has been granting payment aggregator licenses to several companies recently, indicating the significance of the expanding digital payment industry in India, which is expected to grow further in the coming years.

Worldline shares fall after $1.25 bln hit in merchant services

Reuters · 1y ago

Worldline shares fall after $1.25 bln hit in merchant services

French payments company Worldline reported a net loss of 817 million euros ($1.25 billion) for 2023, largely due to a 1.15 billion euro impairment in its merchant services division. The company's shares dropped 15% following the news, highlighting a tougher outlook for Worldline. Despite the loss, the CEO stated that the impairment was not related to the recent money-laundering risks in Germany and that net income group share remained stable when adjusted for non-recurring items. Worldline is now seeking a new chairperson after the death of Bernard Bourigeaud in late 2023.

Paypal fires 2500 and UPS fires 12000 employees

Livemint

Livemint · 1y ago

Paypal fires 2500 and UPS fires 12000 employees

Payments firm PayPal is considering cutting around 2,500 jobs, or 9% of its global workforce, by 2024. CEO Alex Chriss cited the need to "right-size" the business to deliver for customers and drive profitable growth. In a separate move, logistics company UPS plans to lay off 12,000 employees to offset soft demand and higher labour costs. Both companies are taking measures to streamline operations and improve financial performance.

Worldline starts its own merchant acquisition in India

Economic Times

Economic Times · 1y ago

Worldline starts its own merchant acquisition in India

French payment company Worldline is shifting its business strategy in India by directly acquiring its own merchants, aiming to compete with Indian fintech giants like Paytm and Pine Labs. The company, which has deployed 500,000 payment terminals across India on behalf of banks, plans to scale up its acquisition of offline retail merchants. Worldline is targeting tie-ups with various retailers and evaluating the possibility of becoming a third-party payment application on Unified Payments Interface (UPI). The company aims to tap into the emerging opportunities in the offline space and offer smart devices to remain competitive in the market.

Cable TV Crumbles: Paramount to Lay Off 3.5% of US Staff

StartupTalky

StartupTalky · 2m ago

Cable TV Crumbles: Paramount to Lay Off 3.5% of US Staff

Paramount Global is set to lay off 3.5% of its US workforce as part of a restructuring effort to respond to the declining cable TV viewership, shifting towards streaming services. This follows a previous reduction of 15% of its workforce. The layoffs aim to streamline operations amid changing market demands, especially as the company seeks to proceed with a major merger with Skydance Media. This trend of layoffs mirrors broader industry shifts towards digital platforms.

Paytm Payments Bank to cut about 20% of staff as business halt looms

Economic Times

Economic Times · 1y ago

Paytm Payments Bank to cut about 20% of staff as business halt looms

Paytm, the Indian digital payments firm, is planning to lay off nearly 20% of its staff at its banking unit as the future of the unit remains uncertain due to a central bank deadline to halt most operations. Paytm Payments Bank, in which Paytm holds a 49% stake, was ordered by the Reserve Bank of India (RBI) to stop accepting credit transactions or deposits by March 15 following compliance breaches. Paytm's shares have plummeted since the regulatory clampdown and employees are frustrated as management had previously guaranteed no layoffs. It is unclear what purpose the banking staff will serve after the halt.

Apple cancels its car, Google's AI goes awry and Bumble stumbles

TechCrunch · 1y ago

In this week's tech industry news, investment firm KKR is acquiring VMware's end-user computing business for $4 billion. French AI startup Mistral has launched a new model to rival OpenAI's GPT-4, alongside a partnership with Microsoft. Apple has canceled its secretive autonomous electric car project, while Bumble posted weak Q4 results and plans to lay off 30% of its workforce. Google apologized for an AI blunder, Tumblr's CEO faced criticism, and Byju's investors voted to remove the company's founder. Inkitt, a self-publishing platform, raised $37 million, and Lapse secured $30 million for its unique photo-sharing app. Techstars faced criticism after operational changes, and various podcasts covered startup news and interviews. Toyota is offering a steep discount on its Mirai fuel-cell vehicle.

BYJU's Ex-Employees charge company of missing full And final settlement deadline

OutlookIndia

OutlookIndia · 1y ago

BYJU's Ex-Employees charge company of missing full And final settlement deadline

Former employees of edtech giant BYJU'S have accused the company of failing to meet the deadline for full and final settlement of laid-off workers. The workforce at BYJU'S has decreased from 50,000 in October 2022 to 31,000-33,000. Employees have taken to social media platforms and email to express their grievances about delayed payments and lack of resolution from the company. BYJU'S has not provided any comment on the matter. The company had previously announced plans to lay off around 3,500 employees in October.

US logistics startup Flexport to lay off 20% of its workforce: report

Economic Times

Economic Times · 1y ago

US logistics startup Flexport to lay off 20% of its workforce: report

US logistics startup Flexport is reportedly planning to lay off around 20% of its workforce. The company, which handles global freight shipments through its digital platform, has been hit hard by the pandemic-induced economic slowdown. The layoffs come as part of a broader restructuring effort aimed at cutting costs and increasing operating efficiency. Flexport had raised $1 billion in a funding round earlier this year, valuing the company at $3.2 billion.

Blackrock to cut 3% of workforce, aims for larger man force by end of 2024

Livemint

Livemint · 1y ago

Blackrock to cut 3% of workforce, aims for larger man force by end of 2024

BlackRock, the financial giant, plans to lay off around 3% of its workforce to streamline operations and adapt to changing market conditions. Despite the job cuts, the company remains positive about its growth prospects and aims to have a larger workforce by the end of 2024, particularly in technology and alternative investments. This is a developing story, and updates are expected.

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