Global Payments eyes cost cuts
The payments processor sharpens its focus on how to squeeze $600 million in “cost synergies” from its $24 billion purchase of Worldpay.
Link: https://stocks.apple.com/AZiTpt4xqScuYOPrFII5QdA
9 replies (most recent on top)
Yep it happened already from Worldpay. Not May but June.
Q: Are they going to cut from Worldpay?
A: The hard truth is that workforce consolidation is a near certainty after an acquisition of this scale. I don’t like the nature of it, but that’s the reality. That said, given the deal’s timeline, I don’t expect any drastic RIFs (reductions in force) specifically tied to Worldpay until after the close; which, if I recall correctly, isn’t expected until Q1 or Q2 of 2026. SEC restrictions would likely prevent major moves before then anyway. Who might be impacted is pure speculation at this point, so for Worldpay specifically, I’d say it’s still too early to tell.
Q: May 19th: haha, the one that said “remember remember”…
A: “Remember, remember the nineteenth of May, when logins stopped working and chairs rolled away”… we’ll have to wait and see. Yeah, but in all seriousness, it’s hard to say or predict. With the pending Issuer carve-out to FIS and the broader cost-synergy goals GPN has made public, I’d say cuts of some form are very likely. If not now, then soon. Just look at the debt structure post-acquisition; they’ve got to show investors a path to value. Issuing is one lever, sure, but between now and final close, they’ll still need to tighten the belt somewhere. Whether that’s on May 19th or another “memorable” date remains to be seen.
Are they going to cut from worldpay?
They’re posting for associate product managers on LinkedIn right now
remember remember the 19th of May ...
The issuing deal and the Worldpay deal won't close until next year. In the meantime, we've committed to hitting our 2025 numbers so you better believe we'll do whatever it takes to make sure we do that - which means layoffs, hiring freezes and pricing changes in all businesses.
From looking at the article, it will likely be Merchant and other duplicative roles that will be under the cost saving synergies.
I dont think global can layoff from issuing since they sold it. I thinknif anyone gets laid off from issuing, it would be from FIS. They own it now.
As expected from each. UNFORTUNATELY!