Payoneer, a New York-based payment platform, is planning to cut 9% of its workforce by Q3 2023. The company aims to enhance productivity, streamline its organizational structure, and align operations with growth objectives. The job cuts are expected to result in annualized cost savings of approximately $20 million, which will be reinvested in future growth initiatives. However, Payoneer is also projected to incur charges of around $5 million related to the cuts.
Facts
- Payoneer plans to reduce its company headcount by 9% by Q3 2023.
- The decision to cut jobs aims to enhance productivity and efficiency and streamline the company’s organizational structure to align with growth objectives.
- Payoneer currently employs close to 2000 people across 14 locations.
- The implementation of the job cuts is expected to be completed by the end of Q3 2023.
- The workforce reduction is forecasted to result in approximately $20 million in annualized cost savings for Payoneer.
- Payoneer intends to reinvest the savings in future growth initiatives and hire for essential roles in areas like research and development.
- The job cuts are also estimated to incur charges of around $5 million, primarily derived from cash expenditures for severance payments and payroll taxes, by Q3 2023.
