Montvale Workers Could Be Impacted By Western Union Layoffs

BERGEN COUNTY, NJ – Western Union’s plan to chop 10% of its workforce as part of a cost-reduction effort could impact the money transfer giant’s Montvale location, according to a report.

Nearly 200 employees at the Summit Avenue office could lose their jobs by November, ROI-NJ.com reported.

They were recently notified that “a significant portion” of workers at the Montvale facility will be terminated “through a reduction in force,” the report said.

The announcement comes after Western Union posted earnings drops and is part of the company’s new strategy aimed at improving efficiency, profitability and long-term revenue growth, according to the Denver Business Journal.

In addition to layoffs, Western Union plans to consolidate some of its corporate and business offices. Currently, it employs 12,000 around the world, including 2,400 in the United States.

The Denver-based company hopes consolidation will help save $50 million by next year and $100 million by the start of 2021.

Some of the employees affected by the restructuring may be able to remain with Western Union in other roles or at other facilities, ROI-NJ.com reported.

It has increasingly faced competition from digital companies that allow people to transfer funds online and via mobile devices, instead of visiting a brick-and-mortar location to wire money, The Denver Business Journal said.