MINNEAPOLIS – Fair Isaac Corp. , provider of the ubiquitous FICO credit score, said last week it will cut 250 jobs this year, on top of the 420 positions it eliminated last year, for an overall work force reduction of 25%.
The new cuts will leave global employment at about 2,100 employees. The latest round is expected to reduce operating expenses by about $40 million in the fiscal year that ends Sept. 30.
In the latest round of cuts, 80 positions already have been eliminated during the fiscal first quarter. Additional cuts will be made through attrition to "non revenue-producing positions" through the rest of the fiscal year, Fair Isaac said.
Besides cutting jobs, Fair Isaac said it will reduce expenses by consolidating facilities, and through "modification of certain employee compensation and benefit programs."
