GREENWOOD VILLAGE, Colo. – First Data Corp., in the process of being taken private in a huge $26 billion buyout, last week said it is laying off 1,700 employees, or 6% of its workforce.
Among the company’s affected operations are in Omaha, where 300 jobs are being cut, Denver, where 100 employees are being laid off, and in Hagerstown, Md., where 60 jobs are slated for cuts. The additional 1,200 jobs that were eliminated occurred in locations where First Data maintained a small concentration of employees.
The layoffs come after the company announced a decline in third quarter operating profit for its financial institution services unit of 9%, to $87.5 million, even while third quarter revenues were rising 10%.
First Data is under pressure to cut costs to service its new debt load from the buyout by private equity giant Kohlberg Kravis Roberts & Co.
The project renovated the project’s 74 rental units and transformed them into modern homes, while keeping rents low.
