Mass Layoff: Illinois Credit Reporting Agency Cuts 5% of Their Work Force

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TransUnion, a leading credit reporting agency, is escalating its layoffs in Illinois, with the total number of affected employees reaching 640. This significant increase comes after an initial announcement in February, where the company disclosed that 339 positions would be cut. The latest filing with the Illinois Department of Employment Security revealed an additional 301 employees are set to receive layoff notices.

Strategic Cost Reductions

The layoffs are part of TransUnion's strategic plan to reduce annual operating expenses by up to $140 million by 2026, aiming for half of these savings to materialize this year. The global company, employing over 13,000 staff across 30 countries, indicated that approximately 10% of its workforce would be impacted by this cost-saving initiative, through layoffs or relocations.

Shift Towards Global Operations

TransUnion's initiative involves reallocating more U.S.-based jobs to its international operations, a move that heavily affects its Illinois workforce. The state is witnessing the largest cut, representing about 5% of the company’s global personnel. Since 2018, TransUnion has significantly expanded its international presence, with over 4,000 employees now based in India, South Africa, and Costa Rica. Despite these global growth efforts, TransUnion reported a net loss of $206 million on revenues of $3.8 billion in the previous year