Western Union says it will trim about 10 per cent of its workforce as part o f a new cost-cutting programme that is intended to trim US$100 million from its annual costs starting in 2021.
The company anticipates US$50 million in savings in 2020.
According to regulatory filings, Western Union had roughly 12,000 employees at the end of 2018.
As part of the initiative, the money transfer business expects to book US$100 million in restructuring costs this year.
The company said it will provide details on the new global strategy next month.
Meanwhile, MoneyGram announced the launch of the redesigned MoneyGram.com online platform in the U.S. yesterday.
The new site is expected to create a better user experience.