Laying off approximately 300 employees and shutting down the Tampa office
In a recent announcement, Wise, the global money transfer firm headquartered in New York, has revealed plans to shut down its Tampa office and lay off around 307 employees. The termination process is set to begin on April 8 and continue on May 2 and Nov. 3.
The affected employees have been given at least 60 days' notice and have the option to relocate or reapply to open roles within the company. The company's Americas teams will be centered in three locations: Austin, New York, and São Paulo, Brazil.
Wise is also facing a $2.5 million penalty from the Consumer Financial Protection Bureau over remittance violations. This penalty was previously reported, and the company does not recognize bumping rights for its employees, meaning terminated employees cannot displace remaining employees based on seniority or any other factor.
The company's subsidiary, Wise US, allows customers to send, receive, and store remittances through a mobile app, prepaid accounts, and debit cards. Despite the challenges, Wise's global teams continue to support around 12.8 million customers.
It is important to note that the publicly available indexed search data does not contain coverage or details about the reasons for these layoffs, the impacted roles, or the company's future plans after the penalty. For the most accurate and updated information, checking local Tampa business news sources, official company press releases, or financial regulatory filings related to Wise in Tampa would be advisable.
Wise, which processed approximately £118.5 billion in cross-border transactions last year, currently employs around 6,000 employees worldwide. The company has not released any official statement regarding the reasons for the Tampa office closure or the regulatory penalty.
- The layoffs at Wise's Tampa office, affecting around 307 employees, could potentially impact the local personal-finance sector, as many may be seeking new opportunities in business and finance.
- Concerned about their future, some Wise employees might consider consolidating their personal-finance and reallocate their resources towards securing new positions in similar business sectors during the company's transition period.
