Finastra Layoffs
August 2023
Finastra announced a layoff affecting 0 employees in August 2023. The company operates in the Finance sector.
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Aug 3, 2023
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Fintech giant Finastra has laid off dozens of employees at its Israeli R&D center in August 2023, marking a second wave of layoffs this year following a similar round in January. The company, which employs over 11,000 people globally with about 370 in Israel, is restructuring to outsource roles to India and the Philippines as a cost-cutting measure. The Israeli branch is crucial, developing the Fusion Global PAYplus payment system used by hundreds of financial institutions worldwide. This move reflects broader challenges in the tech sector, impacting a key innovation hub within the global fintech industry.
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