29 Nov Metavante fires 180 North American workers
Milwaukee, Wis. – As part of its budget planning for 2007, Metavante Corp. has fired “less than 180” workers at its North American locations, but it is not known how many Wisconsin employees are affected, a company spokesman confirmed.
Chip Swearngan characterized the firings as managerial expense control decisions made as part of setting business priorities for 2007, and he said they were done on a cost-center basis.
Metavante, the banking and payments technology subsidiary of Marshall and Ilsley Corp., has facilities in 35 North American cities, including Milwaukee, Madison, and Appleton, and three in Canada.
Swearngan said the company has let go less than 180 of its 5,600-member workforce, but did not calculate the number of firings in Wisconsin.
“We did not have a breakdown by geographic location because it was handled at the manager level,” he said. “Our managers supervise employees across geographic locations.”
With key acquisitions contributing to increased cross-selling opportunities, and with high contract renewal rates, including a recently signed agreement with TD Banknorth, Metavante has reported a strong year-over-year performance in 2006. Its second and third quarter revenue figures were relatively flat – $373.5 million in Q2 compared to $373.8 million in Q3 – but the company remains on pace to exceed its 2005 revenue total of $1.285 billion.
• Metavante forms cash-management division
• Metavante broker technology licensed to ING Bank
• Metavante to buy California software developer
• Metavante application aimed at compliance
• CIO Leadership Series: Brian Hurdis, Metavante