Finastra goes on a job cutting spree
Finastra on job cuts: the decision “was not taken lightly”
EXCLUSIVE: Finastra, which emerged earlier this year from the combination of two banking tech vendors, D+H Corporation and Misys, has made a number of job cuts across its operations.
It is understood that around 350 people have lost their jobs in the US, mainly on the legacy D+H side.
Gerrard Schmid, CEO of D+H, left the company in June, once the merger completion was announced.
There are also reports about more roles being moved offshore.
“As part of the combination of operations, we reviewed areas of commercial overlap to avoid duplication and focus investment in the areas where we see the greatest opportunities,” a spokesperson from Finastra tells Banking Technology.
“This includes the development of global centres of excellence to foster collaboration and innovation, four of which are in the US. We remain strongly committed to development at these centres of excellence in the US.”
In the UK, various roles have been scrapped, including some marketers and “strategists”. Among them is Peter Farley, who joined Finastra (Misys at the time) in January 2016 as marketing strategist for capital markets. Farley has now joined MarketsFlow, a start-up artificial intelligence (AI) technology firm, as communications director.
Alex Kwiatkowski, formerly a senior strategist, banking and digital channels at Misys/Finastra, has moved to SAS.
“We decided to make a number of changes, which were not taken lightly but did result in a number of job losses across the business. A number of roles were also transitioned to a virtual work style [i.e. remote working],” the spokesperson says.
The company says it employs around 10,000 worldwide.
