Fintech giant Finastra fires dozens in second wave of layoffs
Finastra employs over 11,000 people worldwide, including 370 at its R&D center in Israel
Fintech giant Finastra is firing dozens of employees at its Israeli branch in its second wave of layoffs this year. The company previously laid off dozens of its 370 employees in Israel in January. The current round of layoffs is reportedly in order for the company to outsource jobs to India and the Philippines in order to reduce costs. The company did not respond to a request for comment.
Full list of Israeli high-tech layoffs in 2022-23
Finastra is one of the leading fintech companies in the world, with over 11,000 employees, including 370 engineers and developers in the company's R&D center in Israel. The Israeli R&D center is responsible for the development of the company's Fusion Global PAYplus payment system, which is used by 300 financial institutions around the world.
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Finastra’s platform processes daily transactions totaling $23 trillion a day, including by five of the ten largest banks in the world. Finastra has about 8,500 customers worldwide, including 90 of the top 100 banks in the world and 30% of U.S. financial institutions including American Express, Bank of America, Barclays, Citibank, HSBC, and Lloyds. Their Israeli customers include Bank Hapoalim, Discount Bank, Bank Leumi and Mizrahi-Tefahot Bank.
