Paddy Power Betfair is taking an axe to its payroll with a massive round of layoffs. The newly merged companies are trimming 650 employees from their roster as part of an effort to cut company wide costs.
The cuts will impact 300 employees in Ireland, where Paddy Power was originally based and another 350 in Britain, where Betfair was originally based.
According to a report in the Irish Times, the layoffs will be focused on professional jobs in departments such as human resources; finance; trading and risk; and IT.
Employees at Paddy Power Betfair’s retail bookmaking shops will not be impacted by the cuts. (All of the newly merged company’s retail assets came from Paddy Power and are base in Ireland.)
Employees impacted by the job cuts were offered a severance package that pays out six weeks pay for every one year they’d been employed by the company. Though all of the cut workers had the option of applying for other jobs at the company, it was generally acknowledged that not very many of them would be able to take advantage of that offer.
It wasn’t however, only ground-level employees who’ve been feeling the sting of job cuts at Paddy Power Betfair. Earlier in the year, the company’s Chief Marketing Operating and Chief Marketing Officers were also shown the door.
The job cuts are part of an effort to shave off £50 million ($ 62.5 million USD) of the company’s books this year. Once the redundancies have been eliminated, the slimmed down company will move into two new office suites; one in Ringsend, Dublin and another in Hammersmith, London.
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