TSYS to Lay off 5% of Work Force

COLUMBUS, GA (WXTX) –  Fox 54 has learned Columbus-based TSYS will lay off 5% of its workforce.

CEO, Phil Tomlinson, commented that 2010 is going to be a challenging year.  "We must carefully balance expense management while growing in international markets where we have a healthy pipeline of new business we'll be announcing over the coming weeks and months."

The company projects at decline of net revenues between 6% and 4%.

This year has been termed in the business world as "a  very difficult period for the credit card market".

TSYS employs about 5,000 people in U.S. and 3,000 outside the U.S.

The staff reduction will include a combination of managed attrition and staff reductions.