COLUMBUS, GA (WTVM) – The credit card processing company TSYS says some job cuts could be in the future.
As a result of a new initiative the company expects to have "one-time expenses primarily related to severance," according to a statement from the company.
It is not yet known when exactly the layoffs will take place and which positions will be cut.
TSYS released the following statement regarding the job cuts:
Regarding your request, let me refer you back to our second quarter analyst call on July 26, where TSYS' Chairman and CEO Troy Woods made the following comments: "The TSYS 20/20 initiative is an enterprise-wide initiative to bring clarity and focus to our future business model. One of the tenets of TSYS 20/20 was to provide us with an assessment of the ideal operating structure to maximize efficiencies and scale of our operations. As a result of this process, we do expect to have some one-time related expenses in the third quarter primarily related to severance. We are convinced that these moves will ensure we are operating at our full potential and will allow us to strengthen our already very successful business model."