First Data layoffs, on the record
Every job cut, severance charge and restructuring First Data reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from approximately 24,000 to approximately 19,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 24,000 | December 31, 2016 |
| 10-K for 2017 | approximately 22,000 | December 31, 2017 |
| 10-K for 2018 | approximately 19,000 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryThe company recorded restructuring charges tied to aligning the business with strategic objectives, cost savings initiatives and executive departures, with a cost management initiative substantially complete by year end.
Word for word“During the years ended December 31, 2016 , 2015 , and 2014 , the Company recorded restructuring charges in connection with management’s alignment of the business with strategic objectives, cost savings initiatives and the departure of certain executive officers.” 10-K for 2016
Our summaryThe company reported employee severance and other restructuring accrual activity, ending 2016 with a remaining employee severance accrual of $9 million.
Word for word“Remaining accrual as of December 31, 2016 $ 9 $ — Pension Settlement Loss For the year ended December 31, 2016, the Company incurred a $10 million loss related to the settlement of certain U.S.-based pension fund obligations.” 10-K for 2016
Our summaryThe company completed a cost management initiative, cumulatively incurring restructuring expense and expecting likely additional restructuring costs in the future.
Word for word“In connection with the Company's announced cost management initiative, the Company incurred $103 million of cumulative restructuring expense through December 31, 2016.” 10-K for 2016
Our summaryThe company carried out restructuring under ongoing expense management initiatives, with restructuring charges mostly severance related.
Word for word“During the years ended December 31, 2017 , 2016 , and 2015 , the Company recorded restructuring charges in connection with ongoing expense management initiatives and the vast majority of costs incurred are severance related.” 10-K for 2017
Our summaryThe company expects ongoing expense management initiatives to result in additional restructuring costs during 2018.
Word for word“The Company has ongoing expense management initiatives, which are expected to result in approximately $20 million in additional restructuring costs over the course of 2018.” 10-K for 2017
Our summaryThe company's restructuring accrual for employee severance was $21 million at year end 2017, after $71 million of cash payments in 2017.
Word for word“Remaining accrual as of December 31, 2017 $ 21 $ — Deal and Deal Integration Costs During 2017, the Company completed three acquisitions, the two largest were CardConnect and BluePay.” 10-K for 2017
Our summaryThe company ran restructuring initiatives over three years to streamline management, cut excess facilities and lower supplier costs, recording restructuring charges each year.
Word for word“In connection with these initiatives, we have incurred restructuring charges of $85 million , $83 million , and $49 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively.” 10-K for 2018
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | — | $49 million | — |
| 2017-12-31 | $83 million | $83 million | $71 million |
| 2018-12-31 | $67 million | $85 million | $90 million |
First Data has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from First Data’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2019-02-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.