Chicago-based credit reporting company TransUnion is laying off 339 employees beginning in February as part of a broader cost-savings initiative and a move to ship jobs overseas.
Last month TransUnion announced plans to cut up to $140 million in annual operating expenses by 2026, with half of the savings to be realized next year. The company, which has more than 13,000 employees in 30 countries, said about 10% of its workforce would be affected by the cost-reduction program through either relocation or layoffs.
The company, which has grown its international operations to more than 4,000 employees in India, South Africa and Costa Rica since 2018, plans to transition more roles to those locations over the next two years to drive cost savings, according to the November news release.
TransUnion, one of three major credit bureaus along with Equifax and Experian, collects personal financial data and provides reports for businesses and consumers. The company reported a net loss of $400 million in the third quarter amid flat revenues as higher interest rates and inflation weaken demand for mortgages and other loans.
The company, which is headquartered at 555 W. Adams St. in Chicago, notified the state last week of the 339 permanent layoffs associated with its Illinois operations. The layoffs are set to begin Feb. 2, the company reported.
A TransUnion spokesperson declined to comment on the layoffs Wednesday.
The Illinois Worker Adjustment and Retraining Notification Act requires businesses with 75 or more employees to provide the state with 60 days’ advance notice of pending plant closures or mass layoffs.