Green Dot Corporation Announces Exit from China Operations, Impacting 240 Employees and Projecting $7 Million in Annual Savings
Reuters
Sep 03
<a href="https://laohu8.com/S/GDOT">Green Dot</a> Corporation Announces Exit from China Operations, Impacting 240 Employees and Projecting $7 Million in Annual Savings
Green Dot Corporation has announced a strategic reorganization plan to exit its operational activities in China by the end of 2025. This decision aims to streamline operations and enhance long-term structural efficiency. The exit will impact around 240 employees, approximately 22% of the company's global workforce, and will involve closing certain facilities. Green Dot anticipates the reorganization will lead to an annual reduction in spending between $6 million and $7 million, primarily through decreased operating costs and reduced capitalized software expenses. The company estimates total costs related to the exit plan will range from $22 million to $24 million, with the majority allocated for severance and associated benefits. Completion of these actions is expected within 2025.
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