plans to cut 250 jobs, or 10% of its workforce, in a bid to expedite the integration of its recent network acquisitions.
The company will also consolidate data centers and other facilities and reassign some employees. Concord, a provider of electronic transaction authorization, processing, settlement and funds transfer services, will take a $75 million to $90 million charge in the first quarter as a result of the moves.
Shares of Concord fell 88 cents, or 1.9%, to $44.88 in recent
trading. The company
will be added to the
Standard & Poor's 500
index after the close of trading Friday.