Chicago-based credit reporting giant TransUnion is nearly doubling its statewide layoffs to 640 employees as part of a broader cost savings initiative announced last year.
The company previously reported that 339 employees would be laid off beginning in February, but an additional 301 are also receiving pink slips in Illinois, according to a required filing with the state Friday.
In November, TransUnion announced plans to cut up to $140 million in annual operating expenses by 2026, with half of the savings to be realized this 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 cost-savings initiative includes shipping more U.S. jobs to its growing overseas operations, the company said. Illinois is taking the brunt of the shift, with reported job cuts amounting to about 5% of TransUnion’s total workforce.
“As part of that effort, we are transitioning certain roles to our successful Global Capability Centers (GCCs) to improve productivity, save costs and fund growth,” TransUnion said in a statement Tuesday. “We are committed to supporting the people whose roles are affected by this change.”
Headquartered at 555 W. Adams St. in Chicago, TransUnion has grown its international operations to more than 4,000 employees in India, South Africa and Costa Rica since 2018.
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 $206 million on $3.8 billion in revenues last year.
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.
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