Tuesday, April 5, 2016 : PADDYPOWER-BETFAIR MULLS JOB CUTS
Company advises staff that it plans to make cuts to 7,200 workforce.
The job cuts which are inevitable when large companies merge and have to handle staff activity duplications are on the horizon at PaddyPoker-Betfair, according to staff advisories sent out this week, which inform employees on the 7,200 workforce that around 650 jobs will have to be sacrificed.
Reporting on the issue Monday, the Irish Times revealed that it is likely that about 300 of the total will be lost from Ireland's 2,875 staff complement, while 350 jobs will go in the UK.
The proposed redundancy package is generous at four weeks salary for every year of service in addition to the two weeks statutory entitlement, the newspaper opines.
PaddyPower-Betfair has a target cost saving figure of Euro 50 million a year in mind to keep shareholders happy, and will be carefully considering areas where business duplication exists due to the merger such as personnel, finance, legal, operations in trading and risk, and perhaps even technology.
In related news, PaddyPower-Betfair chief executive Breon Corcoran has followed up on the departure of former Paddy CEO Andy McCue and CMO Gav Thompson with a more streamlined top executive team.
Paddy's former online chief, Johnny Hartnett, will become managing director for international commercial affairs (excluding Italy) and will oversee the group's B2B, risk and trading, and VIP divisions, whilst former Betfair business managing director Aine Flanagan will be m.d. responsible for UK and Ireland operations, along with the gaming division.
The merged group's retail interests will be the domain of Dan Wilson, who will also look after Italian operations.