Fair Isaac cuts 200 jobs
16 June 2006 | 5316 views | 0
Minneapolis-based Fair Isaac is cutting 200 jobs as part of a broad restructuring plan that includes shifting some work to its offshore centre in India.
The job cuts will affect staff at the vendor's product management, delivery and development units.
The vendor expects to save around $24 million this year as a result of the job cuts. It will take a one-time charge of $5.7 million for severance and related costs this quarter.
Fair Isaac said in April that it was restructuring its business after reporting a 21% decline in profit to $27m for the second quarter ending 31 March 2006, compared to $34.3m for the year ago period.
Under the re-organisation, the vendor says it is also shifting engineering, quality assurance and maintenance work to its development centre in Bangalore, India.
The changes also include the hiring of a new chief marketing officer and the creation of a new Enterprise Decision Management (EDM) technology and custom solutions group.