Metavante cuts 180 jobs

Metavante cuts 180 jobs

Metavante, the highly acquisitive technology subsidiary of US bank Marshall & Ilsley, is cutting around 180 jobs as part of cost reduction measures for 2007.

According to a report by The Business Journal of Milwaukee, the company asked all department managers across its operations to examine their staffing needs heading into 2007.

Metavante spokesman Chip Swearngan told reporters that the layoffs account for around three per cent of the company's 5600 employees and will be completed by the end of the year.

The vendor has been on a buying spree over the past few years and has acquired 17 companies and product lines in health care and image technology, among others.

Swearngan says the job cuts are not related to the acquisitions or to the company's performance.

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