First Data Cuts Employee Benefits

First Data announced in an internal memo on July 15 that it would be suspending contributions to employee 401(k)s and replacing cash bonuses with stock. The Wall Street Journal cited the move by the KKR-owned and Georgia-based payment processor as “unusual,” and indicated it was part of new CEO Frank Bisignano’s plan to help the company attain profitability.

Read the full report here.

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