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http://www.gambling911.com/NETeller-fires-employees-021607.html
In what appears to be a move to bail out of Canada, British online payment processor NETeller said it would shed 250 Canadian jobs, following its withdrawal from the U.S. market. Also on the chopping block, NETeller said it would review the group’s dwindling property requirements and possibly sell or partially lease some of its Calgary-based facilities.
“Staff reductions will total around 220 employees across all levels, from the group’s contact center and security teams as well as related support functions in marketing, processing and IT,” NETeller said on Friday of its Calgary-based operations.
The company is also cutting 30 jobs in Britain.
Chief Executive Ron Martin explained the belt tightening: “The events of the past months have led to challenging times for the group, and the board has taken these measures to ensure the group has a sustainable business going forward.”
NETeller is cooperating with an investigation by the Attorney’s Office for the Southern District of New York. Founders Stephen Lawrence and John Lefebvre no longer work for the firm but still have significant shareholdings. Meanwhile, thousands of NETEller customers are still unable to access funds worth up to $55 million, and a company spokesman could not say when the cash would be returned.
“Its (the company’s) hands are tied by the Department of Justice … This is a probe into the two founders of the business, so it is not in any way affecting NETeller Plc,” the spokesman said.
However, it does appear this action is affecting NETeller Plc. Thousands of frustrated customers who have funds frozen in limbo, employees receiving pink slips today, and NETeller said its shares would continue to be suspended from trading on AIM in view of the continuing uncertainty.
NETeller also reiterated that total cash costs associated with staff restructuring were expected to be around $1.1 million in 2006 and a further $3.7 million in 2007.
I Had a contact at Neteller and when i emailed her a couple days ago ,the email came back so i guess she was one of the fired ones.The employees of neteller are innocent victims as well as This industry.They will probably get other jobs but I think we are feeling ths sting a bit more over here.
When NETeller cooperated with the DOJ, they ripped out their heart in
order to save their brain. Unfortunately, you need both organs to survive.I’m not surprised.
It’s just the start of the downsizing. Look for some others and even casinos dumping properites.
Congrats US government for costing 250 people to lose thier jobs. But wait, these are not American jobs and therefore these people dont matter.
What a mickey mouse government. I’ve been in Australia for quite a while and I’ve talked to a lot of people, and not one of them has anything positive to say about the states and none of them want to travel there. It’s pretty much the same thing in Canada where I live, or in South Africa when I was there last year.
I guess that goes to say something about world opinion on the USA and I cant blame them. I used to try and defend the states as being misunderstood but I misunderstood just how corrupt and screwed up the place is.
My heart goes out to the men and women who have to go home and explain to thier family on how they are now out of work. Good luck to them.
and what’s truly amazing to me is that the people who are suppose to be leading us .. all have plenty of money to live very comfortable lives. Why the need to have more? yet that is always the bottom line in US politics. Money.
I am very disgusted with the current regime. Not even for the sake of OG but more so due to the fact they’ve done nothing positive towards the global warming epidemic which our children will pay dearly for.
Its likely too late to make much difference anyway but where there is effort towards a positive end there is hope yet GW has done nothing positive towards that respect and in fact has even set back the meager efforts even further.
How proud he must be.
antoine wrote:Congrats US government for costing 250 people to lose thier jobs. But wait, these are not American jobs and therefore these people dont matter.Actually it was access to the US market in the first place that created those jobs or they’d still have them.
