UPDATE 2-Western Union to cut about 175 jobs

* To migrate 550 positions

* To streamline senior management

* Head of global strategy, Ranjana Clark, to step down

* Sees $80 mln of restructuring charges through 2011

* Shrs up 3 pct
(Adds company comment, details, share movement)

BANGALORE, May 27 (BestGrowthStock) – Western Union Co (WU.N: ) said
it plans to cut about 175 jobs globally and also streamline its
senior management structure, as the world’s largest payment
transfer company aims to restructure its operations.

Western Union expects most of the management changes to
take effect in the next 30 days.

The proposed plan also includes the closing and downsizing
of facilities, migration of 550 positions and the creation of a
new regional operations center in Europe.

In a regulatory filing, Western Union said it terminated
the employment of Ranjana Clark, executive vice president, head
of global strategy, effective June 30.

Clark joined Western Union in March 2009 from Wachovia
where she served as chief marketing officer.

The actions come a month after the company reported a 7
percent fall in its first-quarter profit (Read more your timing to make a profit.) and said Chief
Operating Officer Hikmet Ersek would replace Christina Gold on
Sept. 1 as chief executive. [ID:nSGE63P0SL]

Western Union had about 6,800 employees as of Jan. 31.

The headcount reduction and migration of 550 jobs were not
specific to a particular geographical or business segment, Tom
Fitzgerald, a spokesman for the company, said.

Western Union, which competes with MoneyGram International
(MGI.N: ), expects to record about $80 million of restructuring
charges through 2011, with a majority of the charges to be
accounted for in 2010.

The company expects to save about $10 million in 2010, and
between $30 million and $40 million in 2011.

The anticipated costs and savings from the restructuring
had not been factored in the outlook the company previously
provided, Western Union said in a statement.

Shares of Western Union were up 3 percent at $16.11 in
morning trade Thursday on the New York Stock Exchange.

Investment Basics

(Reporting by Brenton Cordeiro in Bangalore; Editing by Prem
Udayabhanu, Unnikrishnan Nair)

UPDATE 2-Western Union to cut about 175 jobs