WEX to cut around 70 jobs globally in new 'business assessment'

File Photo / Tim Greenway WEX Inc. (NYSE: WEX) said it will trim 1% of its 7,200-strong global workforce.

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WEX Inc. (NYSE: WEX), the Portland-based financial technology provider, plans to cut around 70 jobs from its global workforce as part of a strategy to fine-tune operations.

“We performed a business assessment, looking at elements for our next phase of growth and operations, which led to the difficult decision to reduce a small percentage of our workforce,” a company spokesperson told Mainebiz.

The cuts will affect “approximately 1%” of the company’s global workforce" of around 7,200.

"We are committed to providing as much support as possible during this transition," the spokesperson added.

While WEX will not say where the job cuts will be made, a North Dakota television station reported that some of them will happen at a WEX office in West Fargo, N.D.

In Maine, fewer than five jobs will be affected by the cuts, according to an individual with knowledge of the plans.

The company, however, is still in hiring mode. WEX brought on more than 1,300 employees in 2023 and currently has more than 250 open positions. Employees affected by the layoffs and who are eligible will receive first preference for filling those roles where possible, the spokesperson said.

WEX, led by CEO Melissa Smith, provides software for corporate payments, vehicle fleets and employee health benefit plans. WEX shares, valued at around $9.6 billion as of Thursday's close, are trading 20.1% higher than a year ago, on par with the performance of the S&P 500 index.

Two years ago, WEX trimmed 150 jobs globally, including 30 in Maine, as part of a company realignment at that time.

The company is scheduled to release first-quarter results on Thursday, April 25, before the market opens. Last week, WEX filed a lawsuit alleging trademark infringement by HP Inc. (NYSE: HP), claiming the computer giant has illegally used the WEX name in a new digital platform enabled by artificial intelligence.