Synchrony Financial said a voluntary early retirement program trimmed its fourth-quarter profit, spotlighting a potential shift for the company’s local workforce.
Stamford-based Synchrony Financial said this week a voluntary early retirement program trimmed its fourth-quarter profit, spotlighting a potential shift for the company’s local workforce.
The consumer finance company said it recorded a $51 million after-tax restructuring charge in the fourth quarter related to a voluntary early retirement program offered to certain employees. The expense reduced quarterly earnings by about 14 cents per share, contributing to net income of $751 million for the three months ended Dec. 31, down from $774 million in the same period a year earlier.
Synchrony did not disclose how many workers accepted the offer or where those employees are based. As of Dec. 31, 2024, the company said it had 20,000 employees, according to its annual report.
Voluntary early retirement programs are generally used by companies to reduce long-term payroll costs and adjust staffing levels without layoffs.
In a statement, the company said: “Synchrony has periodically offered voluntary early retirement programs as part of our ongoing commitment to enable employees make career and life decisions that work for them as well as to drive business agility.”
Synchrony is a major consumer financing company that partners with retailers, health care providers and other businesses to offer store credit cards, installment loans and promotional financing at the point of sale.
Its lending programs are used for purchases ranging from furniture and home improvement to medical procedures and pet care.
