Western Union cuts executive ranks

Western Union will slash its executive ranks and book $80 million in restructuring charges through next year as it reorganizes its money transfer and payments business, the company said Thursday.

The changes will result in fewer reporting layers in management, the company said.

Among the 175 total eliminated positions will be executive vice presidents, senior vice presidents and vice presidents. One new executive vice president position will be created to focus to electronic channels and new consumer and business customer segments. Most of the management changes will take place in the next 30 days.

Western Union also plans to close, consolidate, …