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WEX announces company-wide layoffs; West Fargo employees impacted

WEX set up shop in a new, 40,000-square-foot office building at the corner of 26th Avenue and Seventh Street East in West Fargo in 2016.

Large building with cars parked out in front
WEX's office building in West Fargo is seen Jan. 17, 2019, at 700 26th Ave. E.
Michael Vosburg / Forum Photo Editor
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WEST FARGO — WEX Inc., a payment systems company based in Portland, Maine, downsized its operation through wide-ranging layoffs on Friday, Oct. 14, including in North Dakota.

About 150 employees globally were impacted by the layoffs, with 30 layoffs at WEX's location in West Fargo, said company spokeswoman Jessica Roy.

WEX employs 6,100 people worldwide, including 1,100 in Maine, which also experienced about 30 layoffs.

In a statement provided to The Forum, Roy described the move as a reorganization meant to best position WEX for its next phase of growth, best serve customers and accelerate the pace of innovation.

“While the right choice for WEX in the long run, today’s announcement affects a group of talented WEXers, which is difficult. We are committed to helping our people transition smoothly to their new roles, responsibilities and, in some cases, opportunities,” Roy said.

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Laid-off employees will get severance pay, outplacement assistance and other benefits as part of the transition, Portland news outlets reported.

WEX set up shop in a new, 40,000-square-foot office building at the corner of 26th Avenue and Seventh Street East in West Fargo in 2016.

The move to the new, larger space was meant to consolidate staff members who were working out of two buildings in Fargo.

In January 2019, an agreement was signed for WEX to pay $425 million to purchase Fargo-based Discovery Benefits, a wholly-owned subsidiary of State Bankshares, parent company of Fargo-based Bell Bank.

In March of that year, that acquisition was finalized.

Roy said the layoffs are not related to business performance or economic conditions.

“To put in perspective, so far in 2022, WEX has hired over 1,500 individuals and currently has 300 roles eligible for hire,” she said, adding that most recent earnings show revenue growth of 30% year-over-year to a record $598 million.

The price for WEX on the New York Stock Exchange closed Friday at $136.52 per share, down $1.76 per share.

Huebner is a 35+ year veteran of broadcast and print journalism in Fargo-Moorhead.
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