Western Union Hit by Trump's Immigration Policies
Western Union, a leading money transfer business, has reported a decline in revenues due to the Trump administration's immigration policies.
Recent policy changes have led to a substantial decline in border crossings and an increase in enforcement actions including workplace inspections and deportations which have created uncertainty and hesitation within migrant communities.
The company's U.S.-based business saw a 12 percent decline in revenues during the third quarter, with a significant slowdown in cash transfers to Mexico, El Salvador, Peru, and Ecuador.
- 12 percent decline in U.S.-based business revenues
- Slowdown in cash transfers to Mexico, El Salvador, Peru, and Ecuador
CEO Devin McGranahan attributed the decline to stricter immigration policies and enforcement, resulting in an "unprecedented" decline in money transfers to Mexico and Central American countries.
Author's summary: Trump's immigration policies affect Western Union's business.