Closed Borders Killing Western Union, Earnings Call Transcripts Reveal

Closed Borders Killing Western Union, Earnings Call Transcripts Reveal Western Union CFO Matt Cagwin quietly acknowledged in yesterday’s earnings call that fewer border crossings under the Trump admin are chipping away at the remittance behemoth’s profits: “New migration is the lifeline of our retail business. With borders closed, it is difficult to offset natural attrition… as consumers return home to their native countries,” Cagwin said. WU has long been the dominant vampire skimming absurd fees off international remittances while providing no technological convenience that Venmo hasn’t already surpassed. It’s instead maintained its...