With the economic slump dragging down remittance rates, Western Union CEO Christina Gold wants to give senders and receivers more opportunities to do so.
Under Gold, a veteran of Avon and Excel Communications, Western Union is rolling out 40,000 new locations this year, many of them in the Pacific and Indochina regions. The company largely depends on business from migrant workers who wire money abroad to their families.
But that angle can lead to liabilities. Western Union recently paid a $94 million settlement to the state of Arizona, which claimed the company didn't do enough to crack down on clients who used wiring services to pay drug and human smugglers along the Mexican border.