Neteller said today that as a result of its withdrawal from the US market, it is to restructure its US and UK offices reducing the number of staff from over 1,000 at its peak in 2006, to 425 across Europe, America and Asia-Pacific.
A statement said Neteller has: “substantially completed the necessary reorganisation and restructuring of its operations to reduce its headcount and align related costs with anticipated revenues of its worldwide business.”
It has focused its restructuring on the Calgary head office, where around 220 jobs are to be lost from all levels. In the UK, Neteller is to move its Gatwick base to Cambridge, with around 30 redundancies by the end of March.
Ron Martin, group president and chief executive said: “The events of the past months have led to challenging times for the group and the board has taken these measures to ensure the group has a sustainable business going forward.
“We would like to thank all of our employees who have contributed to the growth of the Neteller business over the past few years, and for those who have left or will be leaving the group, we wish you well for the future.”
Trading in Neteller’s shares on the Aim market continues to be suspended. |