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GoCardless to cut 15% of staff

By Dalvinder Kular

UK payments company GoCardless has announced plans to cut around 15 per cent of its employees as part of its goal to reduce costs by 15 per cent.

In a public memo to staff also published to the company’s website, chief executive Hiroki Takeuchi said that around 135 roles at the company will be eliminated, taking the global number of staff to around 800. The job cuts will mainly affect those based in the UK, Australia and New Zealand.

Takeuchi also confirmed that senior leadership will be cut by 25 per cent while 15 roles in the UK will be transferred to Riga.

Takeuchi apologised for his previous communication about the plans. He wrote: “Based on feedback I have received it is clear to me that a couple of things did not land as I intended them to.

“Our goal is to build a sustainable business for the long-term, which means we are constantly looking for ways to improve our business operations.”

A range of companies from across the financial sector have recently announced staff cuts as part of industry-wide cost reduction measures.

JP Morgan Chase reportedly axed around 500 jobs largely across its technology and operations teams while Capital One said it would get rid of around 1,100 tech roles. PayPal shed around 2,000 staff earlier this year, and Goldman Sachs said it would let go of around 3,000 staff in January. In April, it was reported that Barclays would axe over 100 roles across its investment banking arm.

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