CAB Payments to cut workforce by a fifth
It is understood that it will cut around 80 jobs as part of the plan, with the vast majority of job losses in the UK.
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Your support makes all the difference.London-based cross-border payments firm CAB Payments is to axe a fifth of its workforce in a bid to turn around recent weak trading.
It is understood that it will cut around 80 jobs as part of the plan, with the vast majority of job losses in the UK.
The company pledged to “streamline its operations” this year in order to keep a lid on costs.
As part of the increased focus on performance we are taking significant steps to re-align the cost base to our strategic growth plans; meaning we can do more with less
It comes amid a shift in strategy under new boss Neeraj Kapur, who was appointed chief executive last June, to help return the business to growth.
“As part of the increased focus on performance we are taking significant steps to re-align the cost base to our strategic growth plans; meaning we can do more with less,” the boss said.
“As a result, we will see a number of colleagues who have been part of our journey departing from our group.”
The restructuring is expected to take place in the first quarter of this year.
Bosses indicated the cuts are partly designed to counteract hires from last year designed to bring new skills in to the company and rises to staffing costs ahead of the increase in National Insurance contributions.
CAB also said it will increase its investments in AI and Automation as it cuts its overall headcount.
The company, which runs Crown Agents Bank, also revealed on Thursday that trading since October has been “negatively impacted” by the strong US dollar and political uncertainty.
It said it did not benefit from a typical seasonal uplift in the second half of 2024.
Mr Kapur added: “2024 has been an important year of strategic review despite the challenging market environment.
“We have made strong progress towards our journey of becoming a more sustainable and predictable growth business with a longer maturity profile.”