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Payday lender to axe over 300 jobs
Payday lender Wonga has plans to axe 325 UK jobs as part of its restructuring programme.
The expected job losses will primarily impact teams in the UK with the workforce expected to be cut from 650 people to 325. The staff reduction comes as part of the Wonga Group’s aim to make overall savings of £25 million in the next two years.
Following the FCA’s announcement on firms dealing with vulnerable customers, Wonga has stated it is now focusing on its core consumer business in the UK and overseas.
Chairman of Wonga Group, Andy Haste, said that the group will become smaller and less profitable in the short term, but the changes will ensure it always lends fairly and responsibly.
“Our focus is on creating a business that meets the demand for short-term credit sustainably and responsibly, resulting in good customer outcomes,” said Andy.
“We’ve already made significant changes, including appointing a new leadership team, implementing a new risk decision engine and tightening our lending criteria,” added Andy.
The lender, which recently escaped a criminal investigation into its debt collection practices by the City of London Police, has also announced it has appointed Simon Allen as an independent non-executive Director to join the Board of its UK regulated consumer loans business and the Wonga Group Board.
Wonga said that it will launch a formal, collective consultation period for all individuals who are at risk of redundancy, where the full transition is expected to be completed in 12 months. Andy said that this has been a tough decision for the company.
“…Wonga can no longer sustain its high cost base which must be significantly reduced to reflect our evolving business and market,” he added.
“We appreciate how difficult this period will be for all of our colleagues and we’ll support them throughout the consultation process.”
This decision was published yesterday, the same day that a final report was published by the CMA on the payday lending market, which included its decision on measures to increase price competition between payday lenders and lower costs for borrowers.
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