French online payment company, The French Worldline, to cut global workforce by 8%

In light of the ongoing macroeconomic changes in the digital payments sector, French online payments specialist Worldline is considering job cuts that could affect up to 8% of its 18,000 employees worldwide. The company announced this possibility in a press release on Wednesday.

According to a CFTC union delegate, as many as 330 positions in France could be affected by these cuts. However, Worldline did not confirm this figure and stated that it wished to “allow voluntary departures where possible.” The move is part of a broader plan called Power24, which aims to accelerate the group’s transformation in response to economic changes.

The plan involves simplifying the organization through reducing headcount and increasing autonomy among teams. It also involves modernizing the company and offering new payment services through partnerships with other companies like Google. The goal is to generate savings of “the order of 200 million euros in 2025,” according to Worldline.

However, a CFTC union representative expressed dismay over the decision, stating that “it all doesn’t make much sense.” Despite facing financial challenges due to rising interest rates and other factors, Worldline experienced significant growth in 2020 when its market valuation doubled in around ten months. However, difficulties in Germany – an essential market for the company – have caused setbacks for Worldline. Ingenico, a subsidiary acquired from Atos for €7.8 billion was sold earlier this year for €2.3 billion while payment terminals inherited from Ingenico were sold last year for €2.3 billion to Apollo fund too . Last October, shares lost nearly 60% after downward revision of annual targets resulting in removal from CAC 40 index at beginning of December . This is not first time employees at worldline are facing job losses as they had their first strike last year that lasted four months before obtaining salary increase for lowest paid employees .

By Editor

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