Feb 7 (Reuters) - French digital payments company Worldline said on Wednesday it would cut its global workforce by around 8% as part of a cost reduction plan initially announced in October, opens new tab.
"Worldline confirms that it has initiated social processes with the relevant employee representative bodies within the Worldline group," it said in a statement.
The fintech company's shares sank in October after it shocked investors by cutting full-year targets and announcing that it was cutting ties with some merchants to reduce crime risks.
The news sparked a wider sell-off in the sector which has been struggling as consumers spend less while tougher regulatory scrutiny also looms.
Worldline received a boost last month after French bank Credit Agricole bought a 7% stake in the payments group.
The company confirmed on Wednesday that it expects to deliver 200 million euros run-rate cash costs savings from 2025.
Reporting by Olivier Sorgho; Editing by Kirsten Donovan
Source: Reuters