Loan firm Wonga to close Dublin office, cutting 175 jobs
PAYDAY LOAN COMPANY Wonga to close its Dublin office, cutting 175 jobs.
The company said it would “strategically refocus” on its consumer activities, resulting in the loss of 325 jobs in total, more than half of which came from the office at Sir John Rogerson’s Quay.
The company has announced that it will immediately launch a formal and collective consultation period for all those at risk of dismissal, which will last 30 days, with the full transition to be completed in 12 months.
Group chairman Andy Haste said the company needed to cut costs and support offices in London, Dublin, Cape Town and Tel Aviv would be cut.
“Wonga can no longer maintain its high cost base which must be significantly reduced to reflect the evolution of our business and our market. Unfortunately, this meant that we had to make some difficult but necessary decisions about the size of our workforce. We appreciate how difficult this time will be for all of our colleagues and we will support them throughout the consultation process.
The company, which before regulation could charge interest rates of up to 5,800%, agreed to pay € 2.6million in compensation to 45,000 last year after sending legal letters from bogus firms to ‘lawyers. It also reduced the debt of 330,000 customers, wiping out £ 220 million in debt.
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