Money transfer firm CAB Payments to lay off about 20% of its staff (updated)
16/01/2025 07:24
(Adds CEO comment in paragraph 2, details on trading in
paragraph 3)
Jan 16 (Reuters) - British money transfer group CAB
Payments CABP.L said it would cut about 20% of its jobs as it
aims to slash costs, and invest in artificial intelligence and
automation amid weak trading and higher national insurance
contributions by employers.
"We can do more with less," CEO Neeraj Kapur said in a
statement on Thursday.
The company said its performance since October has been hit
by a stronger dollar and political uncertainty that has affected
demand for cross-border payments.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Savio
D'Souza and Rashmi Aich)
((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))