Administrators for scandal-hit payments firm Wirecard said on Tuesday that the insolvent company would lay off more than half its remaining German staff.
Wirecard’s workforce will be cut by 730 from around 1,300 staff currently, with 570 kept on at the firm’s base near Munich.
“The economic situation of Wirecard was and is extremely difficult in light of the lack of liquidity and the well-known scandalous circumstances,” the company’s insolvency administrator Michael Jaffe said in a statement.
“The usual restructuring and cost-adjustment measures are not sufficient,” he added.
“The number of employees and all other cost positions at all insolvent companies have to be adjusted to the corporate reality.”
Wirecard’s entire board of managemen…
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