Forex firm WorldFirst is laying off up to 20 staff over the next two months as it refocuses its business, City A.M. has learned.
The company could not confirm exact numbers, but said the job cuts would affect UK employees. WorldFirst is moving away from providing hedging products and plans to focus instead on e-commerce, in particular on small businesses in that sector.
A spokesperson for the group said: "Over the past year, WorldFirst has significantly reshaped its proposition and refocused its strategy to ensure the business is well positioned for long term growth. This process has driven a significant increase in costs at a time when challenging market conditions have increased pricing pressure and compressed revenues.
"As a result, WorldFirst’s management team have undertaken a detailed review to identify options to reduce the overall cost base and ensure resource is prioritised to support the business’ commercial objectives. This review has identified a number of potential efficiencies including the restructuring and reprioritisation of certain business activities."
The spokesperson added: "Regretfully this process will mean that some roles will no longer exist and we estimate a reduction in our global headcount. WorldFirst has proposed this measure reluctantly, however, action is necessary to ensure that we remain competitive in the current global economic climate and we are in a solid position for future growth.
"The proposed reductions are expected to be complete by July 2017. All affected employees will be offered guidance and support. A process of consultation with elected employee representatives is being established."
WorldFirst's main headquarters are in Millbank in London. In recent press materials, the company said it operates all over the world with more than 600 employees based in six offices in the UK, US, Hong Kong, Singapore, Holland and Australia.