The payday loan lender said 325 jobs will be cut at a minimum with 100 staff in the UK to be made redundant.
Former chairman Robin Klein will also step down from the company’s board and two of the firm’s overseas offices, in Dublin and Tel Aviv, will close entirely. The firm aims to make savings of at least £25m in the next two years.
Today the Competition and Markets Authority set out recommendations to the Financial Conduct Authority that online payday lenders should publish details of their products on at least one price comparison website to give customers comparable information on potential loan costs.
“Wonga can no longer sustain its high cost base which must be significantly reduced to reflect our evolving business and market,” Andy Haste, Wonga’s chairman, said. “We appreciate how difficult this period will be for all of our colleagues and we’ll support them throughout the consultation process.”
