FILE PHOTO: The logo of payments company Worldline is seen at the company headquarters in the financial and business district of La Defense, near Paris, France, October 26, 2023. REUTERS/Gonzalo Fuentes/File Photo
(Reuters) - French digital payments company Worldline said on Wednesday it would cut its global workforce by around 8% as part of a cost reduction plan initially announced in October.
"Worldline confirms that it has initiated social processes with the relevant employee representative bodies within the Worldline group," it said in a statement.
The fintech company's shares sank in October after it shocked investors by cutting full-year targets and announcing that it was cutting ties with some merchants to reduce crime risks.
The news sparked a wider sell-off in the sector which has been struggling as consumers spend less while tougher regulatory scrutiny also looms.
Worldline received a boost last month after French bank Credit Agricole bought a 7% stake in the payments group.
The company confirmed on Wednesday that it expects to deliver 200 million euros run-rate cash costs savings from 2025.
(Reporting by Olivier Sorgho; Editing by Kirsten Donovan)
