Worldline, the French fintech company, has announced plans to reduce its workforce by up to 8%, which equates to approximately 1,440 jobs. This decision comes as Worldline aims to adapt to evolving consumer spending habits influenced by inflation and high interest rates.
The company stated on Wednesday that it has initiated discussions with employee representative bodies regarding the restructuring process. It anticipates that these efforts will result in cost savings of around €200 million ($215.1 million) starting from 2025.
Worldline has estimated that the restructuring will incur costs of approximately €250 million. At the end of 2022, the company employed approximately 18,000 individuals across 40 countries.
This announcement follows Worldline’s previous warning about a slowdown in the German market, which has long been considered the economic powerhouse of Europe.
Due to changing consumer priorities, individuals have been allocating a larger portion of their spending to nondiscretionary expenses such as housing and food, rather than discretionary expenses like entertainment or luxury goods. This shift has negatively impacted Worldline’s profitability.