French payments giant Worldline is axing around 1400 jobs - eight per cent of its workforce - as part of a cost reduction programme.
The Power24 plan will cost around €250 million but deliver a €200 million run-rate cash costs savings from 2025, says the firm.
Last October, Worldline's share price plummeted after the vendor warned of a deteriorating outlook for sales and the termination of a number of merchant relationships due to soaring cyber crime rates.
At the time, the company said macroeconomic challenges were beginning to impact some of its key markets, particularly in Germany where the slowdown has disrupted consumer spending patterns.
However, in January it was boosted by news that Crédit Agricole had acquired a 7% stake in the business.