Insolvent Wirecard cutting 730 jobs as court process starts
The fintech company is embroiled in controversy over its business practices, acknowledging in June that €1.9bn listed as cash ‘probably didn’t exist’
Berlin/Frankfurt/London — Wirecard will eliminate about 730 jobs and make other “far-reaching cuts” to preserve cash as a Munich court opens insolvency proceedings against the embattled German payments company.
The court named lawyer Michael Jaffe to be permanent administrator in a statement on Tuesday. The current supervisory board will surrender its control of the company and is expected to resign following the announcement. A representative for Wirecard didn’t immediately respond to a request for comment on the board’s status...