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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...

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