18 August 2017
visit www.avoka.com

Misys takes the axe to banking systems business

20 June 2006  |  9907 views  |  0 Misys_logo

In a trading update due Wednesday, Misys is expected to firm up details of a global restructuring of its banking systems business that is thought to have entailed up to 75 UK redundancies including the axeing of a number of high-profile managerial-level staff.

The vendor said in January that it was restructuring its core banking businesses into a single global entity following a 25% decline in first half operating profits at the division. At the time Misys CEO Kevin Lomax said the restructuring would include "a small number of job losses".

According to documents seen by Finextra, around 75 jobs were on the line at Misys' UK operations, including eight roles at the firm's development department, and 24 jobs are thought to have been cut at the vendor's Luxembourg operations.

The job cuts include a number of senior management roles. Clive Pedder, who was previously CEO of wholesale banking at Misys but later became COO, core banking, Misys Banking Systems, is thought to have left the company following the shake-up, along with Michel van Leeuwen, risk management CEO, Misys Banking Systems.

Misys is tight-lipped about the redundancies and has refused to comment ahead of a trading update scheduled for tomorrow.

The vendor originally hired Steve Vaughan to oversee the restructuring and assume responsibility of Misys' new core banking unit, which was created by the merger of its retail and wholesale banking operations. But Vaughan quit in April after just one month in the job pleading "material differences" with the company.

The firm has since become the subject of intense bid speculation with group CEO Kevin Lomax understood to be trying to raise funds for an MBO and fend off private equity interest in the business.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Misys approached by private equity group

Misys approached by private equity group

12 June 2006  |  9614 views  |  0 comments
Misys confirms MBO interest

Misys confirms MBO interest

09 June 2006  |  7123 views  |  0 comments
Misys banking systems boss quits after just one month

Misys banking systems boss quits after just one month

20 April 2006  |  12255 views  |  0 comments
Misys shelves Sesame sale

Misys shelves Sesame sale

30 March 2006  |  6479 views  |  0 comments
Cadbury to continue as chairman of Misys

Cadbury to continue as chairman of Misys

22 March 2006  |  5655 views  |  0 comments
Misys appoints Steve Vaughan, CEO, banking systems

Misys appoints Steve Vaughan, CEO, banking systems

07 March 2006  |  6718 views  |  0 comments
Misys restructures banking systems business

Misys restructures banking systems business

26 January 2006  |  9396 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.dorsum.eudownload the paper nowvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
7404 views comments | 21 tweets | 22 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7239 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
5979 views 1 | 5 tweets | 3 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
5847 views comments | 10 tweets | 7 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5805 views comments | 11 tweets | 9 linkedin

Featured job

New York, NY - USA (some flexibility on location)

Find your next job