SIX Group to cut 150 jobs
28 February 2012 | 6305 views | 0
Blaming a "difficult market environment", Swiss financial services company SIX Group says it will axe 150 jobs as part of a SFr30 million cost-cutting programme.
The group, which operates the Swiss stock exchange as well as financial information and payments businesses, says that, although it made a SFr216 million profit in fiscal 2011, this was down to one-off items and operating results actually fell, while the 2012 outlook is "cautious".
The securities business has held up, says SIX Group but the card unit has suffered from currency effects, falling retail sales, a decline in foreign tourists. Meanwhile, in the financial information business, exchange rates and intense cost pressure are reducing income.
With the strong Swiss franc adding to the global troubles, SIX Group says it will look to cut costs by 2.3%, or SFr30 million, partly through getting rid of 150 of its 3900 workers, with the struggling payment services and financial information sectors bearing the brunt.