Internet banking solutions supplier S1 Corporation is cutting its worldwide workforce by seven per cent.
The cuts were announced by the US corporation in a brief statement, late yesterday.
"Through multiple acquisitions, S1 has increased its employee base dramatically in the past year," says James Mahan, CEO of S1. "Today's actions reflect further steps in the integration of these acquisitions into a more streamlined and efficient operation."
He adds that the company will continue to "sharpen its focus on its core business and strive toward long-term growth and profitability".
The financial implications of the cut backs will be addressed in the S1 quarterly earnings conference call on Tuesday, 7 November, 2000.