OM to cut 100 jobs in latest restructuring

OM to cut 100 jobs in latest restructuring

Swedish transaction technology vendor OM has announced a further round of redundancies as it re-organises its technology operations to cope with continued weak demand.

Beginning next month, the four business areas within OM's technology operations will be restructured to accommodate a shift in approach to sales and marketing, with the creation of new "market units" with a clear responsibility for each customer.

As a result, Patrik Egervall, head of sales and marketing, has also been appointed head of OM's technology operations in London and Anna Wilson Lantz, earlier head of corporate functions, has been put in charge of the market unit within the financial markets division.

The shake-up, which also takes in operational, support and corporate functions, will lead to 100 job losses among OM's 1600 employees and is expected to generate annualised savings of Skr60 million from the first quarter of 2004.

The latest changes come hard on the heels of the February consolidation of the company's banking and broking services divisions into a single operating unit. This was also expected to lead to unspecified job losses.

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