62 Staff face axe at Paymentshield
Share
Paymentshield is looking to cut its workforce by 20%, with 62 members of staff in consultation.
Mortgage Strategy understands that the cuts also affect senior members of staff.
Tim Johnson, who was appointed chief executive officer of Paymentshield in July this year, says the firm uses a number of fixed term contractors who will not have their agreements renewed. He hopes to reduce the pain of job cuts by maximising natural wastage.
The firm says it is also looking to cut costs in other ways.
Johnson says: “The mortgage market is less than half the size it was two years ago so we have got to get the business in the right shape and size to service what it looks like now.”
But he adds that Paymentshield has slightly increased its share of a falling market and is holding profits steady, which he says is an achievement in current conditions.
