Praemium cuts UK jobs
Australian-based financial services technology platform provider Praemium has announced that it will be cutting jobs within its United Kingdom operation.
The company announced to the Australian Securities Exchange today that it would be restructuring its UK business, with the result that a number of permanent full-time roles would be made redundant or converted to part-time roles.
It claimed the move would result in a reduction in the company’s UK operating cost base of around £2 million.
Commenting on the move, Praemium chief executive Arthur Naoumidis said notwithstanding the fact that the UK financial markets had been severely affected by the global economic crisis, the company continued to be confident about the prospects of its offering in the UK.
“Lowering our UK costs is an exercise of prudent financial responsibility across our overall business,” he said. “With the Australian business now moving into profit, this reduction of our UK cost base enables the company to pursue our UK growth in the current economic environment.”
AUTHOR
Mike Taylor
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
