FRANKFURT (Reuters) – The collapsed payments company Wirecard <WDIG.DE> has let go more than half of its remaining staff in Germany and terminated the contracts of its management board members, its insolvency administrator said.
News of the layoffs came as Wirecard’s demise amid an accounting scandal entered a new phase, with the official opening of insolvency proceedings on Tuesday.
Michael Jaffe, the insolvency administrator, said “far-reaching” cuts were needed to keep Wirecard’s core business operational.
The company is laying off around 730 staff, while retaining 570 at its base in Aschheim, Germany.
The three remaining board members whose contracts were terminated included Chief Executive James Fries, who joined Wirecard only recently to succeed Markus Braun, who remains in custody.
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