Aussie financial software firm Iress to cut 10% of staff amid business restructure
Iress, an Australian software provider to financial services firms across Asia-Pacific, North America, Africa and Europe, is set to reduce its global staff headcount by 10% as it looks to restructure the business.
Iress to cut headcount by 10% amid restructuring
The job cuts come as the company looks to form “a more efficient and focused organisational structure”, Iress says, adding the redundancies are not expected to impact client service and delivery.
The firm employs around 2,250 staff, meaning an estimated 225 jobs could be facing the chop.
The decision to restructure comes after the company revealed in its latest Australian Stock Exchange (ASX) market update that its net profit after tax for the year “is expected to be a loss of between $102-107 million”.
The firm’s restructuring will see each business unit given access to tech teams and operational functions, with plans to reinvest in its core software and explore AI and data opportunities.
Iress group CEO and managing director Marcus Price says the firm’s programme “of clear and deliberate actions” are aimed at “reinvigorating” growth in its core businesses and delivering efficiencies.
The firm has also appointed Simon New as its new UK CEO. New will move from his current role as chief commercial officer (CCO) to support Iress’ existing leadership in the UK, giving the UK business “greater autonomy”.
Group CEO Price says the UK “is a cornerstone of our global business – our mortgages and sourcing businesses are extremely strong, and our ambition is to better equip our wealth and trading businesses”.
Commenting on the changes to the business, UK CEO New says: “The changes we are announcing today will help us realign ourselves and ensure we’re even more focused on the needs of our clients and the changing dynamics of the market.”
