Card insurer CPP looks to cut 10% of workforce

TROUBLED card insurer CPP is seeking to cut ten per cent of its UK workforce as the firm attempts to restructure its business in the aftermath of a damaging probe by regulators.

The firm currently employs over 1,300 people at sites in York, Chesterfield and Tamworth and if not enough take voluntary redundancy by the end of March then the firm will consider other options, including compulsory redundancies.

Voluntary redundancy will be offered to employees in management and administrative roles but the firm promises that no customer-facing staff will be affected.