Wonga to cut over a third of its staff

Payday lender Wonga announced that it will be cutting 325 staff, following a clampdown on payday lenders which have threatened profits. 

The company, which employs 950 people, hopes to save £25million over the next two years, affecting offices in London, Dublin, Cape Town and Tel Aviv.

The cuts come under plans to restructure the business and will see the closure of The Dublin and Tel Aviv offices in the next two years.