The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.99 - Other financial service activities, except insurance and pension funding n.e.c.
120 jobs Number of planned job losses
Announcement Date
15 February 2022
Employment effect (start)
15 February 2022
Foreseen end date
Description
The American payment services company Trustly has announced to cut 120 out of 900 employees, while four top-level managerial staff are stepping down from the company board. The majority of job cuts will take place in the company’s headquarters in Stockholm. Trustly has grown rapidly in recent years and has hired over 300 staff in the past 18 months. Recently the company had plans to get listed in Stockholm stock market. The CEO of Trustly admitted that the company took a wrong turn in ‘its strategy and lost its entrepreneurial spirit’.
The company came under inspection by the Swedish Financial Supervisory Authority and has been recently sanctioned as it was found to not be meeting customer due diligence requirements to avoid money laundering.
Trustly is owned by the venture capital corporation Nordic Capital. At the end of 2020, Trustly had 356 employees in Sweden. Globally, Trustly employs 500 people across 10 offices in Europe, Americas, and Australia.
Eurofound (2022), Trustly, Internal restructuring in Sweden, factsheet number 106373, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/106373.
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