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PAYDAY LOAN COMPANY Wonga is to close its Dublin office, shedding 175 jobs.
The company announced it would have a “strategic refocus” on its consumer businesses, leading to the loss of 325 jobs in total, more than half of that coming from the Sir John Rogerson’s Quay office.
The company says it will immediately launch a formal, collective consultation period for all individuals who are at risk of redundancy, which will run for 30 days, with the full transition expected to be complete in 12 months.
Group chairman Andy Haste said that the company has to cut costs and support offices in London, Dublin, Cape Town and Tel-Aviv would be cut.
“Wonga can no longer sustain its high cost base which must be significantly reduced to reflect our evolving business and market. Regrettably, this means we’ve had to take tough but necessary decisions about the size of our workforce. We appreciate how difficult this period will be for all of our colleagues and we’ll support them throughout the consultation process.”
The company, which before regulations could charge interest rates as high as 5,800%, agreed to pay €2.6 million in compensation to 45,000 last year after sending legal letters from fake law firms. It also wrote down the debt of 330,000 customers, wiping £220 million of debt.
I sympathise for those people who have lost their jobs and hope they get back on their feet soon, but those loan shark companies are a curse who screw the most desperate people
The Church of England withdraws it toll investing vehicle !
I know any job loses are bad but wonga are parasites that prey on the stupid
Good that those parasites are getting out of here . Hope staff can get substantial redundancies and are re-employed in proper financial jobs .
I’d think it twice to hire and ex Wonga employee, the bad name they have might impact on a respected financial institution.
Because so many financial institutions are so respectable, 110% mortagages, PPI anyone, I could go on
Saul, Wonga has no sales presence here in Ireland. Their Dublin office is purely support and IT staff. I would have no hesitation to hire former Wonga IT staff, in fact i would actively pursue them. As someone who works in that area I know that their selection process was rigorous and they only hired very talented IT staff.
Owned by the Church of England aren’t they ?
That would be Elizabeth Windsor’s church …..she’s head of it .
Let’s hope those folks who lost their jobs don’t have to avail of their former employers services because then they will truly screwed
Restructuring, jail would be a far more appropriate action.
The article says that they paid €2.6million to 45,000 people in compensation for sending letters from fake legal firms. That sounds like a lot of money but it averages out at less than €58 per claimant.
While it doesn’t mention if they are going to be prosecuted for what surely is illegal behaviour.
Only if there is fraud involved.
Why doesn’t wonga get a loan off one of it’s competitors at 150795%?
333689044894902689936890 percent apr if you fail to repay on time… How is this legal
Good news, they’re just a legalised loan shark that take advantage of vulnerable people
The down side is people will now turn to illegal loan sharks . Nobody from wonga will turn and knee cap ya . If people are desperate for money they will get it . It’s a bit like making drugs legal you can control it in a control environment .
Right tommy. Even Joyce wrote about the gombeen man!
The queen owns Wonga – good to see ye defending it there girls !
They tried to headhunt me when they started here. When I told them I had no interest and found their business morally bankrupt they got quite snarky.
I know people working there and they have no issue with what the business does. Kind of hard to feel sorry that they are losing their jobs.
U look at this differently.
Wonga are closing down.
Why ?
Business is bad.
That’s good , means people are not using their services.
( sorry for job loses)
They are closing because they got a huge fine and restrictions have and continue to come in to stop there business model.
Thankfully these parasites could never lend in Ireland
Tu n’est pas Irlande leus an léirsceáil lofa sin gan na 6 contae. Nach féidir leat ceann ceart a fháil?
Similar lenders have operated in Dublin for generations. Wonga are nothing new.
The tallyman etc. – has a big part in our history.
Who would put Wonga on their CV?
Sad for the employees but as a company they are nothing but loan sharks with a licence that prey on those that are desperate. Their interest rates would bring Jesus back . Good riddance.
I believe I’m right in saying that this company only set up on sir john rogersons quay a few months ago. Something stinks here.
No, they are here nearly 4 years. An agency rang me then offering me an interview. The pay was very good, but no way I could work for a company like that, so I declined.
Shedding 175 jobs but having to repay 526…
People who think the likes of Wonga are scary or dodgy, have clearly never experienced a *real* illegal moneylender.
But they do own cool baseball bats Neal..
We ll be seeing a lot more people owing money to loan sharks in next few years in this country i would say. Guaranteed promise from Enda.
Another example of a legalised fraudulent organisation going bust due to the farce monetary system.
“interest rates as high as 5,800%,” wtf???
“Payday loans” is “predatory lending” at its worst. Good riddance to wonga, too bad about the loss of jobs.
THE bbc WAS FIRST WITH THIS NEWS, where was RTE with it?
Good riddance to that outfit. Preying on the poor and ignorant.
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