Cab Payments axing 20% of staff to cut costs

(Sharecast News) - Money transfer company CAB Payments is axing a fifth of its staff to save cash and looking to automate more of its business through the use of artificial intelligence as a stronger dollar and political uncertainty hit demand for cross border payments. Gross Income for the year to December was expected to be around £105m, down from £137m in 2023, with performance in the second half of 2024 marginally declining versus the first half.

"We can do more with less," CEO Neeraj Kapur said on Thursday.

Reporting by Frank Prenesti for Sharecast.com