LONDON: Security services provider G4S said on Monday it would cut jobs in its UK cash business as it struggles with falling demand for paper money amid a switch to digital payments during the coronavirus-led lockdown.
More than 1,000 jobs were at risk, trade union GMB said, adding that it was in talks with the London-listed firm “to try and save as many roles as possible.”
“Following a review of our Cash Solutions operational footprint in the UK, we are proposing to reshape the business,” Paul van der Knaap, G4S’ managing director for cash solutions in the UK, said in an e-mailed statement.
In an attempt to focus on its core operations, the private security services provider in February sold the majority of its cash handling businesses to US peer Brinks, barring some parts, including the UK operations.
Shares of G4S were up 9.2% to 130.4 pence, after the company forecast promising earnings earlier in the day.
The news of the layoffs was first reported by the Evening Standard.