Feeds

Egg to axe up to 50 jobs

Still on target to break even in Q4

  • alert
  • submit to reddit

Providing a secure and efficient Helpdesk

Egg is to shed between 30 and 50 jobs as part of a restructuring exercise, the company confirmed today.

The jobs cuts - modest in nature compared to the 2,000 or so currently employed by the online bank - will be finalised by the end of the month.

The job losses are part of a "comprehensive organisational review" currently underway which the company said is likely to yield an exceptional restructuring charge of around £2 million in Q4 and annual savings of more than £4 million after that.

News of the cuts comes as Egg confirmed it is within weeks of breaking even.

Paul Gratton, CEO of Egg plc, said: "Our core UK business remains on-track to break-even at some point during the fourth quarter."

Which is exactly what Egg has been saying since the beginning of the year at least.

Mr Gratton continued: "With revenues growing strongly quarter on quarter and costs remaining flat we are moving confidently towards profitability."

Picking out the key financial highlights for the three months to September the online bank saw operating income double to £127 million, up from £61.2 million in the same quarter last year.

At the same time pre-tax losses fell by 29 per cent from £25.5 million in Q2 to £18.4 million in Q3.

It also managed to attract some 83,000 new customers during the last quarter giving it a total customer base of some 1.8 million. ®

Related Stories

Egg has cracked online finance
Egg still on target to break even in Q4
Egg to break even in Q4

Providing a secure and efficient Helpdesk

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
Forget silly privacy worries - help biometrics firms make MILLIONS
Beancounter reckons dabs-scanning tech is the next big moneypit
Microsoft's Office Delve wants work to be more like being on Facebook
Office Graph, social features for Office 365 going public
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.