Left Menu
Development News Edition

G4S to cut over 1,000 jobs as UK cash handling business hit by lockdown

Reuters | London | Updated: 13-07-2020 18:22 IST | Created: 13-07-2020 18:04 IST
G4S to cut over 1,000 jobs as UK cash handling business hit by lockdown
Representative Image Image Credit: ANI

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 U.S. 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 https://www.standard.co.uk/business/g4s-slash-jobs-a4496611.html by Evening Standard.


TRENDING

OPINION / BLOG / INTERVIEW

5G will be the key driving force for COVID-19 recovery: Here's how?

... ...

Canada’s COVID-19 pitfalls highlight need for integrated health information system

In the globalized world of today where outbreaks can spread far and wide within a matter of days, a global-level integrated health information system is ideal but Canadas provincial barriers show that the country lags much behind in deployi...

Pandemic must be impetus, not obstacle, for clean water access

To make matters worse, there are suspicions that the inadequacy of wastewater treatment methods in California, the rest of the USA, and indeed around the world may help to propagate the disease even more widely. ...

3D printing and the future of manufacturing post COVID-19

The on-demand, customizable, and localized manufacturing of product components facilitated by 3D printing has the potential to redefine manufacturing but there are certain technical, mechanical, and legal limitations that, unless ...

Videos

Latest News

Singer SP Balasubrahmanyam continues to be on life support: Hospital

Singer SP Balasubrahmanyam, who is undergoing treatment at MGM Healthcare following coronavirus diagnosis, continues to be on life support in the Intensive Care Unit ICU, the hospital said on Saturday. According to the statement from MGM He...

New web series to document bike trip of 5 Indians across 5 countries

An adventurous bike trip undertaken by five Indians across five countries is the subject of an upcoming web series, the teaser for which was released on Saturday. Launched on the occasion of the 74th Independence Day, the series promises to...

V-P Naidu condoles death of former prez Shankar Dayal Sharma's wife

Vice President M Venkaiah Naidu on Saturday condoled the death of Vimla Sharma, wife of former president Shankar Dayal Sharma. Vimla Sharma, 93, had recovered from COVID-19 a few months ago.Saddened to hear about the demise of Smt. Vimala S...

Telangana CM honours poet Tirunagari Ramanujam with Dasaradhi Award for 2020

Telangana Chief Minister K Chandrashekhar Rao honoured well-known poet Tirunagari Ramanujam with the Dasaradhi Award for 2020 at Pragathi Bhavan here on Saturday. The CM also presented him with a memento, shawl and a cash prize of Rs 1,01,1...

Give Feedback