Logica axe 1,300 jobs
Logica Plc, the IT services company said that it would be axing around 1,300 jobs in a £110 million restructuring programme. The company said it expected the restructuring to deliver cost savings reaching an annualised amount of £80 million from 2010.
Stocks up on rate cut hopesThe restructuring programme comes following a business review conducted by Andy Green, who was appointed CEO of the company in January 2008.
Green said, "Logica is a sharply focused European business with strong positions in its key markets and excellent local teams who really understand the diversity of European customers.
"We have set out an exciting programme for growth, built upon our great strategic position. We will be increasing our investment in growing the Logica business, funded by a cost-cutting programme that will reduce overheads. I am confident that this plan will allow us to outperform the market and revitalise Logica, delivering sustained value for shareholders, customers and employees alike."
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