Wirecard to Cut 730 Jobs as Court Starts Insolvency Process

Lawyer Michael Jaffe is named permanent administrator
German company filed for bankruptcy after assets went missing

The Wirecard AG headquarters in Munich, Germany. — The Wirecard AG headquarters in Munich, Germany.
Photographer: Michaela Handrek-Rehle/Bloomberg

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By Steven Arons, Sarah Syed, and Karin Matussek

August 25, 2020 at 12:22 PM UTC

Updated on

August 25, 2020 at 2:06 PM UTC

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Wirecard AG will eliminate more than half of its staff, about 730 jobs, and make other “far-reaching cuts” to preserve cash as a Munich court opened insolvency proceedings against the embattled German payments company.

The court named lawyer Michael Jaffe to be permanent administrator in a statement on Tuesday. The current supervisory board will surrender its control of the company and may resign following the announcement. A representative for Wirecard didn’t immediately respond to a request for comment on the board’s status.