EMCC European Monitoring Centre on Change

Wirecard

Company/Organisation:
Wirecard

Geographic Location

Country: Germany
Region: München, Landkreis; Oberbayern; Bayern
Location of affected unit(s): Aschheim

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 1300

Employment Effects

Announcement Date: 25-08-2020
Planned Job Reductions min: 730
Planned Job Reductions max: 730
Type of Restructuring: Bankruptcy
Employment Effect Start: 25-08-2020
Direct Dismissals: 730

Additional Information

The insolvent German payment services provider Wirecard has dismissed 730 employees at its headquarters in Aschheim with immediate effect. This includes all board members. The dismissal came via email. Affected employees will now have to apply for unemployment benefits.

This means that 570 employees will remain at Aschheim. 350 of them will remain with the insolvent company and 220 with the non-insolvent Wiredcard Bank AG.

According to trade union information, the number of employees to be let go is much higher, with only 300 to 500 of the 1,300 jobs remaining in Aschheim.

The company's press release states that the bankruptcy is due to the massive loss caused by the discovery of alterations in the company's accounts reporting.