Neteller Announces Job Losses
By Jon Young
The online money transfer group Neteller PLC has said it plans to cut 250 jobs as part of its withdrawal from the US market.

Neteller announced that 220 jobs will go at its operations in Calgary, Canada, and a further 30 will be lost in the UK. The job cuts will reduce Neteller's total workforce to 425, down from a peak of 1,000 last year.

Neteller, whose main customers are online gambling firms, decided to pull out of the American market after US legislators launched a crackdown on the Internet gaming industry last year.

Neteller added that its shares, traded on the London Stock Exchange's junior AIM market, will remain suspended 'in view of the continuing uncertainty.'

The group reiterated that it expects to take a restructuring charge of $1.1 million in 2006, rising to $3.7 million this year.

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