Swedish derivatives trading technology company Orc Software is to cut its workforce in an attempt to reduce annual expenses by around Skr40 million.
The company gives no details on the number of jobs that will be lost under the restructuring, but says it will incur a Skr25 million charge against the programme in the fourth quarter.
Stockholm-based Orc currently employs 264 people servicing some 600 client sites worldwide.
Thomas Bill, CEO of Orc Software says the cuts are a direct response the financial market malaise, but stresses that they do not reflect a further weakening in demand or slowdown in order intake.
"Both sales and contract downsizings in the fourth quarter are on par with the same point in the third quarter. Our earlier forecast for the full year 2008, to increase both our revenue and order book compared to 2007, remains unchanged," he says. "This means that the efficiency program is expected to provide scope for higher profitability in 2009."
Separately, Swiss banking giant Credit Suisse says it has cut a further 650 jobs at its UK investment banking unit in the face of deepening financial uncertainty.