French digital payments company Worldline said on Wednesday it would cut its global workforce by around 8% as part of a cost reduction plan initially announced in October.

"Worldline confirms that it has initiated social processes with the relevant employee representative bodies within the Worldline group," it said in a statement.

The fintech company's shares sank in October after it shocked investors by cutting full-year targets and announcing that it was cutting ties with some merchants to reduce crime risks.

The news sparked a wider sell-off in the sector which has been struggling as consumers spend less while tougher regulatory scrutiny also looms.

Worldline received a boost last month after French bank Credit Agricole bought a 7% stake in the payments group.

The company confirmed on Wednesday that it expects to deliver 200 million euros run-rate cash costs savings from 2025.

  - Reuters