The IQ Business Group is laying off about 5% of its more than 800 staff, mainly as a result of the integration of Financial IQ, formerly a joint venture with Fedsure Financial Services Group.
Financial IQ is being integrated into the rest of IQ`s financial services business following the roll-up of Investec/Fedsure shares in Financial IQ, with Investec taking an increased stake in the IQ group.
IQ says the deal has now enabled it to rationalise duplicate areas of its business.
The company adds that the staff cuts are also a result of a commitment to fiscal fitness, compounded by a change in the nature of skills demanded by the market and the scaling down of Fedsure`s technology spend.
"While we are fine-tuning specific areas of our business, we are seeing a major increase in demand for our business process and technology design skills," says Chris Sinclair, CEO of IQ SA.
"We balance our demand for resources with our capacity at any point in time, and we are consistent in our application of corporate discipline throughout the business. We also manage the profitability of our business appropriate to the market."
He adds that IQ SA continues to demonstrate substantial growth and is a linchpin in levering the group`s international strategy.
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