A FINANCIAL services outsourcing and software company is making 45 employees of its Newport site redundant over Christmas, according to information seen by the Argus.

According to a leaked letter, Target Group is cutting the jobs at its site in Imperial Way, Coedkernew.

The company has said it is “streamlining its business in order to deliver future agility and growth”.

Target Group is a business process outsourcing company which provides financial services such as lending, investing and saving services, with clients including Shawbrook Bank, Goldman Sachs, Yorkshire Building Society, DVLA and Credit Suisse.

It reportedly employs more than 750 people at sites in Newport, Cardiff, and London.

An employee at the Newport site, who asked to remain anonymous, told the Argus the redundancies were first announced on Thursday, November 23, followed by a two-week consultation period during which all at-risk employees were asked to re-interview for their jobs. Final decisions were reportedly made on Wednesday, December 6, with the final day for those workers set to lose their jobs set as Friday, December 29.

They also claimed this was latest in a series of job cuts at the company.

“They have been sacking people with irreplaceable skills and loads of experience,” they said.

“There simply isn’t anyone left to replace them. it’s just not fair.

“People have children, they’ve got lives.”

They added they had asked for mental health support and were referred to a private workplace health insurance provider.

“I explained that my mental health issues are very complex and would need further support,” they said. “But they only signposted me to a GP.”

Target Group, which reportedly does not recognise a Trade Union, has reportedly promised to offer employees set to lose their jobs redeployment opportunities.

A company statement said: “Like many in the industry, Target Group is streamlining its business in order to deliver future agility and growth.

“Out of Target Group’s current headcount of 750, just over five per cent of the workforce will be impacted, with the roles affected spread predominantly across middle management.

“The process will conclude by the end of 2023, and Target Group is working closely with those affected to support them in the next stage of their careers.”