by Andrea Malcolm
The online trading platform maintains that customers will not be affected. Sharesies executives are not talking directly to the media but said via a statement that they have begun consulting with staff on a proposal to reduce the size of its team.
Sharesies chair Alison Gerry said the proposed changes follow a recession plan put in place last year due to the economic downturn and an impending recession. This action included reducing marketing spend, putting hiring on hold and diversifying revenue streams.
“With the uncertain economic outlook projected to continue for some time, we need to ensure the business remains strong and sustainable, and that the Sharesies platform is compliant and efficient.”
The outcome of the proposed restructure is likely to be confirmed over the next month. The number of people impacted will be determined after the consultation has been completed.
Co-founder and co-CEO Brooke Roberts says: "Our focus is firmly on supporting our team through this process.”
Last December Sharesies announced it will launch a KiwiSaver scheme in the first half of this year. At the time, Roberts said seven thousand people had registered their interest within a day of the announcement.
The proposed scheme would allow members to invest in multiple KiwiSaver funds, similar to InvestNow. Roberts said Sharesies had a team of 15 to 20 people working on the KiwiSaver product. It is not known whether they will be affected by the cutbacks.
Overall, Sharesies is reported to have more than 200 staff.
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