London-based in sourcing services provider Xchanging, which took over the Frankfurt-based European Transactions Bank created by Deutsche Bank, has intensified speculation of an impending IPO by making all three of the senior figures in its marketing and corporate communications department redundant.
Among them is company-wide communications manager Robert White, who previously held corporate communications roles at both Citigroup Worldwide Securities Services and ABN Amro Mellon. His colleagues, head of communications Alistair Lamb and brand marketing manager Catherine Potter, were also made redundant.
External observers see the job cuts as part of a cost saving exercise designed to maximise revenues ahead of a public flotation, but trimming the profile makers at such a sensitive time is also being seen as counter-intuitive, especially for such a little-known company with large ambitions.
Corporate communications at Xchanging are now in the hands of Angus Stephenson, who joined Xchanging in February 2006 from Oxford University on its graduate training programme.