LONDON: Britain's biggest payday lender Wonga Group announced on Tuesday that it would cut 325 jobs, as the company undergoes a restructuring to focus on its core business of short-term consumer loans.

The job cuts, to take place over one year at its UK consumer business, are part of a plan to reduce costs by at least 25 million pounds ($38.61 million) over the next two years. It is also planning to scrap its small-to-medium enterprise lending business.

As part of the changes, former chairman and early-stage investor Robin Klein is stepping down from the group's board.

Copyright Reuters, 2015