Irish-based Internet financial services group First-e will lay off 69 staff, the company announced yesterday. A further 80 contract positions have been lost at the company over the past two weeks in a €70 million cost-cutting exercise.

The group, which currently employs a total of 470 people in Dublin, said the job losses were spread throughout the company. The cutbacks follow a comprehensive review to increase efficiency and competitiveness, the group said.

First-e stressed it remained in a very satisfactory trading position but that it must implement growth plans in line with prevailing market conditions.

First-e group plc is a wholly owned subsidiary of Enba plc, which was established in 1998. The group has pioneered the development of Internet only banking in Europe in co-operation with France's Banque d'Escompte.