Germany-based Giesecke & Devrient is cutting 400 jobs in its mobile security unit, with all the cuts planned for Europe.
The company, the No. 3 smart card vendor worldwide and also a major producer of banknotes, saw its net income decrease for at least the fourth straight year in 2012 to €39 million (US$51.5 million). It was €111 million in 2008.
G&D’s mobile security division includes production of SIM and banking smart cards, as well as trusted service management for NFC secure elements and other over-the-air management of SIM cards. The job cuts include 125 positions in G&D’s Munich headquarters.