By Daniel Hunter

The payday lender Wonga has announced plans to cut 325 jobs as part of a "strategic refocus" of its consumer businesses.

It will see roughly a third of Wonga's entire workforce cut.

Last year, chairman Andy Haste said a number of measures would be implemented to make Wonga a smaller and less profitable business.

The profits of payday lenders have been squeezed over the past year following huge scrutiny over their conduct which has led to increased regulation.

Wonga is expected to close its offices in Tel-Aviv and Dublin by mid-2015 and mid-2016 respectively. The majority of the workforce is expected to be based in London and Cape Town.