Louis Dreyfus Co. (LDC) is cutting jobs as the embattled agricultural commodities trader tightens its belt amid low profits, according to people familiar with the matter.
Bloomberg reports most of the staff being laid off are in support, back office and administrative functions, said the people, who asked not to be named discussing internal matters.
The cuts started in December and it’s unclear how many workers will be affected, the people said.
The move comes weeks after the firm, controlled by billionaire heiress Margarita Louis-Dreyfus, announced a cost-cutting program and “systematic review of hiring and salary increases.”
It also follows the company’s decision to sell some assets and exit certain businesses, the people said.
