Euler Trade Indemnity is set to make 50 redundancies during 2003 after its parent company announced a profit drop of 76%.

A spokeswoman for the credit insurer said the job cuts would take place across all levels of the firm.

"We're aiming to restructure the whole of the business this year in an attempt to streamline the service we offer customers," she said.

Euler currently has around 500 employees working in London, Birmingham and Manchester. The majority of the job cuts will take place in the firm's London office.

"Ten redundancies have been made already, but we have been told to expect up to 50 during 2003," she said.