Informed sources: Amber Group terminates sponsorship agreement with Chelsea, will lay off more than 300 people

According to Bloomberg News citing people familiar with the matter, Amber Group is currently undergoing layoffs, cancellation of retail business and termination of the sponsorship agreement with Chelsea Football Club. The moves are part of a cost-cutting strategy in which Amber Group plans to reduce the number of employees from 700 to fewer than 400, from a peak of 1,100, people familiar with the matter said. Amber will now focus on large institutions, family offices and high-net-worth clients, reducing its number of clients from hundreds of thousands to about 100, the people said. Amber plans to move to a cheaper office location in Hong Kong, while some smaller offices in other regions may close and remaining employees will be allowed to work from home, the person said. In addition, Amber Group said it had raised about $50 million in funding from a new sovereign fund, with the deal to be announced in January valuing the round at $3 billion, the Financial Times reported.