Beginning in late 2009, Logica's revenues suffered from the effects of the European debt crisis. In December 2011, Logica announced it would cut 1,300 jobs or around 3 percent of the workforce spread across Benelux, the United Kingdom and Sweden, to save 50 to 60 million pounds a year from the second half of 2012. Logica's shares fell to half their value from a year prior. Gradually the outsourcing component came to represent some 45 percent of the company's overall business.