German challenger N26 to cut 71 jobs, around 4% of total workforce
German challenger N26 is cutting 71 jobs – around 4% of its total workforce – as it looks to “sharpen its focus on its most important strategic priorities” against the backdrop of “significant and long-lasting changes” to the global business landscape over the last year.
N26 to cut 71 jobs
In a statement, N26 says the size of its teams and its structure are “constantly reviewed” in line with these priorities.
“As such, leaders at N26 have recently reassessed each functions’ individual staffing needs to adjust and adapt team structures in certain areas,” the firm says.
Those affected by the cuts will receive “comprehensive” severance packages and will have access to other forms of support.
“Right now, the company’s priority is to do as much as it can for the individuals whose roles have been impacted,” N26 adds.
In March, N26’s chief risk and banking officer Thomas Grosse quit the firm citing personal reasons, marking the exit of a third senior executive in less than a year following the departures of CFO Jan Kemper in January and COO Adrienne Gormley in April 2022.
Last month, Allianz X, the venture capital arm of German financial services giant Allianz, was reportedly considering selling its 5% stake in N26 at a price point that would value the company at around $3 billion, a drop of 68% from the $9 billion valuation it achieved when it raised $900 million in a funding round held in October 2021.
