UK core banking tech vendor Thought Machine cuts workforce by 8%
UK-based core banking technology vendor Thought Machine is laying off 8% of its workforce.
Thought Machine to cut 8% of its workforce
The job cuts are expected to impact around 50 roles predominantly in its sales and marketing departments, as well as various back-office positions, a spokesperson for the company confirmed with FinTech Futures.
In an email to staff seen by UKTN, Thought Machine’s CEO, Paul Taylor, reportedly explains that the company is currently undergoing a “cost reduction exercise” and that it has reached “the hard but necessary decision to reduce our global headcount”.
The move comes after the company announced in March it was planning to increase its headcount by 20% with 125 new hires this year, after it made around 200 hires during the first Covid-19 lockdown in 2020.
The company spokesperson adds its roadmap and product plans to achieve this feat remain unaffected by the latest round of cuts, and that it is currently engaged in hiring for “several open roles” and continues to “engage in all the same markets”.
Thought Machine revealed in March that it intends to hire talent in India, Japan, and South Africa for the first time as part of its plans to broaden its pool of expertise. It also intends to launch a new office in Miami, Florida to meet growing demand following its $160 million Series D in 2022.
The spokesperson adds that the company will be “sharing more news about new Tier 1 banks we are working with” soon.
Last week, FinTech Futures revealed that the UK digital bank Monese was ceasing its use of Thought Machine’s core banking solution Vault in favour of its homegrown solution XYB.
