TrueLayer reportedly reduces headcount by around 25% to cut costs in push for profitability
City AM reports that TrueLayer cut 71 jobs in September, citing sources familiar with the matter.
Job Cuts
News, intelligence and resources on the global fintech industry including topics such as job cuts.
Banking Technology Magazine November 2024 issue out now
Cover story: GOING GREEN – Why sustainable finance is vital.
Santander reportedly cutting 1,425 UK jobs this year
Banco Santander CEO Hector Grisi previously ordered a group-wide restructuring last year.
Embedded finance provider Solaris embarks on “new chapter of transformation”, says CEO
CEO Carsten Höltkemeyer says BaaS provider Solaris is “at a pivotal moment”.
US fintech start-up CapWay shuts down
Founder Sheena Allen announced on LinkedIn that the start-up “is no longer an active business”.
LendingClub and Pagaya acquire intellectual property of shuttered fintech Tally
Tally closed in August, citing insufficient funding as the primary reason for its shutdown.
Banking Technology Magazine October 2024 issue out now
Cover story: QUANTUM LEAP OF FAITH – Preparing for the advent of Q-Day.
Solaris to “discontinue major parts” of EMI business
Solaris says the move “regrettably will bring redundancies across the EMI team”.
Metro Bank partners Infosys to boost digital transformation with AI
The UK bank is also reportedly set to cut around 300 roles as part of cost-cutting efforts.
Canadian fintech start-up Hardbacon closes down
Co-founder and CEO Julien Brault writes that the fintech’s operations are now suspended.
US identity verification start-up IDPartner Systems to shut down
IDPartner Systems closes after three years in business.
FinTech Futures: Top five news stories of the week – 23 August 2024
Our pick of the top fintech news stories this week includes HSBC, Klarna, Mastercard and more.
Mastercard set to lay off around 3% of global workforce
A Mastercard spokesperson says the majority of the impacted employees will be notified in Q3 2024.
Pre-seed fintech investor Techstars cuts global workforce by 17%
Techstars CEO David Cohen says the firm “overbuilt and over hired to support our ambition to scale”.
FinTech Futures: Top five news stories of the week – 9 August 2024
Our pick of the top fintech news stories this week includes NCR Voyix, CIBC, Société Générale and more.
NerdWallet to cut workforce by 15% as part of restructuring plan to reduce operating expenses
The job cuts are expected to produce around $30 million in annualised cost savings.
Intuit to cut 10% of workforce amid plans to boost investment in “key growth areas” such as AI
Intuit plans to hire 1,800 new workers to support the firm’s aim to capitalise on the “AI revolution”.
Canadian credit union Vancity lays off 7% of workforce
The cuts, actioned by president and CEO Wellington Holbrook, have resulted in the loss of almost 200 positions.
BaaS fintech Unit to reduce workforce by 15%
The cuts are in response to “slower than expected revenue growth”.
Blockchain infrastructure platform Paxos to reportedly cut 20% of workforce
Paxos currently claims a balance sheet of $500 million.
FinTech Futures: Top five news stories of the week – 14 June 2024
Our pick of the top fintech news stories this week includes Starling Bank, Mastercard, Bink and more.
FinTech Futures: Top five news stories of the week – 7 June 2024
Our pick of the top fintech news stories this week includes Visa, Monzo, JP Morgan Payments, Funding Circle and more.
Funding Circle to cut 120 jobs in £15m cost savings drive
Oliver White, Funding Circle’s CFO, has also announced his intention to step down from his role.
TabaPay to acquire assets of struggling BaaS fintech Synapse
Synapse previously filed for Chapter 11 voluntary bankruptcy and laid off over 50% of its workforce last year.
UK’s Co-operative Bank to cut 400 jobs as part of cost reduction programme
Due to impact 12% of its total workforce, the proposed job cuts will take effect from 7 May.
Banking Technology Magazine March 2024 issue out now
Cover story: CREATIVE THINKING – How a borefest could lead to the best ideas.
Treasury Prime trims workforce amid strategic pivot to focus on direct-to-bank partnerships
The pivot comes a year after the firm completed a $40 million Series C fundraising round.
FinTech Futures: Top five news stories of the week – 23 February 2024
Our pick of the top fintech news stories this week includes Capital One, Toast, Xalts and more.
US hospitality fintech Toast to cut 550 jobs as part of restructuring plan
The fintech says the restructuring plan is intended to “promote overall operating expense efficiency”.
FinTech Futures: Top five news stories of the week – 9 February 2024
Our pick of the top fintech news stories this week includes Worldline, Deutsche Bank, Barclays and more.
Worldline to cut workforce by 8% with €200m cost-saving initiative Power24
The cuts are expected to result in the termination of around 1,400 positions.
Société Générale to cut 900 positions at Paris headquarters in elimination of “hierarchical layers”
The French banking group says it will action the cuts “without forced departures”.
Deutsche Bank to cut 3,500 roles over two years amid €2.5bn savings drive
The German investment bank says the cuts will mainly apply to “non-client-facing areas”.
Banking Technology Magazine February 2024 issue out now
Cover story: PLANT LIFE – Talking flora and quantum computing.
FinTech Futures: Top five news stories of the week – 2 February 2024
Our pick of the top fintech news stories this week includes Lloyds, HSBC, PayPal, Santander and more.
Jack Dorsey’s Block lays off staff across Cash App, Square and foundational teams
The cuts are to be actioned with immediate effect, according to a staff memo from Dorsey.
PayPal to trim workforce by 9% over 2024 in bid to streamline business
PayPal president and CEO Alex Chriss says the cuts aim to “reduce complexity and duplication”.
Lloyds to cut 1,600 jobs across branch network amid growing customer preference for digital banking
The group says it will also be introducing over 830 new roles within its relationship growth team.
FinTech Futures: Top five news stories of the week – 26 January 2024
Our pick of the top fintech news stories this week includes Abrdn, Kashable, Synchrony and more.
Abrdn announces £150m cost-cutting drive with 500 jobs on the chopping block
The cuts are expected to impact group functions and support services across its middle management.
