Anchorage Digital to cut 20% of staff as part of “strategic realignment”
Despite a “robust and growing” business, Anchorage says the cuts are a necessary part of a “strategic realignment”.
Despite a “robust and growing” business, Anchorage says the cuts are a necessary part of a “strategic realignment”.
Signature Bank is a large lender in the cryptosphere.
The fresh funding comes just weeks after the firm’s decision in January to lay off 120 staff.
Thought Machine intends to hire across India, Japan and South Africa for the first time.
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The fintech’s board dismissed Bally over differences in approach to “leadership and communications”.
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The job cuts were made in response to “significant decreases” in mortgage volumes, Wells Fargo says.
More than 100 employees at the firm have been affected, Techweez reports.
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Nationwide confirmed it is cutting around 450 jobs as it looks to “streamline” its non-customer-facing teams.
The company intends to double down on its core business while “sunsetting” initiatives including Affirm Crypto.
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Bloomberg reports the cuts have taken place over the past few weeks.
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The job cuts will see PayPal reduce its total staff headcount be around 7%.
Upstart is also suspending development of its small business loan product.
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Luno’s CEO cites the global economic downturn and the crypto winter as reasons behind the layoffs.
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Impacted employees have reportedly been invited to apply for other positions at the firm.
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Company execs say the layoffs are a result of “reduced marketplace revenue” due to interest rate increases.
Romanow will reportedly transition to the role of executive co-chair and remain on the company’s board.
Founder and CEO Christian Owens says the firm is looking to “adapt to what will be leaner times going forward”.
AFR reports the firm has also appointed three new board members and plans to go public.
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CEO Kris Marszalek says several factors have led to the decision to let go of around 800 employees.
The cuts amount to around 6.5% of the total staff headcount at Goldman and less than 3% at BlackRock.
Coinbase CEO and co-founder Brian Armstrong says he is “still optimistic about our future and the future of crypto”.
The news comes after Wyre was set to be acquired by e-commerce checkout fintech Bolt in April last year for $1.5bn.
FinTech Futures takes a look back at a bruising year of job cuts in fintech.
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Plaid CEO Zach Perret told employees “our pace of cost growth outstripped our pace of revenue growth”.
The layoffs follow a round of job cuts in August that saw its workforce reduced by 21%.
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The firm is laying off 1,100 employees in order to “adapt to current market conditions”.
According to The Evening Standard, Zilch is planning a restructuring that could see dozens of jobs cut.