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.
News, intelligence and resources on the global fintech industry including topics such as job cuts.
The cuts, actioned by president and CEO Wellington Holbrook, have resulted in the loss of almost 200 positions.
The cuts are in response to “slower than expected revenue growth”.
Paxos currently claims a balance sheet of $500 million.
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Synapse previously filed for Chapter 11 voluntary bankruptcy and laid off over 50% of its workforce last year.
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The pivot comes a year after the firm completed a $40 million Series C fundraising round.
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The fintech says the restructuring plan is intended to “promote overall operating expense efficiency”.
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The cuts are to be actioned with immediate effect, according to a staff memo from Dorsey.
PayPal president and CEO Alex Chriss says the cuts aim to “reduce complexity and duplication”.
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The cuts are part of an organisational restructure, with founder Pedro Franceschi saying the firm grew too quickly.
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The bank is anticipating run rate savings of $2 billion as a result of the cuts.
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Having raised $15.5 million in seed funding, the fintech had hoped to raise an additional $40 million but to no avail.
The cuts were first reported by Fortune, but the total number of employees impacted is currently unknown.
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In a statement, Synapse says it has “a strong group in place” to manage its operations and customers.
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The US payments platform is to cut 9% of its workforce by Q3 2023.
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The news marks Robinhood’s third round of layoffs since April 2022.
Sources tell Bloomberg that the layoffs are currently ongoing as the bank looks to cut costs.
GoCardless cites the current economic environment as the reason behind the layoffs.
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Marqeta is undertaking “restructuring actions” in Q2 this year to reduce operating expenses.
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Both banks laid off around 500 employees last week, according to media reports.
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The cuts will fall largely on Zepz’s customer care and engineering teams, CNBC reports.
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A dearth of deal making is to blame, Bloomberg reports, with a 32% decline in the bank’s merger advisory arm.
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