Stripe, the financial technology giant, is laying off 300 employees amid plans to significantly expand its workforce by the end of the year. The announcement was made in a leaked memo reported by Business Insider. Despite the job cuts, Stripe aims to grow its headcount by 17% and reach approximately 10,000 employees, up from its current 8,550.
The layoffs account for approximately 3.5% of Stripe's workforce and are part of strategic team-level changes necessary to align with the company's future goals. Stripe's Chief People Officer, Rob McIntosh, explained that the layoffs are "largely in product, engineering, and operations roles," and stated it "became clear there were several team-level changes needed" to ensure the right talent is in place in appropriate roles and locations.
Stripe's valuation stood at $70 billion as of July last year, indicating its strong market position despite previous workforce reductions. In November 2022, the company laid off 14% of its employees, affecting around 1,120 workers. Combined with the recent layoffs, Stripe has reduced its staff by a total of 1,420 employees over the past year.
The company's restructuring efforts focus on optimizing its human resources to support its ambitious expansion plans. By increasing its workforce to 10,000 employees, Stripe demonstrates its commitment to growth and innovation within the fintech industry.
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