US-based fintech company Brex is set to cut 282 jobs, or around 20% of its workforce, in a restructuring effort. The cuts come as a result of the company growing too quickly and wanting to reduce the number of layers in its organisational structure. Brex’s chief operating officer (COO) Michael Tannenbaum will transition to a board member role, while the SVP of global operations, Camilla Morais, will take over as COO. The company’s chief technology officer (CTO) will move into an advisory role, and the engineering director of AI products will become the VP of engineering. This round of layoffs marks the second round of cuts for Brex in the last 18 months.
Key Points:
- Fintech company Brex plans to cut 20% of its workforce, or 282 jobs, in a restructuring effort.
- The cuts are a result of the company growing too quickly and wanting to reduce layers in its organisational structure.
- Brex’s COO will transition to a board member role, and the SVP of global operations will take over as COO.
- The CTO will move into an advisory role, and the engineering director of AI products will become the VP of engineering.
- This marks the second round of layoffs for Brex in the last 18 months.
