Wealthsimple layoffs

2022 - 6 - 15

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Image courtesy of "CP24 Toronto's Breaking News"

Wealthsimple to lay off 13% of staff amid 'market volatility' (CP24 Toronto's Breaking News)

Wealthsimple is laying off 13 per cent of its workforce as the financial services company joins the slew of global technology businesses facing "market ...

"Today is going to be hard — there’s no getting around it," he said, in his note. He positioned the cuts as part of the fallout from months of seeing the market soar and Wealthsimple grow at an "unprecedented" rate amid the COVID-19 pandemic. Wealthsimple is laying off 13 per cent of its workforce as the financial services company joins the slew of global technology businesses facing "market volatility."

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Image courtesy of "TechCrunch"

Wealthsimple, valued at $4B last year, joins the fintech layoffs list (TechCrunch)

Canadian fintech giant Wealthsimple, which was valued at $4 billion as of last year, is laying off 159 people — or about 13% of its staff.

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Image courtesy of "BetaKit"

After hiring freeze, Wealthsimple makes staff cuts (BetaKit)

Wealthsimple has laid off approximately 13 percent of its staff just a week after enacting a hiring freeze due to changing market conditions.

“The underlying technology of blockchain and all of the things and use cases we’re seeing being enabled by that … is incredible,” Katchen said. Our business grew at an unprecedented rate, and we have been aggressively building to meet the needs of a wave of new clients since then.” “If you’ve been with us over the past two years, you know it’s been a time of immense volatility,” Katchen’s letter to Wealthsimple employees reads. The Wall Street Journal has also reported that the lending firm has since hired restructuring attorneys to “advise on possible solutions for its mounting financial problems.” The letter noted that employees not laid off may see changes to their roles or focus areas as part of that renewed focus. They also noted, “At this time our core focus is on taking care of our employees who will be leaving us today.”

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Image courtesy of "The Globe and Mail"

Wealthsimple cuts 13% of workforce as tech job woes deepen (The Globe and Mail)

Online bank challenger Wealthsimple Technologies Inc. has laid off 13 per cent of its employees as market conditions rock the technology sector, ...

Over the years, Power Corp – through IGM and another subsidiary, Canada Life – has supported Wealthsimple’s growth in additional rounds of funding. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Unlike some of its peers, however, Wealthsimple is backed by one of the country’s largest financial institutions – IGM Financial, a subsidiary of Power Corp. of Canada, which holds a 23-per-cent stake in the company. Additionally, a shortage of workers in the tech industry led to sharp increases in compensation. Wealthsimple is the first major tech company in Canada to announce layoffs that surpass 150 employees. He also stressed the importance of Wealthsimple’s cryptocurrency offerings, even though crypto markets have plummeted and the price of bitcoin has dropped by 65 per cent since November.

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Image courtesy of "Investment Executive"

Wealthsimple lays off 13% of workforce (Investment Executive)

The company will now focus more heavily on core businesses, like investing and banking.

He positioned the cuts as part of the fallout from months of seeing the market soar and Wealthsimple grow at an “unprecedented” rate amid the Covid-19 pandemic. In a letter sent to staff of the Toronto-based business on Wednesday, chief executive Michael Katchen said 159 of the 1,262 people who work for Wealthsimple will depart the company through the move. Wealthsimple is laying off 13% of its workforce as the financial services company joins the slew of global technology businesses facing “market volatility.”

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