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Chime to cut 10% of total workforce on AI driven efficiencies
['Manya Saini', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
By Manya SainiJuly 31 (Reuters) - Fintech Chime is cutting 10% of its workforce, a spokesperson said on Friday, joining a growing list of companies using AI-driven efficiencies to streamline operations.
"AI is changing what's possible but requires new skills," Chime's CEO and co-founder Chris Britt wrote in a memo to employees seen by Reuters.
The layoffs will affect nearly 150 employees, a Chime spokesperson told Reuters.
Jack Dorsey's payments company Block said in February it would cut more than 4,000 jobs, nearly half its workforce, as part of an overhaul to embed AI across its operations.
"As a public company, we must accelerate growth while continuing to demonstrate operating discipline to build an even stronger, more profitable business."