Altruist

In October 2025, the RIA custodian Altruist laid off approximately 50 employees, representing a 15% reduction in its workforce. This brings the company's total headcount down to 398, following a previous round of cuts earlier in the year. CEO Jason Wenk framed the layoffs not as a cost-saving measure but as a strategic realignment to concentrate resources on high-impact product areas, as the firm competes with giants like Schwab and Fidelity. Despite the reduction, Altruist reports a clear path to profitability and over 70% annual revenue growth, while continuing to hire selectively, particularly in engineering. The company is heavily leveraging AI across its operations to enhance efficiency and automation in a highly competitive market.

Altruist laid off 37 employees representing approximately 10% of its workforce on 2025-01-07.