Betterment, a digital wealth management firm and robo-advisor, laid off 28 employees on February 15, 2023, citing rising operating costs due to record inflation and ongoing market volatility. The layoffs affected roles across marketing, sales, and engineering. Based on a previous report from August 2022 stating the company had 450 employees, this reduction represents approximately 6% of its workforce. CEO Sarah Levy noted that the firm had already tightened spending and slowed hiring in 2022, but further cuts were necessary. Betterment, which manages $32 billion in assets for 775,000 customers, is also closing its small Philadelphia office and sub-leasing space in its New York headquarters. The move reflects broader economic challenges impacting the finance and technology sectors.
