N26

German neobank N26 is implementing further cost-cutting measures, including laying off approximately 14 employees from its recruiting and workplace management teams. This follows a previous round of layoffs earlier in the year affecting about 70 staff, or 4% of its workforce. With a current total of around 1,700 employees, these reductions reflect a decreased hiring need and a shift toward more remote work. The company, which recently moved into a large new headquarters in Berlin, is also seeking to sublet part of its office space due to lower physical attendance. N26 aims to achieve profitability in the coming year while continuing to fill select strategic positions.

Berlin-based digital bank N26 announced layoffs affecting 71 employees in late April 2023, representing about 4% of its then workforce of over 1,700. The fintech company cited significant and lasting changes in the global business environment as it moves to sharpen its focus on strategic priorities and adjust its personnel structure accordingly. This move, part of a broader trend of job cuts in the fintech sector, comes as N26 aims to achieve profitability by 2024, following reported losses and regulatory growth constraints. The affected employees are to receive comprehensive severance packages.

In May 2020, German fintech challenger bank N26 laid off nine employees from its New York office, representing 10% of its 90-person U.S. team. This marked the first time the rapidly growing Berlin-based startup had to conduct operational layoffs. The cuts were part of broader cost-saving measures due to the COVID-19 pandemic, which had already led to furloughs for 150 staff in Europe. Unlike in Europe, the lack of comparable state support in the U.S. prompted the company to consolidate roles, primarily in recruiting. Following the layoffs, the New York office retained about 80 employees, with some functions shifting to Berlin. N26, which had over 1,000 employees globally at the time, offered affected U.S. staff severance and extended health benefits above the national average.