Nubank

Nubank laid off 296 employees on 2023-06-07.

In January 2023, Brazilian digital bank Nubank laid off 40 employees as part of a strategic restructuring, specifically closing its investment advisory service. This move followed earlier small-scale adjustments in December 2022. The layoffs occurred amidst criticism over losses in its Nu Reserva Imediata fund, which was marketed as a safe option but suffered due to holdings in troubled retailer Americanas. Despite these cuts, Nubank emphasized it had grown its workforce from 6,000 to 8,000 in 2022 and continued hiring in line with its 2023 business plans. The company stated the advisory service was discontinued after careful evaluation, as it served only a small portion of clients, who retained access to their investments through Nubank's apps and platforms.