In January 2023, PagBank, the digital bank of PagSeguro, conducted a significant layoff, dismissing approximately 7% of its workforce, which equates to about 500 employees out of a total of roughly 7,000. The neobank stated these cuts were aimed at improving company efficiency following a period of team growth, aligning with broader trends seen among technology companies and fintechs globally. The layoffs impacted all areas, with a notable concentration in technology roles such as agile development, product, and UX. This move was part of a series of workforce reductions observed in Brazilian companies at the start of the year.
