Klarna Layoffs

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Klarna, the Swedish buy now, pay later fintech giant, announced a second round of layoffs in September 2022, affecting fewer than 100 employees globally. This came just four months after cutting 10% of its workforce and despite CEO Sebastian Siemiatkowski stating weeks earlier that layoffs were complete. The new COO, Camilla Giesecke, cited a need to reflect the company's "more focused" nature, with cuts targeting departments like IT and recruiting. Klarna's revised budget allowed for up to 6,000 employees. The move followed a turbulent period where Klarna's valuation plummeted 85% to $6.7 billion, and its losses more than tripled, driven by a challenging economic environment shifting away from the low-interest conditions that favored BNPL models.

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