N26 Layoffs
May 2020
N26 announced a layoff affecting 9 employees (1% of its workforce) in May 2020. The company operates in the Finance sector.
9
1%
May 8, 2020
About
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.
Related Events
More Finance Layoffs
Report an Error
If you find incorrect information, please let us know so we can correct it.
support@layoffs.nl