Plaid Layoffs
December 2022
Plaid announced a layoff affecting 260 employees (20% of its workforce) in December 2022. The company operates in the Finance sector.
260
20%
Dec 7, 2022
About
Fintech decacorn Plaid announced layoffs of 260 employees, representing 20% of its workforce, on December 7, 2022. CEO Zach Perret stated the company had hired aggressively during the COVID-19 pandemic amid rapid customer growth and revenue acceleration. However, macroeconomic shifts led to slower-than-expected growth among its customers, causing Plaid's cost growth to outpace revenue. The layoffs affected teams across the company, with recruiting and engineering among those impacted. Departing employees received 16 weeks of base pay severance, extended healthcare coverage, accelerated equity vesting, and career support services.
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