SoFi Layoffs
May 2020
SoFi announced a layoff affecting 112 employees (7% of its workforce) in May 2020. The company operates in the Finance sector.
112
7%
May 20, 2020
About
Personal finance fintech SoFi has laid off approximately 112 employees, representing about 7% of its 1,600-person workforce. The cuts followed a more rigorous round of quarterly performance reviews, influenced by current market conditions, and also included the elimination of a collections team due to automation. This restructuring occurs just over a month after SoFi announced a major $1.2 billion acquisition of payments startup Galileo. The layoffs were not confined to specific teams but occurred across the organization, reflecting efforts to address inefficiencies amid broader strategic moves in the fintech industry.
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