Upstart Layoffs
November 2022
Upstart announced a layoff affecting 140 employees (7% of its workforce) in November 2022. The company operates in the Finance sector.
140
7%
Nov 1, 2022
About
In November 2022, fintech lending giant Upstart laid off approximately 140 employees, representing 7% of its then 2,000-strong workforce. The company, which operates a cloud-based AI lending platform, attributed the staff reduction to ongoing economic challenges and a significant decline in loan demand, driven largely by the Federal Reserve's interest rate hikes to combat inflation. This downturn led to a sharp drop in Upstart's loan volumes and a dramatic 84% fall in its share price over the year. The layoffs, focused on roles processing loan applications, were described as a difficult but necessary step for the company's long-term health, with no further cuts anticipated at that time.
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