XP Layoffs
January 2023
XP announced a layoff affecting 0 employees in January 2023. The company operates in the Finance sector.
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Jan 17, 2023
About
Brazilian investment platform XP is undergoing significant workforce adjustments, with layoffs that began in late 2022 continuing into this year. The company, which employs around 7,000 people, could see cuts reaching up to 10% of its staff, translating to roughly 700 employees, though market rumors suggest the number might be closer to 1,000. This restructuring is a response to a difficult economic environment, marking a strategic shift from a prior focus on growth to a new emphasis on efficiency and cost-cutting. The move follows a period of rapid expansion during the pandemic, which the company's leadership now acknowledges included some excesses. As part of the austerity measures, XP is also scaling back on expenditures deemed extravagant, such as certain sponsorships.
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