Chime to cut 10% of total workforce, or about 140 jobs, source says

Financial technology company Chime is implementing a 10% reduction in its workforce, which amounts to approximately 140 jobs, according to a source familiar with the situation. This latest round of layoffs follows a similar cut in November 2022, when Chime laid off 12% of its staff, or about 160 employees.

In November 2022, Chime co-founder Chris Britt described the earlier cuts as part of a broader strategy to reduce costs and ensure the company's success regardless of market conditions. Measures included re-calibrating marketing spend, decreasing contractor numbers, adjusting workspace needs, and renegotiating vendor contracts. Britt stated that these adjustments were necessary to increase focus and move towards profitability, despite the company being well-capitalized and facing financial market uncertainty.

At that time, a spokesperson for Chime indicated that the company was adjusting its organization to align with priorities, eliminating some positions while continuing to hire for others. The company had also paused plans for a public debut, suggesting a shift in growth trends common among fintech companies facing a challenging macroeconomic environment.