San Francisco, January 22: Global fintech giant Stripe will reportedly lay off hundreds of employees from multiple departments to ensure it has the right people for the right jobs. The Stripe layoffs were reportedly announced through a "leaked memo" which shared the information that employees working in engineering, product and operations would be affected. Despite the job cuts, the fintech company said it would consider hiring more people.

Stripe said that the job cuts would affect 300 people and various departments. Rob Mclntosh, Stripe's Chief People Officer, said that despite reducing its workforce, the fintech firm would hire 17% more employees in the future. According to a report by TechCrunch, Stripe's headcount increase announcement could increase the numbers of the total workforce from 8,550 to 10,000, with a 17% increase. HCLTech Job Hiring: Tech Firm Announces 5,000 Employment Opportunities As It Expands IT Footprint in Hyderabad With New Tech Centre.

Stripe Chief People Officer Rob Mclntosh said that the layoffs would be implemented as the company became clear that several team-level changes were needed to ensure the employee numbers met its plans. He said that the Stripe layoffs step would ensure that the company employed the right people in the right roles and locations to complete its plans.

Stripe laid off around 1,120 employees in November 2022, affecting around 14% of its workforce of 8,000 people. Since then, the company has not announced any job cuts until 2025. Despite its good stature in the fintech market and around USD 70 billion valuation (as of July 2024), the company is not publicly listed. The report mentioned that Stripe was long expected to go public; instead, it raised funds and conducted a tender, providing liquidity to the employees. Hiring in India Up by 31% in December 2024, AI Job Market Records 42% Growth Over Two Years: Foundit Report.

So far, the company has announced laying off employees with a hint of hiring in the future, increasing its workforce by adding nearly 1,500 employees. However, this year, due to the advancement of technologies like automation and AI (artificial intelligence) and global competition, the tech industry is expected to lay off more employees in 2025.

(The above story first appeared on LatestLY on Jan 22, 2025 04:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).