Plaid Inc. said it cut 260 staffers Wednesday after changing macroeconomic conditions forced it to rein in costs.
(Bloomberg) — Plaid Inc. said it cut 260 staffers Wednesday after changing macroeconomic conditions forced it to rein in costs.
The San Francisco-based company, which provides connections between popular financial-technology apps and consumers’ bank accounts, will provide 16 weeks of separation pay and accelerate equity grants for some employees, Chief Executive Officer Zach Perret said in a memo to staffers.
“The simple reality is that due to these macroeconomic changes, our pace of cost growth outstripped our pace of revenue growth,” Perret said. “I made the decision to hire and invest ahead of revenue growth, and the current economic slowdown has meant that this revenue growth did not materialize as quickly as expected.”
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