Bolt lays off employees in a company restructuring
Bolt announced employee layoffs. Wednesday that it would undergo several structural changes in other words, layoffs. The message from CEO Kuruvilla also described plans for the layoffs, including the number of people affected. Employees who are staying will receive a town hall invitation. It is unclear how few employees are affected.
A company cuts hundreds of people. This means that there are many unemployed people who need to find new jobs.
This isn’t the first time Bolt has run into trouble. A few months ago, Bolt was sued by Authentic Brands Group. After failing to deliver on promised features, only 2 brands were able to integrate with Bolt.
Fintech companies are cutting back on staff because of the economic slowdown.
Bigger companies are feeling the pressure because of the economic downturn. Coinbase management seems determined to carry out a plan to triple the size their workforce this year. But after reporting weak first quarter results, they backtracked last week by imposing a short term hiring freeze and cutting costs.
Laying off 20% of staff is a bad sign for any company. This is a clear indication of a downturn in the economy.