Stripe cutting 14% of workers amid economic concerns
Grappling with high operating costs, Stripe is substantially reducing its staffing levels.
The online payments giant announced that it is laying off around 14 per cent of its workforce, which will return the company to its February headcount of almost 7,000 employees.
While the cuts will affect a number of divisions, Stripe said most will occur in recruiting.
In a memo to staff on Nov. 3, CEO Patrick Collison said the company’s leadership team misjudged how much the internet economy would grow in 2022 and 2023 — adding that they “overhired for the world we’re in.”
“We are facing stubborn inflation, energy shocks, higher interest rates, reduced investment budgets, and sparser startup funding,” Collison said. “We think that 2022 represents the beginning of a different economic climate.”
In order to adapt appropriately to this new reality, he noted that the business needs to reduce its costs.
The latest round of cuts come just over a year after Stripe opened its first Canadian office in downtown Toronto. The company didn’t disclose how many employees in Canada could be affected.
The North American tech sector has experienced a flurry of layoffs this year.
In addition to Stripe, Twitter, RenoRun, Hootsuite, Microsoft, Meta, Shopify, Snap, Article, Unbounce, Clearco, Q4, and Wealthsimple have substantially reduced their workforces as they continue to monitor market conditions.
SEE ALSO
• Intel plans thousands of layoffs for October amid PC plummet
• Employment lawyer on mass layoffs in the tech industry
• Layoffs in Canada
If you’re a non-unionized employee, check out our Stripe Layoffs guide.
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About the Author
Lior Samfiru
Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group. Known for his advocacy and success representing both employees and employers, Lior exclusively serves clients in Ontario, where his extensive experience has made him one of Canada’s most sought-after employment lawyers.
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