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June 16, 2022   Enterprise, FinTech and Alternative Finance, Innovation and Resources, Leadership, Productivity, Competition, Human Capital, Health, Stories   No comments

Wealthsimple is Laying Off 13% of its Workforce

CBC | Tara Deschamps | Jun 15, 2022

wealthsimple volatility - Wealthsimple is Laying Off 13% of its WorkforceWealthsimple is laying off 13 per cent of its workforce as the financial services company joins the slew of global technology businesses facing "market volatility."

In a letter sent to staff of the Toronto-based business on Wednesday, chief executive Michael Katchen said 159 of the 1,262 people who work for Wealthsimple will depart the company through the move.  He positioned the cuts as part of the fallout from months of seeing the market soar and Wealthsimple grow at an "unprecedented" rate amid the COVID-19 pandemic.

See:  Wealthsimple exits UK market (for now) – Too many investment apps in the UK?

The changing conditions mean the company will now focus more heavily on core businesses, like investing and banking, and products he believes will power financial innovation, like those within the crypto industry.  Michael Katchen, CEO, Wealthsimple:

  • "Of course volatility works both ways, and we're seeing the other side of it now as the pandemic market conditions unwind," Katchen wrote to workers.
  • "Many of our clients are living through a period of market uncertainty they've never experienced before."
  • Wealthsimple will reduce its investment in other areas like peer-to-peer payments, tax, and merchant services and restructuring teams dedicated to recruiting, marketing, client success and research.

"Today is going to be hard — there's no getting around it," he said, in his note. "But our mission has never been more important."

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NCFA Jan 2018 resize - Wealthsimple is Laying Off 13% of its WorkforceThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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