Fintech company Chime is laying off about 10% of its workforce, citing efficiency gains from artificial intelligence, according to Reuters. The job cuts come as the company restructures operations to streamline its business.
“AI is changing what’s possible but requires new skills,” Chime’s CEO and co-founder Chris Britt wrote in a memo to employees seen by Reuters.
“Smaller teams with fewer layers are moving faster than ever and getting more done,” he said.
A Chime spokesperson also said that the cuts will affect nearly 150 employees. The company had about 1,500 employees at the end of last year.
Britt added in the memo that the organizational changes would create a flatter structure, with smaller teams in some areas and new capabilities in others. “As a public company, we must accelerate growth while continuing to demonstrate operating discipline to build an even stronger, more profitable business,” he said.
Reuters mentions that Chime, which went public in June 2025 is set to report second-quarter results next week. Its shares have lost about 10% this year and were little changed in morning trading.
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Chime is the latest among a wave of financial services companies that announced layoffs. Visa recently announced it is reducing its global workforce by about 7%, eliminating roughly 2,600 jobs. The layoffs will mainly impact Visa’s technology and product divisions, according to a company spokesperson. The move comes about six months after its closest rival, Mastercard, announced a workforce reduction as part of a broader effort to reshape investments.
Earlier this year, Jack Dorsey’s company Block, which operates payment apps Square, Tidal, and Cash App said it would be laying off 4,000 of its 10,000 employees because of gains in AI productivity.
Digital brokerage firm Robinhood Markets announced last month that it is laying off about 290 employees, representing roughly 10% of its full-time workforce. The company seeks to streamline operations, reduce management layers, and accelerate decision-making across its teams, hence reducing the workforce.
According to a regulatory filing, Robinhood had approximately 2,900 full-time employees as of Dec. 31. In addition to the layoffs, the company announced it will close its small number of remaining open positions. This comes amid wider debates about AI and its role in layoffs and restructuring.
Last month, Chime went through an IPO that valued the company over $11 billion. This was higher than its previously-announced target valuation of $9.5 billion.