Plaid, a fintech business, is laying off 260 employees, or nearly 20% of its global staff, due to the global financial conditions.
Zach Perret, the CEO and co-founder of Plaid, said that the firm will provide 16 weeks of base pay for all departing workers, plus additional weeks for individuals who have worked for Plaid for more than a year.
Perret wrote in a memo to workers, "Macroeconomic conditions have changed significantly this year, and while we are well-diversified across every category of financial services, we are witnessing customers throughout the industry facing slower-than-expected growth."
The long-term support of our customers and the millions of consumers we jointly serve will be improved thanks to the changes, he continued, adding that they were extremely difficult but also important.
The most recent estimate for Plaid was $13.4 billion.
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