San Francisco, California Plaid, a financial technology company and the developers of an application programming interface to integrate and get transactional and account data from various financial institutions, has announced a 20% reduction in its workforce.
The reduction will impact 260 employees, primarily in the recruiting teams and support services. It is unknown how many software engineers are at risk.
According to Plaid CEO Zach Perret, “Our pace of cost growth outstripped our pace of revenue growth. I made the decision to hire and invest ahead of revenue growth, and the current economic slowdown has meant that this revenue growth did not materialize as quickly as expected.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?