Fintech Chime Cuts 10 Percent of Workforce as AI Reshapes Operations

Fintech Chime Cuts 10 Percent of Workforce as AI Reshapes Operations

July 31 (Reuters) – Fintech Chime is ​cutting 10% of its workforce, a spokesperson said on Friday, joining ‌a growing list of companies using AI-driven efficiencies to streamline operations.

The AI boom has increasingly reshaped corporate America’s workforce and hiring strategies as companies look to turn hefty technology investments ​into productivity gains, changing how work is organized.

“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.

The layoffs will ​affect nearly 150 employees, a Chime spokesperson told Reuters. The company had about 1,500 employees at the end of last year.

Hedge fund Millennium looks to raise record $20 billion in new capital, source says

Jack Dorsey’s payments company Block said in February it would cut ​more than 4,000 jobs, nearly half its workforce, as part of an overhaul ​to embed AI across its operations.

Other financial firms have also trimmed jobs this year as ‌they ⁠look to boost efficiency, including card giant Visa  which last week announced plans to cut 7% of its workforce, as well as Robinhood and Mastercard’

Chime is among the fintech firms that have disrupted the banking industry by offering digital services, intuitive platforms ​and lower fees, increasing ​competition for legacy ⁠lenders.

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.”

The company, 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.

The news of the layoffs was first reported by Bloomberg ​News, earlier on Friday.