Wealthsimple to layoff 13% of staff amid ‘market volatility’

#1

Post by chrisburgin » Wed, Jun 15, 2022, 4:29 PM UTC

Wealthsimple to layoff 13% of staff amid ‘market volatility’
thestar.com

Re: Wealthsimple to layoff 13% of staff amid ‘market volatility’

#2

Post by etblg » Wed, Jun 15, 2022, 5:42 PM UTC

And strangely it doesn't appear to be the Crypto side that's getting cut:

> 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.

Instead it's a few products they seem to be dumping, and cutting off parts of business teams:

> 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, Katchen added.

Re: Wealthsimple to layoff 13% of staff amid ‘market volatility’

#3

Post by tmacam » Wed, Jun 15, 2022, 5:50 PM UTC

I wonder how this will impact SimpleTax / WealthSimple Tax folks. I absolutely love that product - which is a strange feeling to have for a tax filling software ;)

BTW, there is another thread about the message sent by the CEO regarding those layoffs: https://news.ycombinator.com/item?id=31756507

Re: Wealthsimple to layoff 13% of staff amid ‘market volatility’

#4

Post by MafellUser » Wed, Jun 15, 2022, 5:54 PM UTC

They sold off their robo investing in the UK not long ago. With the way they're focusing on crypto now, I'm glad I no longer have an account with them.

Re: Wealthsimple to layoff 13% of staff amid ‘market volatility’

#5

Post by gotorazor » Wed, Jun 15, 2022, 6:07 PM UTC

etblg wrote: post #2

And strangely it doesn't appear to be the Crypto side that's getting cut: > 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. Instead it's a few products they seem to be dumping, and cutting off parts of business teams: > Wealthsimple will reduce its inves…

so they are dumping the part of the company that people actually like, is unique, and distinct in the Canadian market, for the part of the company that probably lost a lot of money, nobody wants, and have tons of competitors/alternatives.