German challenger bank N26 is cutting 71 jobs, which represents approximately 4% of its total workforce. The move is aimed at aligning the company with its strategic priorities in response to significant and lasting changes in the global business landscape. N26 is providing comprehensive severance packages and additional support to those affected.
Facts
- N26 is reducing its workforce by cutting 71 jobs, which represents around 4% of its total workforce.
- The bank constantly reviews the size of its teams and structure to align with its strategic priorities.
- The individuals affected by the job cuts will receive comprehensive severance packages and additional support.
- N26’s priority is to provide assistance to the impacted employees during this time.
- In March, N26’s chief risk and banking officer, Thomas Grosse, resigned for personal reasons, following the departures of CFO Jan Kemper in January and COO Adrienne Gormley in April 2022.
- Allianz X, the venture capital arm of Allianz, is reportedly considering selling its 5% stake in N26 at a valuation of approximately $3 billion, a significant drop from its previous $9 billion valuation during the funding round in October 2021.
