N26 cuts headcount by 4%

By Amelia Isaacs on Tuesday 16 May 2023

Digital Banking

After losing two C-suite leaders earlier this year, N26 is cutting 71 jobs.

N26 cuts headcount by 4%
Image source: N26.

Digital bank N26 is set to reduce its headcount by 71 people, or around 4 per cent.

Tackling what the company described as “significant and long-lasting changes to the global business landscape” over the last year, it is reducing the size of some of its teams.

The layoffs add to a number of departures for the fintech at the start of the year.

It notably lost two members of its C-suite in the first quarter of the year — CFO Jan Kemper and chief risk officer Thomas Grosse.

Grosse left the company in March for personal reasons, while Kemper left after a year and a half to focus on other ventures.

N26 said leaders at the company have “reassessed each function’s individual staffing needs” to adjust team structures.

The news of the upcoming layoffs also comes a month after Allianz was reportedly considering the sale of its 5 per cent stake in N26.

The sale would reportedly value the company at around $3bn, a steep drop off from its last valuation of $9bn in 2021.

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