Nubank dismisses 40 people in second cuts package – 01/31/2023 – Market

Nubank dismissed 40 employees this Tuesday (31) and closed its investment advice for individuals. The digital bank had already laid off, in December, 22 human resources and talent acquisition employees.

Sought, Nubank says in a note that it increased its staff from 6,000 to 8,000 people in 2022. “As already announced, the company continues to hire, at the appropriate pace for its business plans in 2023.”

According to fintech, the staff cut was an adjustment according to the needs of the business and its customers. The investment advisory service was available to a small number of clients.

“In practice, these customers continue with their resources properly invested in the chosen investments, having access to the Nubank and NuInvest apps, as well as our content platforms, where they can obtain extensive material on investments and financial education”, says the bank.

THE Sheet found three former employees from other areas of the digital bank who report being fired between the two packages of cuts.

After closing 2022 with a 60% drop on the New York Stock Exchange, the digital bank is still the most valuable Brazilian startup, valued at US$ 21.76 billion (R$ 110.97 billion). On Tuesday, the company’s shares closed at a high of 4.65%.

In the last balance sheet, released in November, Nubank announced net income of US$ 7.8 million in the third quarter of 2022.

THE Sheet raised announcements of at least 1,300 layoffs in Brazilian startups in 2020 alone. Other unicorns, recently formed companies that raised more than US$ 1 billion, have also already fired.