Digital Bank Neon Announces Mass Layoffs of Over 200 Employees

Written by Valdemar Medeiros

Published on 17/02/2023 at 12:50

Updated on 20/02/2023 at 20:04

Foto: Neon Pagamentos

Seja o primeiro a reagir!

Digital Bank Neon Lays Off More Than 200 Professionals in Technology, Products and Other Sectors, Following Other Institutions Like Nubank and C6 Bank.

After Nubank and C6 Bank, it is now the turn of Digital Bank Neon to implement mass layoffs. The bank has joined the list of financial institutions that have reduced their workforce amid the challenging environment for startups. The mass layoff took place on Wednesday (15) and affected 9% of the total workforce, according to disclosed data.

Mass Layoff at Digital Bank Affects Technology, Products and Much More

Thus, at least 210 professionals were laid off from Digital Bank Neon based on the number of employees reported by the company on its LinkedIn page. However, the institution did not disclose the official number of layoffs.

According to affected former employees, the mass layoff occurred mainly in the technology, agile projects, and product sectors, across all levels of seniority, including professionals with less than one year at the company.

ARTICLE CONTINUES BELOW

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

The Technical Agenda and the Fair in the City of Macaé Should Boost Discussions on Investments, Energy Transition, and Development of the Oil, Gas, and Energy Chain in the National...

Paulo Nogueira

The Fintech Neon, founded in 2016, became a unicorn, a term used for startups valued at over US$ 1 billion, in February of last year, following a Series D funding round of US$ 300 million by the Spanish bank BBVA.

In a statement sent to the press, Neon stated that “the reduction in the workforce was a necessary adjustment to face macroeconomic challenges and that the layoffs were based on performance evaluation cycles.”

Based on recurring performance evaluation cycles and the deprioritization of certain activities, the mass layoff was difficult but essential to preserve the operational efficiency of the company to maintain business sustainability without overburdening the end customer.

Neon remains confident in its team and reiterates its commitment to creating simpler and fairer financial paths for Brazilian workers.”

C6 Bank Lays Off About 500 Employees

C6 Bank confirmed on February 6 the layoffs at the company, but did not disclose the number of affected professionals. However, according to the portal Layoffs Brasil, which tracks layoffs in startups and financial institutions, the cut affected about 500 employees, primarily in the technology, products, and human resources sectors.

The company states that the reduction in its workforce is part of a normal operational shift due to a change in investment focus; that is, the digital bank aims to enhance user experience operations rather than product development.

C6 Bank claims it will continue hiring, with no freeze on job openings, and also emphasizes that it still has 400 job openings available, ending this year with 800 hires.

Nubank Ends Advisory Team

Nubank, one of the largest financial platforms in the world, serving over 70 million customers in Brazil, Mexico, and Colombia, decided to terminate its investment advisory team, which was developed in 2022.

The closure of the team reportedly led to the layoff of 40 professionals; however, the digital bank did not reveal specific information. The layoffs occurred just weeks after an investment product from Nubank was criticized by several customers.

This concerns the Nu Immediate Reserve Fund, a fixed income option marketed as an emergency reserve for those with less than R$ 1 to invest, but which suffered significant losses due to holding debt securities from Americanas in its portfolio.

The decision to disband the investment advisory team, however, had no connection to the criticisms regarding the Nu Immediate Reserve, as the fund was available to all customers of the digital bank.

Digital Bank Neon Announces Mass Layoffs of Over 200 Employees

Digital Bank Neon Lays Off More Than 200 Professionals in Technology, Products and Other Sectors, Following Other Institutions Like Nubank and C6 Bank.

Mass Layoff at Digital Bank Affects Technology, Products and Much More

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

C6 Bank Lays Off About 500 Employees

Nubank Ends Advisory Team

At just 14 years old, a boy creates a system without energy, using steel pipes buried in the ground, that irrigates seedlings with moisture from the air, to combat the water scarcity threatening reforestation in northern China.

Where there was only sand and wind at 40 degrees, China built a megacity of 500,000 inhabitants with farms, wineries, and universities in the middle of the desert using melted glacier water from hundreds of kilometers away.

At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

A Brazilian farmer found the largest red diamond ever discovered in the world in the 1990s, weighing 5.11 carats, from a stone so rare that its color arises from extreme pressures that deform the very structure of the crystal.

Global warming will expose a treasure hidden under the ice of Antarctica and may spark an international dispute over gold and valuable minerals.

Forget sapphire and topaz because there is a blue aluminum borate crystal that is worth 2 thousand dollars per carat and is only found in gem quality in the mountains of Namibia in a completely artisanal mining operation.

With about 4,000 m², the building constructed in a traditional neighborhood in France looks like a rainbow, has a colorful facade, mixes vibrant glass, and creates one of the most unusual visuals in Bordeaux.

Global warming will expose a treasure hidden under the ice of Antarctica and may spark an international dispute over gold and valuable minerals.

The Argentine government celebrates the lowest poverty rate in 7 years, but experts warn that the methodology has changed, real wages have fallen, unemployment has risen, and the number of people on the streets of Buenos Aires has increased by 57% since Milei took office.

A street vendor from Praia Grande built a robot made of scrap from scooters and washing machines that pulls his popcorn cart on the beach, emits sounds, and interacts with customers, becoming an attraction on the coast of São Paulo.

The specifications of the Xiaomi 18 Pro Max have been leaked, and the highlight is a dual 200 MP camera with a new 22-nanometer technology that promises to consume less energy and capture details in shadows and bright areas using LOFIC HDR.

If the trip to the Moon were a hoax, it would be necessary to keep the secret among 400,000 people for more than 50 years and to deceive even the Soviet Union, which was tracking the radio signals coming from the exact direction of the satellite during each Apollo mission.

Digital Bank Neon Announces Mass Layoffs of Over 200 Employees

Digital Bank Neon Lays Off More Than 200 Professionals in Technology, Products and Other Sectors, Following Other Institutions Like Nubank and C6 Bank.

Mass Layoff at Digital Bank Affects Technology, Products and Much More

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

C6 Bank Lays Off About 500 Employees

Nubank Ends Advisory Team

At just 14 years old, a boy creates a system without energy, using steel pipes buried in the ground, that irrigates seedlings with moisture from the air, to combat the water scarcity threatening reforestation in northern China.

Where there was only sand and wind at 40 degrees, China built a megacity of 500,000 inhabitants with farms, wineries, and universities in the middle of the desert using melted glacier water from hundreds of kilometers away.

At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

A Brazilian farmer found the largest red diamond ever discovered in the world in the 1990s, weighing 5.11 carats, from a stone so rare that its color arises from extreme pressures that deform the very structure of the crystal.

Global warming will expose a treasure hidden under the ice of Antarctica and may spark an international dispute over gold and valuable minerals.

Forget sapphire and topaz because there is a blue aluminum borate crystal that is worth 2 thousand dollars per carat and is only found in gem quality in the mountains of Namibia in a completely artisanal mining operation.

With about 4,000 m², the building constructed in a traditional neighborhood in France looks like a rainbow, has a colorful facade, mixes vibrant glass, and creates one of the most unusual visuals in Bordeaux.

The institute that trained the greatest aerospace engineers in Brazil has just opened its first campus outside São Paulo after 75 years: ITA Ceará will have R$ 445 million, new courses in energy and systems, and classes are expected to start in 2027.

Luciano Hang, owner of Havan, goes to Juiz de Fora after the tragedy in February, brings R$ 1 million, hands out R$ 2,000 cards, and donates up to R$ 15,000 to victims in the region.

The Brazilian passport allows legal residence in dozens of countries without the need for a prior visa, and most Brazilians are unaware that they can apply for residency directly upon arriving in nations in South America, Africa, and even Europe.

Petrobras sends a message to Brazilian truck drivers after fuel collapse and reveals plan to have 100% domestic diesel.

Mothers and daughters come together, create an ‘express’ beauty salon and turn the idea into a network with 21 units, revenue of R$ 16.7 million and 12,000 subscribers.

Global warming will expose a treasure hidden under the ice of Antarctica and may spark an international dispute over gold and valuable minerals.

The Argentine government celebrates the lowest poverty rate in 7 years, but experts warn that the methodology has changed, real wages have fallen, unemployment has risen, and the number of people on the streets of Buenos Aires has increased by 57% since Milei took office.

A street vendor from Praia Grande built a robot made of scrap from scooters and washing machines that pulls his popcorn cart on the beach, emits sounds, and interacts with customers, becoming an attraction on the coast of São Paulo.

The specifications of the Xiaomi 18 Pro Max have been leaked, and the highlight is a dual 200 MP camera with a new 22-nanometer technology that promises to consume less energy and capture details in shadows and bright areas using LOFIC HDR.

If the trip to the Moon were a hoax, it would be necessary to keep the secret among 400,000 people for more than 50 years and to deceive even the Soviet Union, which was tracking the radio signals coming from the exact direction of the satellite during each Apollo mission.