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Banco Digital Neon dismisses more than 200 professionals from the technology, products and other sectors, following other institutions such as Nubank and C6 Bank.
After Nubank and C6 Bank, now it's time for neon digital bank perform mass layoffs. The bank entered the list of financial institutions that reduced the staff in the midst of the most difficult scenario for startups. The mass dismissal took place this Wednesday (15) and affected 9% of the total workforce, according to data released.
Mass dismissal of digital bank hits technology sector, products and more
In this way, at least 210 professionals were dismissed from the neon digital bank based on the number of employees reported by the company on its LinkedIn page. The institution, however, did not disclose the official number of dismissals.
According to the affected former employees, the mass layoffs took place mainly in the technology, agile projects and product sectors, at all levels of seniority, including professionals with less than one year at the company.
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Fintech Neon, which was founded in 2016, became a unicorn, the name given to startups valued at more than US$ 1 billion, in February last year, with a series D contribution of US$ 300 million made by the Spanish bank BBVA.
In a press release, Neon stated that “the cut in the professional staff was a necessary adjustment to face the macroeconomic challenges and that the dismissals happened based on the performance evaluation cycles.
Based on recurring performance evaluation cycles and downgrading of some activities, the mass layoff was difficult, but essential for the company's operational efficiency to be preserved to maintain the sustainability of the business without burdening the end customer.
Neon remains confident in its team and reiterates its commitment to generating simpler and fairer financial paths for Brazilian workers.”
C6 Bank lays off around 500 employees
On February 6, C6 Bank confirmed the layoffs at the company, but did not disclose the number of professionals affected. However, according to the Layoffs Brasil portal, which groups layoffs in startups and financial institutions, the cut reached around 500 employees, mainly in the technology, products and human resources sectors.
The company claims that the cut in the number of employees is a normal operational movement due to a change in the focus of investments, that is, the digital bank must improve user experience operations to the detriment of product development.
C6 Bank states that it should continue hiring, with no forecast of vacancy freezing, and also points out that it still has 400 job vacancies open, ending this year with 800 hires.
Nubank closes advisory team
Nubank, one of the largest financial platforms in the world, which operates serving more than 70 million customers in Brazil, Mexico and Colombia, decided to close its investment advisory team, which was developed in 2022.
The closure of the team would have led to the dismissal of 40 professionals, however the digital bank did not reveal any information. The layoffs took place a few weeks after a Nubank investment product was criticized by several clients.
This is the Fundo Nu Reserva Immediata, a form of fixed income marketed as an emergency reserve option for those who had less than R$1 to invest, but who suffered significant losses due to having Americanas debt securities in their portfolio.
The decision to close the investment advisory team, however, had no connection with the criticisms about Nu Reserva Imediata, as the fund was available to all customers of the digital bank.
