XP Investimentos Aims to Reduce Workforce by Up to 10%, Currently Has 7,000 Employees

Written by Bruno Teles

Published on 18/01/2023 at 20:29

XP Investimentos pretende diminuir quadro de funcionários em até 10% (Foto/divulgação)

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XP Investimentos, one of the largest investment management firms in the Brazilian market, expects changes in its management policies – which may affect up to 10% of its approximately 7,000 employees. The reorganization starts in 2022, in line with a more sober and profitable business model.

Another measure from XP is to forgo actions that some executives consider extravagant and with low financial return, such as sponsoring events for digital influencers. According to senior manager Guilherme Benchimol, it’s time to “do more with less” – a phrase that is his signature.

What is the reason for the reduction of employees at XP Investimentos? Citing people familiar with the matter, including one of the company’s top executives, XP’s priority is now to seek “growth” and “efficiency,” a strategy that encompasses all areas of the organization. The founder and chairman of XP, Guilherme Benchimol, disclosed the layoffs in a message to the team at the end of the year. In a conference call, the executive argued that the company needed to adjust to the economy. The founders reportedly said during the meeting that now was the time to “sweat and cry” and the need to “do more with less.”

The cuts at XP come after the company went through a period of significant expansion. XP doubled its number of employees during the pandemic. In 2022 alone, the company will employ about 2,500 people in states across the country.

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XP Investimentos Doubled Its Employee Count During the Pandemic

During the pandemic, XP doubled its employee count and made a series of acquisitions to take advantage of the low interest rates and the high cash flow it was experiencing at the time. Today, this situation requires brands to become more efficient. XP’s shares were trading at $53 on the stock exchange in 2021. Today, the value is around US$ 16, close to the company’s low of US$ 13.80.

Get to Know XP Investimentos

XP Investimentos Brokerage for Currency, Securities, and Financial Assets S.A. is a Brazilian brokerage firm. Guilherme Benchimol is the CEO and founder of XP Inc., a company that hosts businesses such as the brokerage firms XP Investimentos, Clear, and Rico. In 2018, Guilherme Benchimol made it to Bloomberg’s list of the 50 most influential people in the world.

Traditionally, a brokerage makes money on each buy and sell of stocks. At XP, each transaction generated at least R$ 2.90. At Clear and Rico, these fees are zeroed. The revenue then comes from the line of credit for investors engaged in day trading, for example.

XP Investimentos Aims to Reduce Workforce by Up to 10%, Currently Has 7,000 Employees

XP Investimentos, one of the largest investment management firms in the Brazilian market, expects changes in its management policies – which may affect up to 10% of its approximately 7,000 employees. The reorganization starts in 2022, in line with a more sober and profitable business model.

XP Investimentos Doubled Its Employee Count During the Pandemic

Get to Know XP Investimentos

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XP Investimentos Aims to Reduce Workforce by Up to 10%, Currently Has 7,000 Employees

XP Investimentos, one of the largest investment management firms in the Brazilian market, expects changes in its management policies – which may affect up to 10% of its approximately 7,000 employees. The reorganization starts in 2022, in line with a more sober and profitable business model.

XP Investimentos Doubled Its Employee Count During the Pandemic

Get to Know XP Investimentos

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