XP Investimentos intends to reduce staff by up to 10%, currently has 7 thousand employees

XP Investimentos, one of the largest asset managers in the Brazilian market, expects changes in its management policies – which could affect up to 10% of its approximately 7.000 employees. The reissue starts in 2022, in line with a more sober and profitable business model.

Another XP measure is to give up 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 in the XP Investments? Quoting people familiar with the matter, including one of the company's top executives, XP's priority now is to pursue “growth” and “efficiency”, a strategy that encompasses all areas of the organization. XP's founder and chairman of the board, Guilherme Benchimol, anticipated the layoffs in a message to the team at the end of the year. In a teleconference, the Executive argued that the company needed to adjust to the economy. The founders would have said during the meeting that now was the time to “sweat and cry” and the need to “do more with less”.

The XP cuts come after the company has gone through a period of significant expansion. XP doubled its headcount during the pandemic. In 2022 alone, the company will employ around 2.500 people in states across the country.

XP Investimento doubled its staff during the pandemic

During the pandemic, XP doubled its headcount and made a series of acquisitions to take advantage of the low interest rates and high cash flow it was experiencing at the time. Today, this situation requires brands to become more efficient. XP shares were trading at $53 on the stock exchange in 2021. Today, the value is around $16, close to the company's low of $13,80.

Get to know XP Investimentos

XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários SA is a Brazilian securities brokerage firm. Guilherme Benchimol is CEO and founder of XP Inc., an investment firm that houses companies such as brokerages XP Investimentos, Clear and Rico. In 2018, Guilherme Benchimol joined the Bloomberg list as one of the 50 most influential people in the world.

Traditionally, a brokerage firm makes money on every purchase and sale of shares. At XP, each operation earned her from R$ 2,90. At Clear and Rico, these fees are zero. Then the income comes from the line of credit for investors who do day trades, for example.

Be the first to react!

0

Liked

0

Amei

0

Haha

0

Uau

0

Sad

0

grr