Chime Cuts 150 Jobs as AI Driven Efficiencies Reshape Fintech Workforce

Chime to cut 10% of total workforce on AI driven efficiencies, source says

July 31 (Reuters) - Fintech Chime (CHYM.O), opens new tab is cutting 10% of its workforce, a source familiar with the matter told Reuters on Friday, joining a growing list of companies using AI-driven ⁠efficiencies to streamline operations. "AI is changing what's possible but requires new skills," Chime's CEO and co-founder Chris Britt wrote in a memo to employees seen by Reuters. "Smaller teams with ⁠fewer layers are moving faster than ever and getting more done," he said. The layoffs will ⁠affect nearly 150 employees, the source said, requesting anonymity to discuss ⁠confidential information. Chime had about 1,500 employees at ⁠the end of last year. Reporting by Manya Saini in Bengaluru; Editing by Devika Syamnath Our Standards: The Thomson Reuters Trust Principles., opens new tab

Chime to cut 10% of total workforce on AI driven efficiencies

Fintech firm Chime is reducing its workforce by ten percent. This move aligns with a broader trend of companies using AI for operational efficiencies. Chime's CEO noted smaller teams are now moving faster and achieving more. Other financial companies like Block and Visa have also announced job cuts. These changes aim to build a stronger and more profitable business. Fintech Chime is cutting 10% of its workforce, a spokesperson said on Friday, joining a growing list of companies using AI-driven efficiencies to streamline operations. The AI boom has increasingly reshaped corporate America's workforce and hiring strategies as companies look to turn hefty technology investments into productivity gains, changing how work is ⁠organized. "AI is ⁠changing what's possible but requires new skills," Chime's CEO and co-founder Chris Britt wrote in a memo to employees seen by Reuters. "Smaller teams with fewer layers are moving faster than ever and getting more done," he said. The layoffs will affect nearly 150 employees, a Chime spokesperson told Reuters. The company had about 1,500 employees at the end of ⁠last year. Jack Dorsey's payments company Block said in February it would cut more than 4,000 jobs, nearly half its workforce, as part ⁠of an overhaul to embed AI across its operations. Other financial firms have also trimmed jobs this year as they look to boost efficiency, including card giant Visa, which last week announced plans to cut 7% of its workforce, as well as Robinhood and Mastercard. Chime is among the fintech firms that have disrupted the banking industry by offering digital services, intuitive platforms and lower fees, increasing competition for legacy lenders. Britt added in the memo that the organizational changes would create a flatter structure, with smaller teams in some areas ⁠and new capabilities in others. "As a public company, we must accelerate growth while continuing to demonstrate operating discipline to build an even stronger, more profitable business." The company, which went public in June 2025, is set to report second-quarter results next week. Its shares have lost about 10% this year and were little changed in morning trading. The news of the layoffs was first reported by Bloomberg News, earlier on Friday.

Chime Cuts 10% of Workforce in AI Pivot | PYMNTS.com

Reached by PYMNTS, Chime declined to comment on the report. In an excerpt from the memo obtained by PYMNTS, Britt said that as Chime enters "the next era," the company needs new skills to harness the benefits of artificial intelligence, smaller teams to move faster and get things done, and the accelerated growth and operating discipline required of public companies. "Today we're making changes across the company to organize for this next chapter," Britt said in the memo. "In some areas, that means a flatter structure and smaller squads. In others, it means building new capabilities." Chime said in a Wednesday (July 29) post on X that it was included in a recent Bain & Company report as an example of a company that rebuilt its customer service around AI. In a follow-up post, Chime said: "As many as 70% of Chime support interactions now run through voicebots and chatbots. Chatbots resolve about 75% of those conversations; voicebots resolve 66% of the calls where members choose self-service." PYMNTS reported in May that during Chime's first-quarter earnings call, the executive commentary emphasized AI as an operational feature across the platform's back end. The company said AI-assisted coding increased from approximately 29% to 84% of code shipped internally over a four-month period, which management said improved product velocity while allowing headcount growth to remain relatively flat. Chime also indicated during the call that AI-driven efficiencies contributed to operating leverage during the first quarter, helping expand margins while continuing to scale new products and services. It was reported Sunday (July 26) that American tech companies have cut close to 140,000 jobs this year amid record AI spending. Those reductions account for more than a third of this year's announced layoffs in the U.S., according to the report. On Tuesday (July 28), Visa confirmed a report that it is cutting about 2,600 jobs, or 7% of its workforce, primarily from its technology and product teams, to reinvest in consumer payments, commercial and money movement solutions, and value-added services such as stablecoin, cross-border and B2B offerings. The report said the cuts were enabled in part by AI.

Chime plans 10% job cuts on AI gains - Bloomberg By Investing.com

Investing.com - Chime Financial Inc. (NYSE:CHIME) shares ticked up 0.4% on Friday after Bloomberg reported that the company plans to cut about 10% of its workforce to capitalize on efficiencies created by artificial intelligence. The headcount reductions will affect roughly 150 people at the San Francisco-based fintech, which had 1,500 employees as of Dec. 31. The company said it will prioritize smaller, more-focused teams. "The world is changing quickly and this means we need to keep evolving too," Chief Executive Officer Chris Britt said Friday in a memo to staff seen by Bloomberg News. "To continue to lead in the next era, we need to have the right structure, capabilities, and approach to our work." The decision is also part of a strategy to accelerate growth just over a year after Chime became a public company, Britt said. The company will implement a flatter structure and smaller teams in some areas while building new capabilities in others. Chime will bring more teams into its offices, with Britt stating that "the best innovations, the fastest decision making and winning culture is created when tight knit teams collaborate in person." This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Chime to cut 10% of its workforce to speed its AI-driven transformation

Chime said it will eliminate about 150 jobs, nearly 10% of its workforce, as part of a reorganization aimed at improving operational efficiency. In an internal memo, Chief Executive and co-founder Chris Britt said artificial intelligence is reshaping how work gets done and requires new skills. The company wants to adopt a flatter structure, with smaller teams and fewer management layers, to speed decision-making. The restructuring comes as many companies look to generate returns on their AI investments by boosting productivity. After Block, which announced a sizable workforce reduction in February, other financial-sector players such as Visa, Robinhood and Mastercard have also launched streamlining plans this year to sharpen efficiency. Listed on the stock market in June 2025, Chime plans to keep growing while reinforcing financial discipline. Britt said the shift should help build a more profitable company that is better suited to its new status as a publicly traded business. The fintech, which had about 1,500 employees at the end of last year, will report its second-quarter results next week.

Chime to cut 10% of total workforce on AI driven efficiencies

July 31 (Reuters) - Fintech Chime is cutting 10% of its workforce, a spokesperson said on Friday, joining a growing list of companies using AI-driven efficiencies to streamline operations. The AI boom has increasingly reshaped corporate America's workforce and hiring strategies as companies look to turn hefty technology investments into productivity gains, changing how work is organized. "AI is changing what's possible but requires new skills," Chime's CEO and co-founder Chris Britt wrote in a memo to employees seen by Reuters. "Smaller teams with fewer layers are moving faster than ever and getting more done," he said. The layoffs will affect nearly 150 employees, a Chime spokesperson told Reuters. The company had about 1,500 employees at the end of last year. Jack Dorsey's payments company Block said in February it would cut more than 4,000 jobs, nearly half its workforce, as part of an overhaul to embed AI across its operations. Other financial firms have also trimmed jobs this year as they look to boost efficiency, including card giant Visa, which last week announced plans to cut 7% of its workforce, as well as Robinhood and Mastercard. Chime is among the fintech firms that have disrupted the banking industry by offering digital services, intuitive platforms and lower fees, increasing competition for legacy lenders. Britt added in the memo that the organizational changes would create a flatter structure, with smaller teams in some areas and new capabilities in others. "As a public company, we must accelerate growth while continuing to demonstrate operating discipline to build an even stronger, more profitable business." The company, which went public in June 2025, is set to report second-quarter results next week. Its shares have lost about 10% this year and were little changed in morning trading. The news of the layoffs was first reported by Bloomberg News, earlier on Friday. (Reporting by Manya Saini in Bengaluru; Editing by Devika Syamnath)