Leaked memo: Stripe lays off 300 employees, mostly in product, engineering, and operations

• Stripe has laid off 300 employees, according to a company memo obtained by Business Insider.
• The job cuts mostly affected people in product, engineering, and operations positions, according to the memo.
• The company's chief people officer stated in the memo that it still intended to increase its workforce.

It has laid off around 300 employees, which is roughly 3.5% of its workforce, according to Business Insider.

The company's chief people officer, Rob McIntosh, sent an email to staff on Monday, as obtained by BI, announcing the cuts.

McIntosh stated that 300 employees, mainly from product, engineering, and operations, would be impacted by the layoffs, however, Stripe still aims to reach a total of approximately 10,000 employees by the end of the year.

Stripe confirmed the layoffs to Business Insider.

In 2022, the tech company with dual headquarters in San Francisco and Dublin eliminated the jobs of over 1,000 employees, which was roughly 14% of its workforce at that time.

at the time.

BI reports that Stripe had approximately 8,500 employees prior to its most recent round of staff reductions.

Stripe offers computer programs for processing payments online and in-person that are used by millions of businesses.

Read the full document below:

Hi everyone,As we've been working on our plans for 2025, leaders took a close look at their teams and organizational structures. It became obvious that several changes were needed at the team level to ensure we have the right people in the right roles and locations to meet our goals.It's not an easy task to make all these changes at once, but it's even more challenging when they have to roll out gradually throughout the year, so we asked leaders to bring forward these decisions as much as possible. As a result, about 300 Stripes, mainly in product, engineering, and operations roles, are leaving today.[0] Everyone who's being impacted has already been informed, and all affected individuals will receive a severance package, including their earned annual bonus.I want to be clear that we're not slowing down hiring - we expect to increase our headcount across all our locations and reach around 10,000 Stripes by the end of the year (a 17% year-over-year increase). Our business performance remains strong.Our confidence in this business decision doesn't make it easier for those who are leaving or those who'll be losing valued colleagues. I appreciate everyone's resilience and want to thank those departing for their contributions and for their time with us.Rob[0] There are local procedures starting for some Stripes outside the US, in accordance with local employment practices.

Are you a Stripe employee with knowledge to share? Contact the reporter Jyoti Mann by email at jmann@ I don't have the original text to paraphrase.

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