AM I NEXT? LAYOFFS AT BOLT FINANCIAL

San Francisco, California-based Bolt Financial, a one-click online check-out payment processor, has announced a restructuring leading to a reduction in force.

The reduction in force will affect approximately one-third of its workforce, an estimated 250 employees, including those in marketing, sales, and engineering.

According to Bolt CEO, Maju Kuruvilla, "It’s no secret that the market conditions across our industry and the tech sector are changing, and against the macro challenges, we’ve been taking measures to adapt our business. In order to secure Bolt's financial position, extend its runway, and reach profitability with the money it has in hand, the company has decided to reduce the size of its workforce.

Authentic Brand Group, the owner of the iconic brand Brooks Brothers, Forever 21, and Reebok—has alleged Bolt's technology did not work as promised and has filed suit.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? LAYOFFS AT GEMINI TRUST COMPANY

JULY 18, 2022 — SECOND ROUND OF LAYOFFS, THIRD POSSIBLE

With the cryptocurrency world in shambles, Gemini Trust Company has executed a second round of layoffs after seven weeks, estimated at 7% of the workforce or 68 employees.

On July 14, an unauthorized source shared a document that highlighted a plan that would take the company to about 800 employees, which was around 15% fewer than the 950 employees at the time.

JUNE 9, 2022 — Original post…

New York City, New York-based Gemini Trust Company, a cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets, has announced a cost-cutting initiative featuring a 10% reduction in its workforce.

Approximately 100 employees will be impacted by the layoffs.

According to Gemini co-founders, the Winklevi, twins Cameron and Tyler Winklevoss, "The 'crypto revolution' is entering its 'contraction phase' 'compounded by the current macroeconomic and geopolitical turmoil' and is characterized by 'turbulent market conditions that are likely to persist for some time.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? LAYOFFS AT KLARNA

Columbus, Ohio-based Klarna, a Swedish fintech company that provides online financial services such as payments for online storefronts and direct payments along with post-purchase "buy-now-pay-later" payments, has announced a 10% worldwide reduction in force.

The reduction will impact 700 employees with terminations starting immediately.

According to a Klarna spokesperson, “When we set our business plans for 2022 in the autumn of last year, it was a very different world than the one we are in today. While crucial to stay calm in stormy weather, it’s also crucial not to turn a blind eye to reality."

“That is why we need to act. More than ever, we need to show laser focus on what really makes us successful in the future. Based on this, the senior leadership at Klarna has made some tough decisions. Some of the toughest we’ve ever had to take. Together, we have re-evaluated the organization to ensure that we can continue to deliver on our ambitious goals."

“We have done this evaluation based on two things. We have the right team that focuses on the right things. And we have the right people in the right place.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?