On January 23, 2024, Brex announced significant changes within the company. The financial services and technology provider acknowledged that it had grown rapidly and needed to operate more efficiently for better results. Brex mainly provides credit cards and accounts to technology companies.
However, it has decided to reduce its workforce by 20%, which is around 282 employees, to streamline operations and improve overall functioning. The company aims to eliminate layers between leaders and actual workers who impact customers, and focus on making its services simpler, despite seeing a big opportunity to help companies manage their spending.
Brex will offer support to the affected employees by paying them for eight weeks, plus two extra weeks of pay for each year they have worked at the company. The employees will also get to keep their stock options without any waiting time. The company will provide assistance in job searches and placement to help the affected staff find new jobs. They will also be allowed to keep the laptops they were using to make the transition smoother. These measures are intended to support the employees as they move on to new opportunities.
