This isn't the first time the fintech company has made deep cuts in its employee count. Layoffs numbering about 1,000 were rumored both in 2024 and 2025.
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Meanwhile, other tech leaders have warned AI will eventually lead to fewer jobs. Amazon CEO Andy Jassy said last year the company would probably need a smaller headcount as AI started to automate tasks. And Salesforce CEO Marc Benioff said he “needs less heads” after reducing the company’s customer support workforce by 4,000 as AI takes over some work.