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Fintech paying engineers $424k per head running on "skeleton crews"

Fintech layoffs are rampant in 2024, but not everyone is slashing headcount by the hundreds. Plaid, a B2B infrastructure fintech which paid its engineers an average of $424k in 2023 according to Levels.fyi, has just made some minor cuts. However, the departures are only small and the team is only junior. 

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Plaid employees on jobs' forum Blind are complaining that the fintech cut "a team of junior web developers working on our marketing website."  A Plaid spokesperson said, "we made a small change on a single team, impacting two roles as a normal course of business."

One Plaid employee told us the company "can't afford any more" layoffs to tech, product and support roles. "All our other teams are running on skeleton crews."

The cuts were first revealed on the company's private forum on the site. Their work will now allegedly be outsourced to an agency.

Other fintechs in the space have been more aggressive in their reductions. Brex gave 20% of staff just an hour to leave, while PayPal got rid of some top performers. Restaurant infrastructure fintech Toast, laid off 10% of staff last Friday. Employees there told us it was "announced via email," with employees discovering who was cut "an hour later."

"The signs were there" one Toast employee told us. "The rumor mill was active a week or two before, but nobody knew the details. People who've worked more than a decade in the industry saw it coming."

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AUTHORAlex McMurray Editor

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