HomeTechSoftwaresThought Machine Announces Job Cuts In Cost Reduction Exercise

Thought Machine Announces Job Cuts In Cost Reduction Exercise

Just seven months ago, Thought Machine embarked on a significant hiring spree, with plans to increase its headcount by 23% from 550 to 675 employees. The recent job cuts represent a reduction of at least 7% from that target number.

Thought Machine, the banking software company known for its cloud-based solutions, has recently announced a series of job cuts as part of a cost reduction exercise. The decision, affecting as many as 70 staff members, was conveyed by CEO Paul Taylor in a company-wide email.

The layoffs are expected to impact various departments, including quality assurance, user experience, and sales. While the exact number of affected employees is yet to be confirmed, a source within the company has indicated that it could range between 50 to 70 individuals.

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SurgeZirc UK has reached out to Thought Machine for an official statement regarding the job cuts. Additionally, the CEO was scheduled to address the staff in a virtual meeting, but it has now been changed to an in-person gathering to prevent any leaks to the media.

Just seven months ago, Thought Machine embarked on a significant hiring spree, with plans to increase its headcount by 23% from 550 to 675 employees. The recent job cuts represent a reduction of at least 7% from that target number.

Thought Machine, valued at £2.2bn after a successful funding round in May 2022, specializes in developing cloud-based banking software. Its clients include renowned financial institutions such as Lloyds, Standard Chartered, and JP Morgan. The company’s innovative solutions have garnered praise within the industry.

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Earlier this month, The Times reported that Thought Machine is preparing for an initial public offering (IPO) in London, seeking advice from bankers on the multi-billion-pound float. Despite the current cost reduction exercise, the company remains confident in its long-term growth and strategic vision.

Read about more tech news and reviews from ravzgadget.com.

Alexander Clark for SurgeZirc UK
Alexander Clark for SurgeZirc UK
Technology and sports are two fascinating domains that have the power to captivate and inspire us. And when it comes to exploring the convergence of these two worlds, Alexander Clark, SurgeZirc UK's technology and sports writer, is a name that stands out. With his unique perspective and in-depth knowledge, Alexander brings a fresh and exciting approach to covering the latest advancements in technology and the ever-evolving world of sports.
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