Chime Cuts 10% Of Workforce As AI Reshapes Fintech Operations
By CU Today Staff —
SAN FRANCISCO—Chime Financial is laying off about 150 employees, or roughly 10% of its workforce, as the digital banking company restructures around artificial intelligence and the demands of operating as a public company, according to reporting by Bloomberg and PYMNTS.
In a memo to employees obtained by PYMNTS, CEO and Co-Founder Chris Britt said the company is reorganizing to develop new AI capabilities, create smaller teams that can move more quickly and adopt the operating discipline expected of a public company. Chime has increasingly highlighted AI as a core part of its strategy, recently reporting that as many as 70% of member support interactions now run through AI-powered voicebots and chatbots, while AI-assisted coding now accounts for 84% of code shipped internally, helping improve product development efficiency.
The layoffs come amid a broader wave of AI-driven workforce reductions across the technology sector. PYMNTS reported that U.S. technology companies have announced nearly 140,000 job cuts so far this year as firms invest heavily in artificial intelligence while seeking to streamline operations and improve productivity.
The move follows similar action by payments giant Visa. As previously reported by CUToday.info, Visa last week confirmed plans to eliminate approximately 2,600 positions, or about 7% of its workforce, primarily in technology and product teams, as it shifts resources toward consumer payments, commercial and cross-border payments, stablecoins and other growth initiatives. The company said AI-driven efficiencies helped enable the restructuring.
Originally reported by CU Today.