SoFi Cuts 7% of Staff

SoFi recently conducted a round of quarterly performance reviews and subsequently cut 7% of their staff; just over a month ago the company announced a $1.2 billion acquisition of Galileo; SoFi currently has around 1,600 employees which means approximately 112 were let go; departures were across the organization though a collections team was phased out due to increased automation; one source noted that the company took a deeper look at performance reviews due to the current market environment; a spokesperson for SoFi stated, “Similar to the practice of many companies, we decided to part ways with employees not meeting expectations based on both performance reviews conducted each quarter at SoFi, as well as ongoing evaluation of areas of inefficiencies…These are difficult decisions and we don’t take them lightly. We value every employee at SoFi, and are helping those leaving the company with the transition.” Other changes unrelated to the cuts include Michelle Gill (previously CFO) now leading the lending business; Chris Lapointe will serve as interim CFO. Business Insider