Wealthsimple CEO Michael Katchen says 159 of the 1,262 workers will depart the company
Wealthsimple says it is laying off 13 per cent of its workforce as the financial services company faces “market volatility.”
While Katchen notes the market soared and business grew at an unprecedented rate amid the pandemic, he says those conditions are now unwinding and Wealthsimple’s clients are living through a period of market uncertainty they’ve never experienced before. Wealthsimple will reduce its investment in other areas like peer-to-peer payments, tax, and merchant services and restructuring teams dedicated to recruiting, marketing, client success and research.
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