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Klarna to cut 10% of its workforce

Buy now, pay later company Klarna is to reduce its workforce by 10% in a move which it has attributed to declining consumer confidence, inflationary pressures,… View Article

GENERAL MERCHANDISE

Klarna to cut 10% of its workforce

Buy now, pay later company Klarna is to reduce its workforce by 10% in a move which it has attributed to declining consumer confidence, inflationary pressures, a volatile stock market and likely recession.

In a blog post, Klarna chief executive Sebastian Siemiatkowski said the company had re-evaluated its organisational structure to ensure it can deliver on its ambitious targets and that it needed to have the “right teams focusing on the right things” and the “right people in the right place”.

He added: “While crucial to stay calm in stormy weather, it’s also crucial not to turn a blind eye to reality. What we are seeing now in the world is not temporary or short-lived, and hence we need to act. More than ever, we need to be laser-focused on what really will make us successful going forward.”

Siemiatkowski said the vast majority of employees will not be impacted by the decision, but those working in Europe will be asked to leave the business with associated compensation. Outside of Europe, the process will depend on where they work.

The company will be issuing a meeting invite to all workers affected by the announcement and has also asked all staff  to work from home this week in consideration of the privacy of those impacted.

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