SAN FRANCISCO — Chime Financial plans to lay off about 150 employees, or roughly 10% of its workforce, as the digital banking company restructures to accelerate its use of artificial intelligence and operate more efficiently as a public company, according to a Bloomberg report.
Bloomberg reported Friday that the workforce reduction was outlined in a memo from Chime CEO and co-founder Chris Britt to employees. Chime declined to comment when contacted by PYMNTS, which published excerpts of the memo.
According to the memo, Britt said the company is entering “the next era” and needs to reshape its workforce by adding new skills to capitalize on artificial intelligence while streamlining its organizational structure.
‘The Next Chapter’
“Today we’re making changes across the company to organize for this next chapter,” Britt said in the memo, according to PYMNTS. “In some areas, that means a flatter structure and smaller squads. In others, it means building new capabilities.”
Britt also said Chime is seeking the faster decision-making, accelerated growth and operating discipline expected of publicly traded companies.
The layoffs come as Chime continues to expand its use of AI in customer service operations.
Seven-in-10 Interactions AI Supported
Earlier this week, the company said in posts on X that it was highlighted in a Bain & Company report as an example of a business that has rebuilt its customer support organization around artificial intelligence.
According to Chime, as many as 70% of member support interactions are now handled through AI-powered voicebots and chatbots. The company said its chatbots resolve about 75% of customer conversations, while its voicebots resolve 66% of calls in which members choose self-service.
