According to reports, digital payment processing service Stripe announced today that in order to control costs before the economic downturn, the company will lay off 14% of its staff, about more than 1,000 people.
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Stripe, one of the world’s most valuable start-ups, said in an email to employees that the company’s co-founders Patrick Collison and John Collison this week 14% of the workforce will be cut, bringing the workforce back to about 7,000.
In addition, Stripe is making broader spending cuts in response to the downturn. The founders also said the recruiting business will suffer.
Next year, the company will reduce the number of employees it hires. For departing employees, they will receive at least 14 weeks of severance pay. In addition, these employees will receive annual bonuses and unused paid time off.
