eToro to lay off 7% of workforce
105 jobs to be cut less than a year after the company’s Wall Street debut.
Fintech company eToro informed employees on Tuesday that it is cutting 7% of its global workforce, amounting to about 105 positions out of approximately 1,500 employees worldwide. More than half of those affected are based in Israel.
eToro, led by CEO Yoni Assia, operates a trading platform that allows users to manage and trade investment portfolios across a range of securities. The company went public on Wall Street last summer and is currently valued at about $2.6 billion.
In a statement, eToro said: “As part of eToro’s maturation process, it is important to ensure that our organizational structure aligns with the needs of the business and supports our long-term growth strategy. We have therefore decided to reduce our global workforce by approximately 7%. This was not an easy decision, and we are committed to supporting the employees affected by this move. Sometimes such changes are hardest to make when a company is in good shape, but that is also when they are most necessary. The steps we are taking from a position of strength will allow us to focus on the technologies and opportunities that will shape our future.”
