ONLINE PAYMENTS FIRM Stripe, founded by Irish brothers Patrick and John Collison, has confirmed it is cutting its team of staff by about 14%.
The company, with dual Dublin and San Francisco headquarters, has more than 8,000 employees, according to Forbes.
Stripe would not confirm to The Journal this afternoon how many employees in Ireland are being laid off.
Stripe CEO Patrick Collison confirmed the job cuts in a note distributed to employees earlier today.
It outlined that those who are impacted would receive a notification email within the 15 minutes following the note being sent out.
“For those of you leaving: we’re very sorry to be taking this step and John and I are fully responsible for the decisions leading up to this,” Patrick Collison wrote.
Collison said the world is “facing stubbon inflation, energy shocks, higher interest rates, reduced investment budgets and sparser start up funding”.
“Our business is fundamentally well-positioned to weather harsh circumstances. We provide an important foundation to our customers and Stripe is not a discretionary service that customers turn off if budget is squeezed,” he said.
“However, we do need to match the pace of our investments with the realities around us. Doing right by our users and our shareholders (including you) means embracing reality as it is,” Collison added.
“Today, that means building differently for leaner times … To adapt ourselves apporpriately for the world we’re heading into, we need to reduce our costs.”
People being laid off will receive a 14-week severance package and the 2022 annual bonus.
They will also be paid for all unused paid time off and Stripe will pay the cash equivalent of six months of existing healthcare premiums or healthcare continuation.
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