Fintech boss defends sacking entire HR department for ‘creating problems that didn’t exist’

cityam

May 20

Bolt has since replaced its HR division with a smaller "people operations" team US fintech Bolt has become the latest company to openly link job cuts and restructuring to AI, after chief executive ...

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The company said fewer than 40 staff were affected.Bolt has since replaced its HR division with a smaller “people operations” team focused on employee support and training.Breslow, who returned as chief executive this year after stepping down in 2022, said the company had become inefficient during years of rapid growth.“Ther","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4225":"医疗保健房地产信托","BK4203":"医疗保健房地产投资信托","FTVI":"Fintech Acquisition Corp VI","HR":"医疗保健房地产信托"},"translate_title":"金融科技老板为解雇整个人力资源部门“制造了不存在的问题”进行辩护","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FTVI":1.5,"HR":1.5},"content_text":"Bolt has since replaced its HR division with a smaller \"people operations\" team US fintech Bolt has become the latest company to openly link job cuts and restructuring to AI, after chief executive Ryan Breslow defended scrapping the firm’s HR department during a recent round of layoffs.Speaking at a Fortune event Breslow said Bolt’s HR function had become counterproductive as the company attempted to streamline operations.“We had an HR team, and that HR team was creating problems that didn’t exist,” he said. “Those problems disappeared when I let them go.”Bolt, which develops checkout software for online retailers, cut roughly 30 per cent of its workforce in April. The company said fewer than 40 staff were affected.\n\nThe layoffs form part of a broader effort to make the business “leaner and more AI-centric”, according to internal messages reported in the US.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBolt has since replaced its HR division with a smaller “people operations” team focused on employee support and training.Breslow, who returned as chief executive this year after stepping down in 2022, said the company had become inefficient during years of rapid growth.“There’s a sense of entitlement that had festered across the company,” he said, in comments first reported by The Times.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}