US EditionCrypto exchange Coinbase to cut about 14% of workforce
Brian Armstrong said the exchange will flatten management layers and test AI-native teams as it cuts costs in a volatile crypto market.
- On Tuesday, Coinbase Global Inc announced plans to cut about 700 jobs, or about 14% of its global workforce, as part of a restructuring aimed at reducing costs and repositioning for the artificial intelligence era.
- CEO Brian Armstrong cited rapid advancements in artificial intelligence and market volatility as primary drivers, noting that new automation tools reduce the need for large headcounts.
- Coinbase expects to incur up to $60 million in restructuring expenses, primarily for severance, while shares rose about 4% in premarket trading following the announcement.
- To emerge leaner before the next market cycle, the company will streamline management layers and reorganize teams around AI-focused roles.
- Layoffs across the tech sector reflect broader trends as companies cut expenses and adjust to artificial intelligence tools, similar to PayPal's cost-saving plan targeting $1.5 billion in savings.
34 Articles
34 Articles
Coinbase CEO: We're Cutting 14% of Staff Thanks to AI
Coinbase is slimming down again, and this time the company is explicitly pointing to artificial intelligence as a reason why. CEO Brian Armstrong said Tuesday the crypto exchange will cut about 14% of its workforce—roughly 700 jobs—as it tries to become "leaner, faster, and more efficient" heading into...
STOCK MARKET: Coinbase cuts headcount by 14% citing AI acceleration. The shares are gaining
Monitors display Coinbase signage during the company’s initial public offering at the Nasdaq MarketSite in New York City on April 14, 2021. Robert Nickelsberg | Getty Images News | Getty Images Coinbase CEO Brian Armstrong said Tuesday that the company will cut roughly 14% of its workforce, citing a combination of market volatility and AI quickly changing how the company operates. The move comes ahead of Coinbase’s first-quarter earnings, which …
Coverage Details
Bias Distribution
- 38% of the sources lean Left, 37% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
