The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Communication Computer Programming, Consultancy And Related Activities Computer Programming, Consultancy And Related Activities 62.09 - Other information technology and computer service activities
1,000 - 1,100 jobs Number of planned job losses
Announcement Date
3 November 2022
Employment effect (start)
3 November 2022
Foreseen end date
Description
Irish multinational payment services provider Stripe has announced it will dismiss approximately 1000 employees, cuting 14% of it's global workforce. The company has confirmed the impact will be disproportionate across divisions, though most will occur in recruiting, as the company plans to hire fewer people next year. Stripe employs 8000 people across its dual-headquarters in Dublin (Ireland) and San Fransisco (USA), however, the impact for employees at each location is still unknown.
CEO, Patrick Collison, stated exogenous factors such as inflation, energy shocks and interest rates have been drivers in reduced budgets, shifts in company earning forecasts and the drop in company valuation. In particular, Patrick Collison highlighted these circumstances as the reason for the restructuring, admitting the company had 'over hired' during the last years.
All departing employees are set to receive at least 14 weeks of severance pay, those with longer tenures are set to get more. Annual bonuses will also be provided, as well as six months of existing healthcare premiums and a range of other career and visa support.
Eurofound (2022), Stripe, Internal restructuring in World, factsheet number 107696, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/107696.
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