NerdWallet announces 15% workforce reduction to reduce costs

NerdWallet said it has committed to a restructuring plan, effective August 1, intended to reduce the company’s operating expenses and better position it “to execute its long-term strategic initiatives.” The plan will reduce the size of the company’s workforce by approximately 15% of its full-time employees as compared to its headcount as of December 31, 2023. NerdWallet expects to incur a total estimated pre-tax restructuring charge of $8M to $10less than in connection with the plan. The company anticipates most of these charges will occur in Q3, with the workforce reduction largely completed by the end of that quarter. CEO Tim Chen said, “We are committed to building NerdWallet with a long-term orientation, and that sometimes requires difficult decisions. Today we have decided to reduce our workforce by approximately 15%. This decision is part of a larger effort to improve our operational efficiency and better position NerdWallet to invest more in our most important long-term strategic initiatives. Saying goodbye to fellow Nerds is never easy and we’re dedicated to supporting each of them through this transition. We thank all of our Nerds for their contributions and hard work, and we remain confident in our ability to deliver on our long-term vision of becoming a trusted financial ecosystem for consumers and SMBs.”