NerdWallet to cut workforce by 15% of full-time employees in restrucruing

NerdWallet announced it has committed to a restructuring plan, effective August 1, intended to reduce the company’s operating expenses and better position the company to execute its long-term strategic initiatives. “The Restructuring 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. The Company expects to incur a total estimated pre-tax restructuring charge of approximately $8 million to $10 million in connection with the Restructuring Plan. This amount primarily consists of severance payments, employee benefits, and related expenses for impacted employees. The Company anticipates most of these charges will occur in the third quarter of fiscal year 2024, with the workforce reduction largely completed by the end of that quarter. The Company expects to realize approximately $30 million of annualized cost savings as a result of the Restructuring Plan,” the company stated.