Chime to cut 10% of total workforce on AI driven efficiencies

July 31 (Reuters) - Fintech Chime CHYM.O is cutting 10% of its workforce, a spokesperson said on Friday, joining a growing list of companies using AI-driven efficiencies to streamline operations.

The layoffs will affect nearly 150 employees, a Chime spokesperson told Reuters. The company had about 1,500 employees at the end of last year.

Jack Dorsey's payments company Block XYZ.N said in February it would cut more than 4,000 jobs, nearly half its workforce, as part of an overhaul to embed AI across its operations.

Other financial firms have also trimmed jobs this year as they look to boost efficiency, including card giant Visa V.N, which last week announced plans to cut 7% of its workforce, as well as Robinhood HOOD.O and Mastercard MA.N.

Chime is among the fintech firms that have disrupted the banking industry by offering digital services, intuitive platforms and lower fees, increasing competition for legacy lenders.

The company, which went public in June 2025, is set to report second-quarter results next week. Its shares have lost about 10% this year and were little changed in morning trading.

The news of the layoffs was first reported by Bloomberg News, earlier on Friday.

The AI boom has increasingly reshaped corporate America's workforce and hiring strategies as companies look to turn hefty technology investments into productivity gains, changing how work is organized.

"AI is changing what's possible but requires new skills," Chime's CEO and co-founder Chris Britt wrote in a memo to employees seen by Reuters.