SoFi laid off approximately 300 employees (7% of workforce) in January 2024, despite being a big winner in the stock market in 2023 with shares gaining 116%. The cuts primarily affected engineering roles. The company had reported "record adjusted net revenue" of $531 million in Q3 2023 but also posted a net loss of $19.5 million. SoFi previously laid off employees from its technology unit in January 2023 (under 5% of staff) as the student loan moratorium pressured revenue.
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Declared "Virtual First" permanently. Converted offices to collaboration spaces. Strong remote work advocate.
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SoFi — Remote Work: SUPPORTED Declared "Virtual First" permanently. Converted offices to collaboration spaces. Strong remote work advocate. https://reciepts.tech/stance/355
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See all →SoFi maintains Diversity, Equity, and Inclusion as its No. 1 company priority, stating DE&I is "at the center of everything they do" and a "competitive advantage." The company sponsors seven Employee Resource Groups (SoFi Circles), runs a Manager Excellence Program equipping managers to create inclusive environments, and has 4.3/5 stars on DEI employee ratings. SoFi defines DE&I as creating a culture where "every employee feels like they genuinely belong, are respected and valued, and can do their best work."