Crypto exchange Coinbase to cut about 14% of workforce
Brian Armstrong said smaller AI-driven teams and a weaker crypto market will reshape the company’s structure and cut operating costs.
- On Tuesday, Coinbase Global Inc announced plans to cut about 700 jobs, or about 14% of its global workforce, as part of a restructuring aimed at reducing costs and repositioning for the artificial intelligence era.
- CEO Brian Armstrong cited rapid advancements in artificial intelligence and market volatility as primary drivers, noting that new automation tools reduce the need for large headcounts.
- Coinbase expects to incur up to $60 million in restructuring expenses, primarily for severance, while shares rose about 4% in premarket trading following the announcement.
- To emerge leaner before the next market cycle, the company will streamline management layers and reorganize teams around AI-focused roles.
- Layoffs across the tech sector reflect broader trends as companies cut expenses and adjust to artificial intelligence tools, similar to PayPal's cost-saving plan targeting $1.5 billion in savings.
116 Articles
116 Articles
SF-based Coinbase announces layoffs over AI, CEO says they're rebuilding as an 'intelligence'
As crypto company Coinbase is laying off 14% of its staff, the CEO says that they're "fundamentally changing how we operate, rebuilding the company as an intelligence, with humans around the edge aligning it."
Coinbase CEO Warns American Workers: Mass Layoffs Are Coming to ‘Every Company’
The post Coinbase CEO Warns American Workers: Mass Layoffs Are Coming to ‘Every Company’ appeared first on 24/7 Wall St.. Quick Read As AI replaces workers and reduces labor costs, consumer spending may suffer since nearly 70% of U.S. GDP depends on household income, creating a paradox where corporate profits rise while the economy weakens if workers cannot afford to purchase goods and services. The analyst who called NVIDIA in 2010 just name…
Coinbase Layoff Email Stuns Staff — CEO Says 'AI Can Do Weeks Of Work In Days' As 14% Jobs Cut
If you still believe AI does not pose a risk to jobs worldwide, maybe a letter from Coinbase CEO Brian Armstrong to employees about a massive layoff could offer you a glimpse of what is about to come. In a Tuesday post on X, Armstrong revealed that he will downsize Coinbase workforce by around 14%. He explained how AI has changed how the company operates over the past year. 'I've watched engineers use AI to ship in days what used to take a team …
The largest cryptocurrency exchange in the United States will eliminate 14% of its workforce. Executive Director Brian Armstrong wants to turn the company into an intelligent structure, native to Artificial Intelligence (IA). Coinbase...
Coinbase to Eliminate 700 Jobs as It Restructures Around Artificial Intelligence
SF-based cryptocurrency company Coinbase announced it's cutting 14% of its workforce as it moves to implement "one-person teams" using artificial intelligence.Coinbase CEO Brian Armstrong announced on X Tuesday that about 700 jobs will be eliminated, which represents 14% of the company's workforce, citing a downturn in the crypto market. Coinbase, founded in San Francisco, now operates primarily remotely.As the Chronicle reports, workers who rec…
Coverage Details
Bias Distribution
- 37% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
