- Thought Machine, a UK-based core banking technology vendor, is reducing its workforce by 8%.
- Around 50 positions will be affected, primarily in sales, marketing, and back-office roles.
- CEO Paul Taylor cites a “cost reduction exercise” as the reason for the layoffs.
- This move follows the company’s plan to increase headcount by 20% in 2023, after significant hires in 2020.
- Thought Machine’s global expansion and product plans are not impacted by the layoffs.
- They are actively hiring for open roles and continue to engage in the same markets.
- The company intends to hire talent in India, Japan, and South Africa, and open a new office in Miami.
- They have upcoming partnerships with new Tier 1 banks.
- Monese is discontinuing its use of Thought Machine’s core banking solution Vault in favor of its own solution XYB.
UK core banking tech vendor Thought Machine cuts workforce by 8%
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