Thought Machine makes job cuts

Thought Machine makes job cuts

Just months after announcing a hiring spree, cloud-native core banking vendor Thought Machine is laying off around eight per cent of its workforce.

In an email to staff, obtained by UKTN, CEO Paul Taylor says Thought Machine is “currently going through a cost reduction exercise and as part of the process we have made the hard but necessary decision to reduce our global headcount”.

The firm, which counts Lloyds and JP Morgan among its blue chip customers, confirms it is cutting around 50 positions, mostly in sales and marketing.

It is also still hiring for several open roles and says its roadmap, product, and other plans remain unaffected, with new customer wins in the pipeline.

In March, the company said it was increasing its global headcount by more than 20% - 125 people - making its first hires in India, Japan and South Africa, spending some of the $160 million it raised in a 2022 funding round.

However, the vendor is now looking to reduce costs ahead of a potential public listing, sources tell UKTN. Earlier this month, The Times reported that the vendor has already talked to bankers about a London IPO.

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