Los Angeles-based financial technology company, Aspiration Partners Inc., has announced plans to reduce its workforce by approximately 180 employees as part of a restructuring initiative. The layoffs will affect both its Marina del Rey, California headquarters, and remote locations in California and other parts of the country. The move is said to be necessary due to current economic conditions and limited capital availability.
According to a Worker Adjustment and Retraining Notification (WARN) letter filed by the company with the state of Missouri, where four remote positions will be eliminated in the St. Louis area, the layoffs will be permanent and take place between May 26 and June 1. The WARN Act requires employers with 100 or more full-time workers to provide 60 days’ notice of a layoff of 50 or more workers, and Aspiration Partners is providing the notification letter “out of an abundance of caution” due to remote workers in the state.
The layoffs will impact several departments within the company, including customer engagement representatives, senior managers, and engineers. Aspiration Partners, which focuses on climate finance and invests in carbon removal projects worldwide to generate carbon credits, will continue to offer its platform for individuals and businesses to buy carbon credits and invest in environmentally-friendly projects.
In a statement provided by CEO Olivia Albrecht, the company expressed regret over the decision, stating, “The company is saddened to have to take this step.”