Blend announced a 30% workforce from their company which means around 340 employees from their overall headcount. The blend also announced the resignations of President Timothy Mayopoulos, Head of Finance Marc Greenberg, and Head of Legal Crystal Summer amid a round of cuts impacting about 340 workers.
The firm’s “January Plan” as described Tuesday in a Securities and Exchange Commission filing is expected to reduce Blend’s annual operating expenses by over $100 million at the end of this year, relative to the third quarter of 2022, it said. Approximately 340 employees, or 30% of Blend’s “onshore” staff, will be let go, according to the San Francisco-based company.
The blend helps lenders streamline the customer journey for any banking product from application to close. Its Digital Lending Platform is used by M&T Bank, Wells Fargo, U.S. Bank, and over 250 other leading financial institutions to acquire more customers, increase productivity, and deepen customer relationships. The company enables customers to process more than $3.5 billion in mortgages and consumer loans per day, helping millions of consumers get into homes and gain access to the capital they need to lead better lives.