The fintech banking company nCino, headquartered in Wilmington, laid off more than 100 employees Wednesday. The company also has offices in London, Melbourne, Salt Lake City, Sydney, Tokyo, and Toronto.
According to an email obtained by Port City Daily, nCino’s CEO Pierre Naudé announced the company will be reducing its staff by nearly 7%. A surprise to employees, the note indicated those affected would receive a follow-up email with further instructions.
nCino employs more than 1,800 people, meaning upward of 120 people were laid off. It noted in its letter that counselors would be on-site to speak with employees, including in Wilmington and virtually at the Salt Lake City location. According to the announcement, laid-off employees will be offered a severance package: a minimum of 12 weeks of pay, 2023 fiscal bonus eligibility, 12 weeks of career support, and continued health benefits.