Intuit is the latest major contributor: the California-based financial software company announced 3,000 redundancies this week, simultaneously reporting continued revenue growth and heavy investment in AI-powered automation tools. The cuts fit a pattern across US fintech, where the largest workforce reductions have been framed around AI integration and operational restructuring rather than financial distress.
PayPal led the sector's layoff count with approximately 4,760 roles eliminated in 2026, as part of a three-year plan to reduce long-term operating costs and accelerate AI capabilities. Block cut 4,000 positions in a restructuring described as a shift toward leaner operations.
Beyond the US, which remains the epicentre, Asia and the Middle East account for the second-largest share of fintech job cuts this year. eToro announced around 105 layoffs in Tel Aviv in January, and India's Acko trimmed roughly 60 employees as it deepened AI integration across its digital insurance operations.
In Europe, the most notable move was Monzo's closure of its US office, cutting approximately 50 American-based employees as the UK challenger bank refocuses on domestic and European markets ahead of a planned London IPO. In Lithuania, PayRay Bank cut 12 roles representing around 40 per cent of its total headcount.
The pattern across these cuts is consistent: firms citing AI investment as a growth driver are simultaneously reducing headcount in roles the technology is displacing, particularly in operations, support, and back-office processing. The TradingPlatforms data covers confirmed cuts up to late May 2026.
