Thought Machine Announces Layoffs Amidst IPO Speculation #
Banking software firm Thought Machine is undergoing a significant “cost reduction exercise,” which will see the company lay off between 50 to 70 employees. This move, revealed through a company-wide email from CEO Paul Taylor, will impact departments such as quality assurance, user experience, and sales. Notably, this decision comes just seven months after Thought Machine had embarked on a major hiring mission, aiming to grow its workforce by 23%. The company, known for developing cloud-based banking software for giants like Lloyds and JP Morgan, was valued at £2.2bn following a successful funding round in May 2022. Insiders have speculated that these layoffs are a strategic move in anticipation of Thought Machine’s planned initial public offering (IPO) in London.