TC makes cut and cites ‘macroeconomic scenario’, say dismissed

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The investment platform TC (Trader’s Club) made a series of layoffs last Friday (25), according to reports from employees posted on social networks. Investment brokerage XP has also made cuts in recent days.

According to employees who claim they were fired by TC, the reason given by the company for the cuts was the macroeconomic scenario, but without details. The layoffs were made on Friday morning. About 50 people would have been laid off, say former employees.

Trader’s Club was created in 2015. It is a platform that provides investment news, analysis and courses. The company had around 500 employees and is listed on the Stock Exchange.

According to the last investor report, for the third quarter of 2022, TC had 717,000 registered users, 69,000 of which were paying users. Revenue in the period, of R$ 17 million, was 27% lower than in the previous quarter. As a result, the operation had a negative Ebitda (loss before interest, taxes, depreciation and amortization) of R$ 22.5 million.

One of the professionals who claims to have been dismissed said, on condition of anonymity, that the team had been monitoring the balance sheets and feared cuts, but believed that they would be made next year.

The layoffs reached areas such as programming and design, according to reports on social networks. Part of those dismissed organize a movement on Linkedin to publicize the names of those dismissed and, thus, help them to find a new job.

In a note sent to the report, TC confirmed that it made cuts. “As widely disclosed by the Company in its latest earnings releases, the TC is focused on optimizing its management of costs and expenses. Therefore, it has been reviewing, renegotiating and reducing expenses in general, including its staff, with the aim of increase the Company’s efficiency and profitability in the short term.”

“TC takes the opportunity to thank all its former employees for their effort and contribution during the period they worked with us”, continues the statement.

At XP, at least six people posted messages saying they had been fired in a layoff in recent days.

In conversation with Sheet, one of them said she was informed about the shutdown last Monday (21), at the end of the day. Also under condition of anonymity, she claims that she worked in a team of 20 people, of which only about 4 would have been kept, and another 2, relocated from function.

The justification given, according to her, is that the product she was working on would no longer be developed, in addition to the need to reduce costs.

Some of those fired reported surprise with the cut, because they had tickets purchased by the company to travel to São Paulo for the company’s end-of-year party, scheduled for December 2nd. As XP works 100% remotely, many employees live in other states.

wanted by Sheet to comment on the layoffs, XP did not deny the cuts. The company responded, via a spokesperson, that “it currently has more than 180 open positions. In 2022, the company hired approximately 2,500 people in all states of the country, 300 of which in October alone.”

“The company also claims that it has less than 2% market share in the financial market and that it follows its strategy of innovation and transformation, investing and prioritizing businesses that meet the needs of its customers and have high growth potential”, continued the note.

“The macroeconomic scenario of 2022 proved to be more challenging than expected”, said the CEO of XP, Thiago Maffra, in the last investor report, referring to the 3rd quarter of this year. In the text, he said he expected the company’s expense growth to be lower in 2023 than it was in 2022.

“At the beginning of the year, we reduced the pace of hiring and identified initiatives to reduce expenses that would not jeopardize the progress of new businesses. We expect to conclude 2022 and go through 2023 with an increase in the number of employees, basically concentrated in commercial advisors trained within home,” he said.

XP reported in the report having BRL 925 billion in customer assets and 6,948 employees. The company had an adjusted net profit of R$ 1.15 billion in the third quarter of this year.

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