SOUTHEASTERN N.C. — It’s the time of year when Port City Daily counts down its most read pieces throughout 2023.
CATCH UP: No. 7 Most Read Story of 2023: Historic foundation suggests CF Memorial becomes pedestrian park
The sixth most read story from Port City Daily in 2023 was published at the start of the new year, when fintech banking facility nCino, headquartered in Wilmington, had a layoff. More than 100 employees were let go in mid-January and the company’s CFO exited.
The move surprised its nearly 1,800 employees, 7% of whom were offered a severance package: minimum 12 weeks pay, 2023 fiscal bonus eligibility, 12 weeks of career support, and continued health benefits.
PCD spoke to one anonymous person who was laid off at the time who said many employees began exiting once remote work ended at nCino and that the people let go were also remote. However, nCino didn’t confirm as much.
The company’s announcement was timed the same day as Microsoft Corp informed it was laying off 10,000 employees and after 2022 saw more than 150,000 jobs cut in the tech industry, Wall Street Journal reports. Salesforce, the software nCino’s bank operating system is built on, also announced a 10% decrease in its global workforce this month.
The employee shakeup also affected top-tier workers. Chief financial officer David Rudow, who joined the team in 2019, exited according to an internal email PCD received. Taking his place was Greg Orenstein.
Read the full piece below:
Have tips or comments? info@localdailymedia.com
Want to read more from PCD? Subscribe now and then sign up for our newsletter, Wilmington Wire, and get the headlines delivered to your inbox every morning.
