Restructuring of Nubank’s Operations area in Brazil

Nubank started today (June 7, 2023) a restructuring of its Brazil Operations area, which resulted in the elimination of 296 positions in that area.

The Operations area used to be split into independent units by product. This setup served Nubank well throughout its expansion from one single product to a multi-product platform. Now, with a robust portfolio, and after a deep analysis of models and processes, the company identified a need to consolidate the product teams in a centralized structure. This will allow even more complete customer service and further scalability, with integrated management of all products and services.

With the new model, some functions and positions became redundant. Several groups of employees have already been or will be offered positions internally on other teams. Nubank informed affected employees of the termination decision, thanked them for the work done, and offered a severance package, which includes additional pay for tenure, an extension of healthcare benefits, and an allowance for job placement support. The movements occur in administrative functions, and will not have an impact on the final customer service.

At this time, no further restructuring is being contemplated. In other areas of the business, Nubank continues to follow the normal rhythm of hiring and terminations based on business needs and employee performance.