nCino, a cloud-based banking and mortgage technology company, has reduced its global workforce by 7% ahead of its quarterly earnings report, impacting around 1,880 employees. CEO Sean Desmond explained that the layoffs were necessary for transitioning to a high-performing business intent on sustainable growth. He mentioned the importance of eliminating redundancies and embracing AI for competitive advantage. Desmond acknowledged the discomfort of change but emphasized its inevitability in a fast-evolving industry, expressing confidence in nCino’s future opportunities and commitment to maximizing value initiatives.
Desmond stated, "This was a necessary decision as we continue to transition nCino into a high-performing business focused on long-term, sustainable growth."
In his email, Desmond emphasized that "change is an inherent part of working in a rapidly evolving industry like ours" and underlined the importance of adapting.
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