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Bay Area tech company slashes nearly 400 workers as part of year-end layoff wave

Bill's former logo is seen in its Houston offices. A shadowed person can be seen walking in the right side of the image.
Silicon Valley payment management company Bill has slashed hundreds of employees from its payroll. | Source: Marie D. De Jesus/Houston Chronicle via Getty Images

Silicon Valley payment management company Bill has slashed hundreds of employees from its payroll, continuing a relentless year-end layoff blitz in the tech sector. 

Bill CEO and founder René Lacerte laid out the reasons behind the layoffs in a note to staff sent Tuesday, explaining that the layoffs come as part of a broader corporate restructuring intended to “deliver improved profitability without relying on interest-rate dependent float revenue.”

“Unfortunately, this reduction is necessary to rightsize our organization and to focus our resources on the highest priorities for the company and our customers,” Lacerte wrote in the letter to staff. Around 15% of company staff—nearly 400 employees—will be affected by the company’s layoffs

Among the changes that the company will make: closing its office in Sydney, Australia, and moving more resources to other sites, including its San Jose headquarters and Houston office.

Laid-off employees in the product design, operations and risk management divisions shared the news on LinkedIn, though Lacerte did not specify which teams were hardest hit by this round of layoffs. 

READ MORE: San Francisco Tech Layoffs Crept Up in October. See Why

According to Lacerte’s note, affected employees will receive at least four months’ pay and health care benefits, a bonus for the first half of the 2024 fiscal year, equity vesting and immigration support.

On Monday, music streaming behemoth Spotify and San Francisco corporate communications firm Twilio sacked workers. The layoffs were a one-two punch that kicked off what will likely be a challenging December for employees in the tech industry, which continues to trim headcounts and cut expenses after a pandemic-era hiring blitz and still-high interest rates.