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Paytm Share: Veteran fintech company Paytm has laid off 1000 people. The company has done this new retrenchment by combining several units. These things have been revealed in the report of Economics Times. According to a person familiar with the matter, the process of layoffs has been going on for the past few months. Artificial intelligence has led to new redundancies. After this Paytm layoff, the number of people will decrease by about 10 percent. Let us tell you that recently more than 200 employees were retrenched through share chat.
The work will be done by AI
In a conversation with ET, Paytm said that 10 to 15 percent of staff costs will be cut. However, the company has not released any official statement on how many employees have been retrenched. However, Paytm has said to emphasize on artificial intelligence. The company said that most of the jobs that could be done by AI automation have been affected.
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According to a report by Long House Consulting, new economy companies have laid off more than 28,000 employees in the first three quarters of this year. Talking about Paytm, most of the jobs in the company have been done in the loan disbursal department. Currently the company is making continuous efforts to reduce its losses.
Paytm Postpaid founder Vijay Shankar started it as a loan distribution company. That is why loans up to Rs 50,000 were disbursed quickly. But with the changing rules, there are now attempts to make it a wealth management and insurance broking company.
Recruitment can be done in this department
Paytm is currently focused on wealth management and insurance sectors. The company is looking to build a strong business here. For this, many new recruitments can also be seen in the coming time.