nCino cuts 7 percent of global workforce

WILMINGTON, NC (WWAY) — Cloud banking software company nCino is laying off about 7% of its global workforce.

In a statement Tuesday, The Wilmington-based firm said the decision was driven by a need to optimize the company’s organizational structure amid evolving market conditions.

“To ensure our long-term success in the face of evolving market conditions, we’ve made the challenging decision to reduce our global workforce by approximately 7%,” the company said. “We are providing support to all affected employees throughout this transition and are grateful for their contributions to nCino’s success.”

While the layoffs are global, nCino said the majority of impacted employees are based in the United States. The reductions were not limited to any particular office, group, or division.

The company said the changes are intended to accelerate innovation in its products and services.

“By streamlining our operations, we’re investing more deeply in the capabilities that matter most to our customers’ success while maintaining our unwavering commitment to delivering exceptional service and support,” the company said.

The company did not specify how many jobs were cut.