Fintech Brex Eliminates 20% of Staff After Growing ‘Too Quickly’

Fintech Brex Inc. is firing 282 employees — about a fifth of its workforce — after its founder and co-chief executive officer said the company grew too quickly.

Brex, known for its corporate credit cards and expense-management capabilities, will also alter its leadership structure and change its operating model, according to a statement on the firm’s website Tuesday.

“This year, we decided to take a hard look at our current structure and reduce the number of layers between leaders and the actual work that affects customers,” founder and co-CEO Pedro Franceschi said in the statement. “This resulted in today’s hard ...