Etsy cuts about 220 jobs to accelerate decision making
Business
Etsy, the go-to spot for handmade and vintage finds, is letting go of about 220 employees, roughly 12% of its team.
Most cuts will hit the product and engineering department.
CEO Kruti Patel Goyal told staff this is not about slashing costs or AI taking over, but a move to help Etsy make decisions faster and stay focused on long-term goals.
Severance, health coverage and $2B buyback
Anyone laid off will get at least 16 weeks' severance pay, extra based on how long they have worked there, plus up to a year of healthcare coverage.
Etsy also announced a $2 billion stock buyback plan, signaling it is still serious about supporting its investors.