NerdWallet announces layoffs after record breaking quarter

After a record breaking quarter the popular website Nerdwallet has announced they will be cutting 8% of their workforce according to this Biz Journal report.

San Francisco-based NerdWallet shed more than 40 employees, or 8 percent of its workforce, with a couple of senior executives heading for the exit, the company told the San Francisco Business Times Thursday.

“We had to make tough choices to enable faster execution,” said NerdWallet CEO Tim Chen. “Despite a record-breaking quarter, NerdWallet has decided to shift resources to align by consumer pain points, rather than by financial product.”

NerdWallet provides tools and advice on a range of personal finance topics, including credit cards, mortgages and insurance. The company makes money on referral fees. NerdWallet says its “partners” include Bank of America, American Express and JPMorgan Chase.

The company, with 440 employees after the layoffs, is among the companies making the List of the Largest San Francisco Tech employers, based on number of employees in the city. The list appears in this week’s San Francisco Business Times.