Fintech Bench conducts layoff while others still work month-to-month

Bench, the accounting and tax startup that was bought in a fire sale last December, has conducted a round of significant layoffs, it confirmed to TechCrunch. Bench didn’t specify how many people were affected, but one person who works there estimated that Bench was eliminating dozens of positions – that’s a big chunk of the around 300 people who work for the company. Departments like client success and tax services were directly impacted, with one person directly familiar with the matter telling TechCrunch that most of Bench’s U.S.-based tax advisory team was eliminated. Employer.com, the San Francisco HR tech company that bought Bench last year, told TechCrunch the decision to make the cuts “was not made lightly.” “We deeply appreciate the contributions of our employees who have worked diligently to maintain these accounts,” Employer.com CMO Matt Charney said. Under previous ownership, Bench raised over $110 million in VC funding and over $50 million in debt, but never reached pr ... Read full article.