The London-based fintech, which employs more than 4,000 people, said the restructuring was necessary as it reduced \u201cduplicate\u201d roles and stepped up its spending on AI.<\/p>\n
The bank said a factor in its \u201ccompetitive edge over legacy banks\u201d was its \u201cagility\u201d and \u201cability to rest, launch, learn and reorganise at pace\u201d.<\/p>\n
\u201cWhile we are continuing to hire tech and AI engineers, we recently told colleagues that we are changing parts of our banking team structure to simplify how we operate, reduce instances of duplication, and drive further product delivery at pace,\u201d it said.<\/p>\n
\u201cWe have begun a period of consultation with colleagues whose roles may be affected by these changes.\u201d<\/p>\n
The cuts come at a critical point for the bank, which reported a 6% drop in revenue in the year that ended in March to \u00a3887m. Its pre-tax profit dropped 3% to \u00a3217m, which it said was partly due to investments in its digital banking software, Engine.<\/p>\n
Starling, which was founded in 2014 by the former Royal Bank of Scotland executive Anne Boden, was part of a trio of online-only neo-banks that emerged in the mid-2010s to disrupt traditional banking in the UK, alongside Revolut and Monzo.<\/p>\n
It has 6.2 million customers, with the majority of these in the UK. However, like several of its peers, it has struggled to expand abroad and in 2022 gave up on a bid to secure a European banking licence.<\/p>\n
Its growth also took a hit in 2021 after the UK\u2019s financial watchdog placed restrictions on it due to findings around poor financial crime controls. The rules stopped Starling from opening new accounts for high-risk customers.<\/p>\n
skip past newsletter promotion<\/a>Free newsletter | Every weekday<\/p>\n Sign up to Business Today<\/p>\n Get set for the working day \u2013 we’ll point you to all the business news and analysis you need every morning<\/p>\n after newsletter promotion<\/p>\n In 2024, the Financial Conduct Authority then found the bank had operated with \u201cshockingly lax\u201d<\/a> controls, which it said had \u201cleft the financial system wide open to criminals and those subject to sanctions\u201d. The regulator fined it \u00a329m.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/ie\/wp-content\/uploads\/2026\/06\/500.jpg\")
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