The CEO of embattled fintech firm Bolt Financial, Ryan Breslow, has defended a sweeping restructuring that saw the company eliminate its entire HR department as part of a broader 30% workforce reduction.
Speaking at Fortune’s Workforce Innovation Summit, Breslow said the cuts were part of an effort to return the company to a lean “startup mode” and rebuild operations around faster execution and increased use of artificial intelligence.
He claimed that internal inefficiencies within the HR function had contributed to operational challenges, arguing that removing the team helped streamline decision-making and improve productivity across the organisation.
“We need a group of people who are very oriented around getting things done,” he said, adding that the company now operates with a smaller, more junior workforce focused on delivery and customer responsiveness.
Breslow said customers had noticed improvements following the restructuring, describing feedback that suggested increased attention and service levels since the layoffs.
Bolt, founded in 2014, provides checkout payment technology but has faced significant turbulence in recent years, including a sharp drop in valuation from $11 billion in 2022 to around $300 million in 2025.
The company has also dealt with legal and commercial setbacks, including disputes with major partners following integration failures and subsequent financial losses, though some of these issues were later settled.
Breslow maintained that the current direction reflects a necessary reset aimed at stabilising the company and repositioning it for long-term growth in a highly competitive fintech market.
