Jenius Bank, a Digital Bank Division of Sumitomo Mitsui Banking Corp., is Closing Down
Several now-former employees have revealed that Jenius Bank, a digital bank division of Sumitomo Mitsui Banking Corp., is closing down. Despite the lack of an official announcement from Jenius, several ex-employees took to LinkedIn to express their current job status, with some stating that they are now “open to work.” Additionally, individuals associated with the bank shared about receiving “tough” news from Jenius employees. The closure was further evident as Jenius’ X account was deleted, and its LinkedIn page was cleared of all posts.
Layoffs Confirmed by Former Employees
Two former employees confirmed the layoffs and shared that Takeshi Okamoto, chair and CEO of Jenius’ legal entity SMBC Manubank, informed them in a virtual all-hands meeting that the bank would be shutting down. During the meeting, Okamoto and another company representative detailed the process for employees, with those being let go receiving an email at their personal account and those staying on being informed via their work email as part of a transition team.
One employee recounted being kicked off and locked out of her Microsoft Teams and Outlook programs during a team meeting post-announcement. Another employee lost access to work programs immediately after the all-hands meeting concluded.
Reasons for Closure
Okamoto cited “market performance” as a leading factor in the decision to close Jenius. The digital bank had not yet reached profitability and was not projected to be as profitable as desired by its parent company. Concerns about company operations were also raised by employees, with a common sentiment being that Jenius tended to “over promise, under deliver.”
One employee expressed disappointment at the sudden closure, sharing that promises of expanding the workforce and developing new products had convinced them to join Jenius, only to be let go shortly after. The rapid shift from mass hiring to closure left many employees feeling misled and uncertain about their future.
Conflicting Reports
Despite the reports from former employees, an outside customer service representative for Jenius denied the bank’s closure via telephone, stating that there was no indication of such a decision. As of now, Jenius has not made any public announcements regarding the alleged closure.
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