NCNO - nCino to trim 7% of workforce

• nCino ( NASDAQ: NCNO ) is set to lay off ~7% of its workforce and reduce office space in certain markets in an effort to improve operating margins and achieve profitable growth.
• The fintech firm employs around 1,700 people among its nine locations across the globe.
• In an SEC filing , the firm disclosed that the actions are expected to result in $4.5M to $5M charges in the fourth quarter of fiscal 2023. Communications to impacted employees will be completed by the end of the fourth quarter, while actions associated with the office space reductions are expected to be fully completed in fiscal 2024.
• In other news, nCino ( NCNO ) on Wednesday named Greg Orenstein as its next CFO, while reaffirming its Q4 forecast .
• NCNO shares have fallen 35% over the past year

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