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After his company Bolt lost 97% of its value, Ryan Breslow gutted it, saying HR was “creating problems that didn’t exist.” When Ryan Breslow’s fintech company Bolt lost $10.7 billion in value, he had a radical diagnosis: HR needed to go. “They were creating problems that didn’t exist,” Breslow, 31, said at Fortune’s Workforce Innovation Summit. “Those problems disappeared when I let them go.”

Finally, someone has seen the light:Bolt CEO fires his entire HR team because they “created problems that didn’t exist”, and “those problems disappeared when I let them go”. Welcome to the party, pal.Ryan Breslow, the co-founder and chief executive of US fintech firm Bolt, said the department was scrapped as part of sweeping layoffs aimed at returning the struggling business to “start-up mode”.The 32-year-old added that HR professionals were more suited to “peacetime” conditions at larger companies rather than a start-up environment focused on rapid growth and efficiency.In his seminal work, Up The Organization, the late Robert Townsend had a...

Buy-now, pay-later lender Klarna said on Tuesday it has raised $1.37 billion in its U.S. initial public offering, setting the stage for a market debut that could set the trend for high-growth fintech listings. The Sequoia Capital-backed Swedish company and some of its existing investors sold 34.3 million shares at $40 each, above the targeted range of $35 to $37.

KEY POINTS: * For customers, fintech promised the best of both worlds: The innovation, ease of use and fun of the newest apps combined with the safety of government-backed accounts held at real banks. * The collapse of middleman Synapse has revealed fintech’s promise of safety as a mirage. More than 100,000 Americans with $265 million in deposits have been locked out of their accounts. * The implications of this disaster may be far-reaching. The most popular banking apps in the country, including Block’s Cash App, PayPal and Chime, partner with banks instead of owning them. * CNBC reached out...

Fintech startup Brex received billions of dollars in deposits from Silicon Valley Bank customers on Thursday, CNBC has learned. Other companies including JPMorgan Chase, Morgan Stanley and First Republic have also seen heightened inflows Thursday, as SVB’s stock tanked amid VC-fueled concerns of a bank run. The exodus of deposits put increased pressure on SVB, which attempted to raise equity funding earlier this week and had turned to a potential sale, CNBC reported. Regulators shut down the bank on Friday. Fintech startup Brex received billions of dollars in deposits from Silicon Valley Bank customers on Thursday, CNBC has learned. The...

The Chinese government is to use blockchain technology for social security payments such as unemployment benefits and pensions. According to China Daily, Wang Zhongmin, vice-chairman of the National Council for Social Security Fund states: “There’s no doubt that blockchain technology will be used in the social security system because of its valuable applications in the investment and management of social security funds.” The National Council for Social Security manages almost $300 billion with a budget increasing yearly by 24.6 percent. Due to blockchain’s ability to cut out middle men, they are hoping to decrease costs and increase efficiency with clearing,...

VISA and blockchain-technology partner BTL will invite a select group of European banks to participate in a blockchain project that will see inter-bank payments made via transfers over the ledger. Hot on the heels of the likes of R3, Visa will experiment its own blockchain-based payments platform with a select group of banks who will send money over a blockchain. The proof-of-concept project will use Interbit, a cross-border blockchain remittance and settlement platform developed by industry startup BTL. Launched earlier this year, the Interbit platform is seen by Visa as the solution to “reduce cost, settlement time, credit risk, and...