Coinbase Cuts ~700 Roles in May, Chief People Officer Exits Weeks Later

Coinbase implemented a workforce reduction on May 5, 2026 that cut about 700 roles (approximately 14% of its staff), reducing headcount from roughly 5,000 to about 4,300. The layoffs generated $50–$60 million in severance costs, mostly cash, with most of the expense hitting the second-quarter accounts. Eleven weeks after the cuts, Chief People Officer Lawrence Brock resigned effective August 17 but will advise through November 30 for a transitional payment and limited stock vesting; his team ran the May layoffs. Coinbase described the moves as part of a reorganization to reduce spending and reposition the company “for the AI era,” and the article frames the departures as part of a broader leadership shuffle ahead of quarterly results. The piece provides context on prior personnel actions and internal promotions as Coinbase shifts toward an expanded “everything-exchange” strategy.

Coinbase cut 700 jobs as of May 5, 2026.

That is roughly 12.5% of the 5,600 people Coinbase employs.

LayoffTalk has tracked 2 layoff events at Coinbase since May 2026, with 2 additional events known from news reporting.