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Credit Karma Cuts Salaries as It Waits for Intuit Deal to Close

  • Workers who don’t want pay cut have ‘get off the bus’ option
  • Startup agreed to sell to Intuit for $7.1 billion in February
Credit Karma

Source: Google Play store

Credit Karma Inc., a fintech company being acquired by Intuit Inc., cut the compensation of all its employees in response to the coronavirus pandemic and faltering economy, according to people familiar with the matter.

The startup’s workers will take pay cuts based on seniority, starting at 15% and rising to 50% for executives, said the people, who weren’t authorized to speak publicly about the changes. Management announced the decision during a virtual all-hands meeting Thursday morning.