Nu Cuts Management Layers and Plans C-Suite Hiring, CEO Says

Nu Holdings Ltd., one of the world’s largest digital banks, slashed the number of management layers at the company in half to boost efficiency as it roughly doubles in size every few years.

The firm had become “too verticalized,” with as many as 14 layers, Chief Executive Officer and co-founder David Velez said in an interview. The structural changes coincided with the recent departures of several top executives, including Jag Duggal and Youssef Lahrech.