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A New York fintech founded by a financial sponsors banker is cutting 50% of its staff

Life as a financial sponsors banker has not been easy in recent years. Fortunately, Anthony Santomo, a former junior financial sponsors banker at Macquarie in New York, got out in 2017, before things got too messy. Santomo started his own consumer fintech focused instead. Now, he may be wishing he were still dealing with sponsors.

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A filing with the New York State Department of Labor says that Santomo's fintech, Ampla Technologies, is cutting 31 of its 62 employees by mid-June. They're based at Ampla's office at 1239 Broadway.

It's a big change from a year ago, when Santomo was celebrating 100 "Amployees." It's not clear whether these were all based in New York, but if they were then 40 have presumably gone already, and when the process is complete, headcount will presumably be down 70%. The firm's own website celebrates a quadrupling of employees over the "last twelve months" and says there's "hiring across the entire business."

While the Ampla's website seems a bit behind the times, the cuts may not come as a surprise to those who know. The Information reported recently that Ampla was trying to find a buyer after failing to raise money in a new equity round. 

The reason given for the cuts is "economic."

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AUTHORSarah Butcher Global Editor

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