BOLT CEO Claims Company Became More Efficient After Cutting Entire HR Division

Bolt chief executive Ryan Breslow has sparked debate in the tech industry after revealing that the company removed its entire human resources department as part of a wider restructuring effort aimed at rebuilding the business.

Speaking at the Fortune Workplace Innovation Summit in New York, the 31-year-old entrepreneur said Bolt's HR division had been creating unnecessary workplace issues and claimed internal problems disappeared after the department was removed.

The comments come during a major turnaround effort at the US financial technology company, which experienced rapid growth before suffering a sharp decline in valuation over recent years.

Bolt Restructures After Sharp Decline In Valuation

Bolt was founded by Breslow in 2014 while he was studying at Stanford University and became known for its online checkout and payment technology. During the peak of the technology investment boom in 2022, the company was reportedly valued at around $11 billion (about £8 billion).

However, Bolt later faced financial pressures and multiple rounds of layoffs. Breslow stepped down as chief executive in 2022 before returning to the role in 2025 as the company attempted to stabilise its business operations.

Speaking at the summit, Breslow said Bolt was now operating in what he described as 'startup mode' again following significant cost reductions and staffing changes.

According to Fortune, Bolt recently cut around 30 per cent of its workforce and now employs roughly 100 people. 'We had an HR team, and that HR team was creating problems that didn't exist,' Breslow said during the event. 'Those problems disappeared when I let them go.'

Breslow also said the company had replaced its previous HR structure with a smaller 'people operations' team focused mainly on employee training and administrative support.

He argued that larger corporate structures introduced during Bolt's expansion period had slowed decision-making and weakened productivity inside the company.

Breslow Defends Leaner Workplace Strategy

During the discussion, Breslow also criticised what he described as a growing culture of entitlement that developed inside the company during its period of rapid expansion.

He said many employees had become accustomed to operating within a larger company structure and struggled to adapt after Bolt returned to a smaller startup-style model focused on reducing costs and increasing efficiency.

Breslow said the company gave staff and managers time to adapt after his return as chief executive, though many senior leaders later left during the restructuring process.

The company has also scaled back several workplace policies previously introduced during Bolt's growth period, including a four-day working week and unlimited paid leave.

Breslow said those changes were part of a broader effort to return the business to what he described as a more focused and disciplined working environment.

Questions Remain Over Bolt's Financial Position

The restructuring has also come amid continued scrutiny over Bolt's financial position.

Fintech Business Weekly previously raised questions about Bolt's finances, including claims involving delayed contractor payments, though Breslow denied the company had withheld employee pay.

Bolt has recently expanded its focus beyond online checkout technology and now markets itself as a broader financial platform that includes cryptocurrency trading, rewards programmes and digital money transfers.

Breslow argued that the company's smaller workforce and leaner structure were already improving customer service and internal efficiency.

However, the decision to remove the HR department entirely has continued to generate discussion across the business sector, with workplace experts warning that companies still require clear systems for handling employee concerns, compliance and legal responsibilities.