The 31-year-old CEO of the struggling fintech firm Bolt Financial announced recently that he had dismissed the entire HR department as part of a larger plan to cut the workforce by 30% earlier this year.
During a talk at Fortune’s Workforce Innovation Summit, Ryan Breslow shared that the decision stemmed from issues he perceived within the team, describing them as incompetent and not meeting the necessary qualifications.
“We had an HR team, but honestly, they were causing issues that didn’t really need to exist,” he remarked, emphasizing a strong opinion about the Silicon Valley environment, which he has previously labeled as a “boy’s club” dominated by “mob bosses.”
Breslow noted, “When I let go of those problems, they disappeared.”
In his communications with staff, he indicated that Bolt would now function with a more streamlined approach, reinforcing the use of AI at its core. This shift represented, in his words, a move back from a “large” company model to one akin to a “startup mode.”
“We need a passionate team that gets things done. Yet, there seems to be a culture of inaction and a lot of complaining,” he added.
He also pointed out that during his hiatus from January 2022 to March 2025, a kind of lethargy and “entitlement” became prevalent within the company’s culture.
“In the end, many of them had to be let go,” he stated concerning the staff who were released.
Breslow further claimed that the new team—a quarter of the previous size—is younger, more energetic, and dedicated to hard work. He mentioned, rather positively, that customers have noticed this shift, commenting, “We’ve never had this kind of attention in four years.”
Founded in 2014, Bolt specializes in checkout payment technology. However, its valuation has plummeted from $11 billion in 2022 to just $300 million by 2025.
After Breslow’s departure, the company faced legal trouble with its largest client, Authentic Brands Group. This stemmed from issues with Bolt’s products not integrating properly with Forever 21, leading to significant losses for the clothing retailer. Breslow labeled this lawsuit a “transparent attempt” to renegotiate the existing agreement between the companies. Bolt and ABG eventually reached a settlement in 2022.
