Charlotte-based fintech company LendingTree has confirmed a significant workforce reduction, cutting over 250 positions across departments in what executives describe as a “necessary shift” to refocus on core business operations. The layoffs represent more than 30% of its current headcount.
Local impact across corporate and tech teams
The majority of the affected roles are based in the company’s South Tryon Street headquarters, hitting both product and marketing divisions. Several engineering and data science roles were also eliminated. Some employees were notified via video call earlier this week, with exit packages offered to ease the transition.
One anonymous employee said, “We saw this coming, but the scale still hit hard. The office feels like a ghost town now.”
CEO cites market pressure and focus shift
In a statement sent to staff and later shared publicly, CEO Doug Lebda acknowledged that LendingTree’s model had “expanded too fast in too many directions.” He added that the company will now double down on high-margin verticals like mortgage refinancing and personal loans.
“We need to be leaner, more agile, and more focused. This is painful, but it’s how we survive long-term,” Lebda wrote.
Broader signals in Charlotte’s tech economy
This move follows a wave of job cuts in Charlotte’s tech sector, including recent reductions at Red Ventures and AvidXchange. Analysts suggest the regional tech ecosystem is still adjusting to post-COVID market corrections, declining ad spend, and tighter credit markets.
“Charlotte’s fintech firms aren’t immune to national headwinds. Rising interest rates and slowing demand for digital lending hit harder than expected,” said James Tilley, an economist at UNC Charlotte’s Belk College of Business.
What’s next for LendingTree?
The company has hinted at moving parts of its operations offshore and reducing its office footprint in uptown Charlotte. For now, remaining employees will be expected to return to a hybrid schedule beginning in June.
Despite the cuts, LendingTree insists it remains profitable and well-capitalized. Still, for many in Charlotte’s workforce, this week is a sharp reminder that even legacy tech names aren’t safe from a shifting economy.