The Toronto-based fintech company told employees Wednesday that it plans to lay off 159 employees, just two weeks after it implemented a company-wide hiring freeze. (The Logic)

Talking point: In light of economic conditions, the firm will restructure its recruiting, marketing, client success and research teams, as well as reduce its investment in areas like peer-to-peer payments, tax and merchant services, according to a note from CEO Michael Katchen that Wealthsimple shared with The Logic. Moving forward, it plans to focus on “core businesses” including investing, banking and crypto, the note says. “Many of our clients are living through a period of market uncertainty they’ve never experienced before,” Katchen wrote. The layoffs underscore how Wealthsimple is shifting its business priorities in order to manage a downturn that has forced startups to become more conservative. Other companies with similar businesses, like Coinbase and Robinhood, have also recently cut staff.