Permanent Job Cuts Announced at Missouri Digital Bank

There's bad news out of a major bank in Missouri. The financial institution has notified regulators in Missouri that they are notifying many of their employees of a permanent layoff that is about to happen.

This announcement is so new that the Missouri Jobs site does not have the information yet, but I was sent the WARN notice submitted to the state that says a major bank in Missouri is about to issue permanent layoff notices to more than 90 workers. It comes from SMBC which says that they are winding down and closing their digital bank, JeniusBank. It says the following:

"Company will be undertaking a permanent mass layoff. The mass layoff is due to the decision of the Company to wind down and close JeniusBank, its digital banking unit. The affected employees are being informed today that their employment will be terminated at the end of the 60-day notice period, i.e., on or around August 3, 2026."

The total number of employees listed on the WARN notice include 91 workers covering a variety of positions and departments. It appears to me that the total number laid off include not just employees in Missouri, but those across other states as well. Their statement says they notified each state where they have affected employees which does include Missouri. I believe the workers being let go worked remotely and not in a brick and mortar institution.