Textbook example of destructive effects of poor leadership. Avoid. - Senior Software Engineers Banked Employee Review

1.0
Dec 12, 2025
Recommend
CEO approval
Business Outlook

Pros

Major expansion after Series-A funding led to some great hires below C-level and initially, self-organized productive, teams. Some of the good staff are still there in spite of poor management and increasingly toxic culture.

Cons

After funding, C-level lost interest, product goals were lost and money was blown on vanity side projects and a poorly conceived explosion from a functional, focussed monolith to a sprawling coupled microservices 'architecture'. Since then, shoot-the-messenger, bullying culture, layoffs and low-confidence in leadership has resulted in teams led by yes-people, with most remaining staff regularly scrolling the job boards. - Arrogant, incompetent, reactive leadership. In one case a team was hired then laid off in the space of a couple of months. - Direction shaped by a handful of 'clever' back-end engineers with little product experience and poor leadership skills - Disdain for loyal staff - regular layoffs and misleading promises - Pathological, low-trust culture based on scapegoating and messenger-shooting - loyal productive employees put on PIPs.

Explore other reviews about Banked

1.0
May 31, 2025
Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

Nothing. Worst company ever. You may get some swag.

Cons

They will lay you off at the blink of an eye. Do not trust these people.

4
2.0
Feb 6, 2024
Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

Good product, nice culture, and friendly hard working people. Great place to work but for the gross financial mismanagement that resulted in a lay off of 30% of the workforce in January 2024. It's a shame that so many people lost their jobs either due to the CFO and cofounders incompetence, or questionable morals. Not sure the company will survive unless they magically get more funding.

Cons

Not a stable place whatsoever. Layoffs of varying scales seem to be the norm.

9
avatar
Banked Response
2y
Thank you for taking the time to share your thoughts and concerns. It is important for us to hear and we appreciate all feedback, as it helps us reflect and make improvements where needed. We understand that the impact of layoffs can be incredibly challenging. While we cannot change the past, we want to assure you that we take feedback like yours seriously. We are continuously working to refine our processes and provide support to our employees during periods of transition. As a company, we strive to navigate such circumstances with empathy and fairness, while also ensuring the long-term sustainability and success of our business. The difficult changes that we have made are necessary to align our organization to match our strategic priorities, and those of our clients and partners. We are thankful for the many contributions of our former teammates and energized to push forward and continue to build on the exciting opportunities ahead for Banked. If you wish to discuss your experience in more detail, please do not hesitate to reach out to our People Team. Thank you again for sharing your thoughts, and we wish you the very best in your future endeavors.
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