Breaking News: Jenius Bank Reportedly Shutting Down, Leaving Employees and Customers in Limbo
In a shocking turn of events, Jenius Bank, the digital banking arm of Sumitomo Mitsui Banking Corp. (SMBC), appears to be closing its doors, according to multiple former employees who have come forward. But here’s where it gets controversial: While the bank has yet to issue an official statement, its sudden silence on social media and the abrupt layoffs have sparked widespread speculation. Is this a strategic retreat, or a sign of deeper issues within the digital banking sector?
Jenius Bank has not confirmed the closure publicly, and SMBC representatives have remained tight-lipped. However, the evidence is mounting. On Thursday and Friday, several Jenius employees updated their LinkedIn profiles to indicate they were “open to work,” while others shared cryptic posts about receiving “tough” news. Adding fuel to the fire, Jenius’ X (formerly Twitter) account was deleted on Friday, and its LinkedIn page was scrubbed clean of all content. And this is the part most people miss: The sudden disappearance of its online presence has left customers and industry observers scrambling for answers.
Two former employees, speaking anonymously, confirmed the layoffs and revealed that Takeshi Okamoto, chair and CEO of Jenius’ legal entity SMBC Manubank, announced the shutdown during a virtual all-hands meeting on Thursday. The meeting, which lasted approximately 10 minutes, outlined the next steps: employees would receive an email at their personal accounts if they were being let go, or at their work emails if they were part of a transition team.
One employee described being abruptly locked out of her Microsoft Teams and Outlook accounts immediately after a team meeting to discuss next steps. Another reported losing access to his work programs just two minutes after the all-hands meeting concluded. The question on everyone’s mind: Why now? According to one employee, Okamoto cited “market performance” as a key factor, noting that Jenius had not yet achieved profitability and was falling short of SMBC’s expectations.
When asked about the bank’s operations, an employee admitted, “There were a lot of dedicated people working hard, but the overall culture at Jenius felt like ‘over promise, under deliver.’ They just couldn’t seem to get it right.” She added, “We all thought the meeting would be about trimming the fat, but it turned out to be much more drastic.”
For one employee hired less than six months ago, the news felt like a betrayal. “I was told Jenius was planning to double its workforce and launch big new products. I left a stable job to join what I thought was a promising venture backed by one of the world’s largest banks. Four months later, I’m being pushed out alongside so many others who were recently hired. It’s baffling how quickly they went from mass hiring to shutting down. This isn’t a small startup—it’s SMBC.”
Interestingly, an external customer service representative for Jenius denied the closure when contacted on Friday morning, claiming she had no knowledge of the situation. As of press time, Jenius has not publicly addressed the allegations.
Here’s the bigger question: Does Jenius’ downfall signal a broader challenge for digital banks in today’s competitive market? Or is this an isolated case of mismanagement? Share your thoughts in the comments—we want to hear from you!
