FaZe Banks lays off 110 employees in effort to keep company alive
Instagram: banksBanks says that FaZe Clan has already cut 110 employees and plans to shrink the company further during the rebrand.
In October 2023 GameSquare, the owners of Code Red Esports and Complexity Gaming, acquired FaZe Clan which put three of the original members back in a position of power. One of those members being Banks, who would become the CEO of FaZe Clan.
Banks shared his plans for rebranding FaZe Clan upon being appointed CEO, declaring that everyone within the organization was “fired” with his promotion. He has now confirmed on a podcast that he followed through on this statement, leading to a significant downsizing of the company.
FaZe Clan has moved from 140 employees to just 30 and Banks says that he ideally wants that number to go down to 10 in the future. But employees aren’t the only thing Banks is hoping to cut down on. An excess of content creators may also be on the chopping block.
“Us paying members to put FaZe in their name…that doesn’t work. It’s whack, I want no part of that, it doesn’t do anything for either side,” said Banks during the podcast.
Members of the community agreed with Banks’ idea of shrinking the organization and bringing it back to its roots. With some comparing the strategy of Offline TV versus 100 Thieves.
“I get what he’s saying. Look at OTV, the reason why they’ve (somehow) been around for as long as they have is because they kept the roster small, close-knit, and everyone is on the same page like what he’s envisioning here. He wants FaZe to be more like them than 100T.” explained one commenter.
Despite FaZe Clan having several content creators under its brand, this might not be the case for long if Banks is serious about reducing the organization’s size. However, as of now, there hasn’t been a mass exodus of FaZe Clan creators.