London neobank Starling is cutting 3% of its workforce as profits dip for a second year. It is simultaneously hiring AI engineers and expanding its Engine SaaS platform into the US.

Starling staff it would restructure its banking and tech operations as it leveraged AI in operations ahead of an influx of new projects.

The challenger bank, which employs more than 4,000 people, believes the cuts will allow it to launch products more quickly.