Japanese banking giant SMBC Group has decided to shut its US digital banking arm, Jenius Bank.
The closure will result in 161 job losses across the US, according to a WARN notice submitted in several states.
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“The mass layoff is being conducted throughout the entire United States and all affected employees’ separation from employment at the company will be permanent,” the notice read.
The affected roles include the division’s president and chief information officer.
Employment for impacted staff is expected to end on or around 10 March 2026, after a mandatory notice period.
The WARN notice states that employees will continue to receive their regular pay and benefits for 60 days following notification.
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By GlobalDataJenius Bank has not issued a public statement about the closure, and its website has not been updated to reflect the development.
Several individuals identifying themselves as Jenius employees have posted on LinkedIn saying they are now “open to work” because the bank is closing.
Jenius’ account on X has been removed, and its LinkedIn company page no longer displays any posts.
Jenius Bank is the digital banking arm of SMBC MANUBANK, a California state-chartered commercial bank wholly owned by SMBC Americas Holdings, part of SMBC Group.
SMBC launched Jenius in 2023 and appointed John Rosenfeld, founder and former president of Citizens Bank’s digital bank, to lead the business.
The digital bank offered high-yield savings accounts and personal loans. In its first year, it amassed more than $1bn in deposits and about $900m in personal loans, and it had outlined plans to introduce current (checking) accounts.
At the time, Rosenfeld said: “The overwhelming response to our savings product reaffirms our belief that consumers are increasingly seeking innovative banking solutions that offer convenience, security and competitive returns.
“We remain dedicated to empowering our customers on their financial journeys by leveraging consumer research to deliver stress-free products designed for their evolving needs.”
In February 2025, Rosenfeld discussed with Retail Banker International (RBI) editor Douglas Blakey ‘how to improve consumer trust in banking’.
