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Uber to cut 10% of workforce in bid to move 'simpler and faster'
CNBC • • general
Key Points:
- Uber announced plans to cut 10% of its workforce to simplify management layers and reduce costs, aiming to make the company faster and more efficient.
- CEO Dara Khosrowshahi emphasized that the restructuring will create capacity for future investments, including over $10 billion committed to autonomous vehicles.
- The layoffs involve reducing small teams by nearly half and cutting employees seven levels away from the CEO by 20%, reflecting Uber's growth beyond its current organizational structure.
- The company is consolidating teams and focusing employees in hubs like New York and San Francisco, while allowing about 1% of staff to work remotely.
- Uber's shares rose nearly 2% following the announcement, and the cuts were not attributed to artificial intelligence trends affecting other tech firms.
