Economy

Cost cutting: 400 Uber employees lose job as company starts restructuring

Cost cutting: 400 Uber employees lose job as company starts restructuring”

Ride-hailing app Uber has moved to balance its books by slashing its global marketing team by approximately one-third, with 400 people losing their jobs in a bid to drain the red ink which threatens to submerge the business.

Uber CEO Dara Khosrowshahi echoed similar sentiments in his e-mail to employees, saying that many of their teams are too big which creates overlapping work, makes for unclear decision owners and can lead to mediocre results.

"Today, there's a general sense that while we've grown fast, we've slowed down", Khosrowshahi wrote in the email reviewed by Bloomberg. "So, put simply, we need to get our edge back".

After debuting in May at $45 for the initial public offering - translating to a market value of $82 billion - Uber shares went into reverse. The company has also seen three board members step down, along with its chief operating officer and chief marketing officer, according to the CNET. The San Francisco-based company and its hometown rival, Lyft Inc., are under pressure from investors for heavy losses.

More news: Slack is down for many users

The staff reduction represents about 1.6 percent of Uber staff globally.

Khosrowshahi installed Jill Hazelbaker to lead up marketing and public affairs in June.

Khosrowshahi has been rejigging the team and recently, the company announced the retirement of COO Barney Harford and Chief Marketing Officer Rebecca Messina. "I'm here to win a race that really, really matters".



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