Grab to Cut 5% of Employees in Another Setback for SoftBank
- Southeast Asia’s biggest startup notifying staff of cuts today
- The firings are latest sign of trouble at SoftBank startups
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Grab Holdings Inc., the leading ride-hailing company in Southeast Asia, said it will cut 360 employees, or just under 5% of its total, as it reduces expenses to deal with an economic downturn and slow recovery from the coronavirus pandemic.
Chief Executive Officer Anthony Tan said the virus has had a broad impact on businesses and the economy, and it is taking steps to adjust to the challenges. In addition to the job cuts, the Singapore-based company plans to eliminate some non-core projects, consolidate functions and reallocate staff to newer initiatives, like delivery.