Singapore’s Grab Plans Biggest Job-Cut Round Since Pandemic
- Southeast Asia ride provider trying to reverse years of losses
- Stock is down 70% since debut amid stiff price competition
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Grab Holdings Ltd. is preparing its biggest round of layoffs since the pandemic, as the internet company faces stiffening competition in ride-hailing and meal delivery across Southeast Asia.
The reductions are set to be announced as soon as this week and are likely to surpass a 2020 round that shrank staff by 5%, or about 360 employees, according to people familiar with the matter. The final number is under discussion and could fluctuate as conditions change. Grab shares rose 2.3% in US premarket trading.