Uber to cut 10% of workforce in bid to move 'simpler and faster'
Uber is cutting small teams by nearly half and allowing about 1% of its workforce to continue working remotely.
TL;DR
- Uber plans to cut 10% of its workforce.
- The goal is to simplify and accelerate operations.
- Management layers will be consolidated to trim costs.
- The company intends to increase investment in autonomous vehicles.
- Small teams with one to two reports will be cut by nearly half.
- Employees seven steps from the CEO will be reduced by 20%.
- About 1% of the workforce will be allowed to work remotely.
- Uber's shares rose nearly 2% following the announcement.