00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Uber is cutting about 3,300 jobs, or 10% of its global workforce, as part of a restructuring
00:09aimed at reducing management layers and shifting spending toward ride-sharing,
00:14delivery, and robo-taxes, according to Bloomberg. CEO Dara Khosrow-Shahi said the company will cut
00:20its number of managers by 20% and reduce teams with only one or two members. Uber will also
00:25streamline engineering, science, and delivery groups, and limit remote work to about 1%
00:30of employees. The company plans to reinvest savings into drivers, couriers, merchants,
00:36its core businesses, and autonomous vehicles. Uber has committed more than $10 billion to
00:41robo-taxi partnerships in the coming years. The layoffs will bring its workforce to just
00:46under 30,000 employees. For all things money, visit Benzinga.com.
