(Reuters) – Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan’s SoftBank Group <9984.T> after it took control of the company this week, Financial Times reported on Wednesday.
The job cut will amount to just under a third of WeWork’s global workforce, and about 1,000 of the cuts will hit employees such as janitorial staff, the report said https://www.ft.com/content/ffa49378-f5b4-11e9-a79c-bc9acae3b654, citing people with direct knowledge of the plans.
SoftBank agreed to spend more than $10 billion (£7.76 billion) to take over WeWork on Tuesday, giving a near $1.7 billion payoff to the startup’s co-founder Adam Neumann to relinquish control.
WeWork was not immediately available for comment.
(Reporting by C Nivedita in Bengaluru; Editing by Shailesh Kuber)