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WeWork plans to lay off 4,000 staff - FT

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WeWork plans to lay off 4,000 staff - FT
FILE PHOTO: A WeWork logo is pictured in the Manhattan borough of New York City, New York, U.S., October 4, 2019. REUTERS/Carlo Allegri   -   Copyright  CARLO ALLEGRI(Reuters)
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(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)

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