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Grab laying off 360 workers as COVID-19 saps demand

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ABS-CBN News

MANILA - Southeast Asian ride-hailing and payments firm Grab announced on Tuesday that is laying off 360 employees, or under 5 percent of its workforce as the COVID-19 crisis saps demand. In a note to employees, Grab co-founder and CEO Anthony Tan said that the pandemic will likely result in a prolonged recession and that the company needed to &quot;prepare for what may be a long recovery period.&quot;Tan said that the company has already cut back on discretionary spending, and implemented pay cuts for senior management, but still needed to get leaner &quot;in order to tackle the challenges of the post-pandemic economy.&quot;&quot;To achieve this, we will be sunsetting some non-core projects, consolidating functions for greater efficiency, and right-sizing teams to better match our changing business needs given the external environment,&quot; Tan said. Grab, whose headquarters are in Singapore, is Southeast Asia’s most valuable startup. It was last valued at $14 billion and is backed by Japan&#x27;s SoftBank Group. SoftBank&#x27;s profits plunged 99 percent last year. - With reports from Reuters

Southeast Asian ride-hailing and payments firm Grab announced on Tuesday that is laying off 360 employees, or under 5 percent of its workforce as the COVID-19 crisis saps demand.

Southeast Asian ride-hailing and payments firm Grab announced on Tuesday that is laying off 360 employees, or under 5 percent of its workforce as the COVID-19 crisis saps demand.