WeWork said on Thursday it is laying off around 2,400 employees globally, as the...
NEW YORK - WeWork said on Thursday it is laying off around 2,400 employees globally, as the office-sharing company seeks to drastically cut costs and stabilize its business after it transformed from a Wall Street darling into a pariah in a matter of weeks.
“This workforce reduction affects approximately 2,400 employees globally, who will receive severance, continued benefits, and other forms of assistance to aid in their career transition,” the New York-based company added. The departments affected by the layoffs include its architecture department, which has helped curate WeWork’s distinctive shared office spaces known for their modern design, according to one person familiar with the matter.
Under Neumann, WeWork had become bloated, was diversifying into all kinds of areas - including setting up a school and running apartment buildings - and was expanding at a breakneck speed without any clear route to profitability.WeWork is still facing a litany of issues, the latest being an investigation by the New York State Attorney General.
A WeWork employee, speaking on the condition of anonymity, said on Wednesday that some employees at its residential living business, WeLive, had been told Thursday would be their last day.
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