Grab plans biggest round of job cuts since pandemic: Bloomberg News
A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore, on March 21, 2019.
PHOTO: Reuters
PUBLISHED ONJune 20, 2023 8:36 AM
SINGAPORE - Singapore-based Grab Holdings is preparing its biggest round of job cuts since the pandemic, Bloomberg News reported on Tuesday (June 20), citing people familiar with the matter.
The layoffs are set to be announced as soon as this week and are likely to surpass a 2020 round that shrank staff by 5 per cent, or about 360 employees, the report added. Those layoffs were blamed on the economic impact of the pandemic.
Grab's media relations team declined to comment.
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Southeast Asia's leading ride-hailing and food delivery app had in February forecast upbeat 2023 revenue and pulled forward its profitability timeline. In September it said it had no plans to undertake mass layoffs despite the weak market.
But Grab's CEO told staff in December the company was freezing most hiring, payrises for senior managers, and cutting travel and expense budgets.
There were 11,934 staff at Grab as of end 2022, according to its latest annual report.
Grab currently operates in eight Southeast Asian countries, including Singapore, Indonesia and Thailand.