Uber Technologies, Inc. (NYSE:UBER) announced on September 2 it will cut roughly 10% of its global corporate workforce, about 3,300 of its 34,000 employees, its largest layoffs since the pandemic, CNBC reported. CEO Dara Khosrowshahi told employees the changes are "designed to do two things: make Uber simpler and faster and create more capacity to invest in our future," including the company's previously announced plan to spend more than $10 billion on autonomous vehicles in the coming years. The cuts target organizational bloat specifically: teams of one or two direct reports will shrink by roughly half, and employees more than seven reporting layers from the CEO will be reduced by 20%.
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