Two of the world’s largest tech companies have begun to quietly eliminate jobs as they endeavor to cut costs.
Facebook owner Meta Platforms has begun reorganizing departments and giving impacted employees a limited time to apply for other in-house positions, The Wall Street Journal (WSJ) reported Wednesday (Sept. 21), citing unnamed sources.
Such a move manages to cut staff without resorting to mass layoffs, but these reductions could be the set-up to a wider series of cuts as Meta looks to lower costs by 10%, according to the report. Some savings will come from reducing overhead and consulting budgets, but most will come from job cuts.
Reached for comment, a Meta spokesperson referred PYMNTS to remarks by CEO Mark Zuckerberg on a recent earnings call.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.