“Grab” Cuts 360 Jobs to Fight the Economic Slowdown from the Coronavirus Outbreak

Grab Holdings Inc., the leading Singapore based ride-hailing company in Southeast Asia and backed by Softbank, announced a 5% cut of its employees (approx. 360 people) to reduce the expenses amid economic downturn, caused by the coronavirus outbreak.

 

CEO Anthony Tan stated that the company had to adjust to this challenge, in which Grab expected to eliminate some non-core projects, consolidate functions and reallocate staff to newer initiatives, like delivery. However, the company did not face capitalization issues.

Tan said that the situation has become clear that the pandemic will likely result in a prolonged recession and the company has to prepare for what may be a long recovery period, which means becoming leaner as an organization in order to tackle the challenges of the post-pandemic economy.