Uber And Citi To Lay Off Employees Over Business Slowdown Concerns

In an email to its employees on Monday, CEO of Uber Technologies Inc, Dara Khosrowshahi, informed of the company's plan to dismiss 400 employees. The email reviewed by Bloomberg, addressed the rail-hailing company's concerns over a slowdown in business and said that it was decided to cut a third of its marketing department globally.

Uber went public in the month of May but is currently trading below its issue price, thus, facing pressure from its investors for heavy losses.

Another Bloomberg report citing sources said that Citigroup Inc is also preparing to layoff hundreds of its employees after facing its lowest first-half trading revenue in over a decade as clients are spooked by global trade war and volatility in asset prices. The firm is likely to cut jobs in its fixed-income and stock trading businesses over the year 2019.

As trading revenues of large banks fall, many players are seen firing its workforce. Earlier this month, Deutsche Bank made 18,000 job cuts. HSBC Holdings Plc and Societe Generale SA also laid off hundreds of employees.

Handing pink slips to cut costs appears to have been showing signs of escalation in the global economic slowdown that has been a growing concern this year.