Meta, the owner of the world’s largest social network, Facebook, plans to cut hundreds of jobs in the British capital, London, in the company’s latest wave to cut spending in light of the continuing decline in advertising and the troubles facing the global economy, which is expected to negatively affect companies. big tech.
The British newspaper (Evening Standard) said in a report seen by “Al Arabiya Net” that the “Meta” company will cut hundreds of jobs in London, and will also cancel the (Instagram) center located in the British capital, as part of large-scale cost-cutting measures.
According to the report, the company will dismiss up to 687 employees, representing about 10% of the workforce, as up to 250 jobs in London within the “Instagram” center will be abolished, including the head of the center, Adam Mosseri, who moved to Britain last year. To help build the implementation team in London into a major global hub.
The layoffs campaign follows a decision taken by Meta, last month, to cut another 10,000 jobs and eliminate 5,000 vacancies.
Company chairman Mark Zuckerberg told employees he would begin restructuring plans that focus on leveling teams, canceling low-priority projects and reducing staffing rates.
“This is going to be tough and there is no way around it,” he said. “It will mean saying goodbye to the talented and motivated colleagues who have been part of our success.”
“At this point, I think we should prepare ourselves for the possibility that this new economic reality will continue for many years. Higher interest rates make the economy leaner, more geopolitical instability leads to more volatility, and increased regulation slows growth,” Zuckerberg added. and increase costs of innovation.
These job cuts come to join the 11,000 employees who were let go in November last year, amid restructuring aimed at reducing the company’s costs.