US tech company Salesforce, which employs more than 2,000 people in Ireland, has informed staff it will layoff around 10% of its workforce and close some offices as part of a cost-cutting restructuring plan.
Shares in the cloud software firm have nearly halved in value over the past year as part of a broader sell-off in tech stocks caused by rising interest rates and pessimism in the wider economy.
In a letter to staff, Salesforce co-CEO Marc Benioff cited the “challenging” environment and client belt-tightening for the cuts, and said the firm had “hired too many people” when growth accelerated during Covid-19.
Affected employees will be informed imminently and will be offered a “generous” severance package, including five months’ pay…
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