SINGAPORE -- Singapore-based tech group Grab Holdings is cutting over 1,000 jobs, the company announced Tuesday, shedding 11% of its workforce in an effort to manage costs and remain competitive in a challenging business environment.
"I want to be clear that we are not doing this as a shortcut to profitability," CEO Anthony Tan wrote in a memo to staffers Tuesday night. "Over the past couple of years we've been consistent in managing costs tightly in all areas of our operations and on improving platform efficiency."
