Meta, the owner of the world’s largest social network, Facebook, plans to slash hundreds of jobs in the British capital, London, in the company’s latest wave to cut spending in light of the continued decline in advertising and the problems surrounding afflict the global economy, which is expected to negatively impact big tech companies.
The British newspaper (Evening Standard) declared in a report seen by “Al Arabiya Net” that the company “Meta” will cut hundreds of jobs in London, and will also cancel the center (Instagram) located in the British capital, within the of cost-cutting measures on a large scale.
According to the report, the company will lay off up to 687 employees, representing about 10% of the workforce, as up to 250 London jobs within the ‘Instagram’ center are abolished, including the head of the centre, Adam Mosseri, who relocated to the UK last year to help transform the implementation team in London into a major global hub.
The layoff campaign follows a decision Meta made last month to cut another 10,000 jobs and eliminate 5,000 vacancies.
Company President Mark Zuckerberg told employees he would initiate restructuring plans focused on leveling teams, canceling low-priority projects and reducing staffing rates.
“It’s going to be tough and there’s no avoiding it,” he said, “it will mean saying goodbye to the talented and driven colleagues who have contributed to our success.”
“At this point, I think we should prepare ourselves for the possibility of this new economic reality continuing for many years. Higher interest rates make for a leaner economy, greater geopolitical instability leads to greater volatility, and increased regulation slows down growth,” Zuckerberg added. and increase the costs of innovation.
These job cuts come on top of the 11,000 employees who were laid off in November last year, as part of a restructuring aimed at reducing costs at the company.