The Business Times
business-time-50
SUBSCRIBERS

Grab’s mega layoffs send chill over company, but analysts upbeat on direction

google-preferred-sourceAdd BT as a preferred source

Claudia Chong ,

Benjamin Cher ,

Wu Xinyi &

Bernadette Toh

Published Wed, Jun 21, 2023 · 11:01 PM
    • Grab's latest round of retrenchment has cast a pall over those left behind, while those who lost their jobs have seen the community rally around them, some with job offers.
    • Grab's latest round of retrenchment has cast a pall over those left behind, while those who lost their jobs have seen the community rally around them, some with job offers. PHOTO: BT FILE

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    THE mood was sombre on Wednesday morning (Jun 21) as Grab employees – survivors of its mass layoffs – logged into a virtual company-wide town hall.

    At the top of their minds was a question bugging them since the night before, when their chief executive Anthony Tan announced Grab was letting over 1,000 people go: will there be a second wave of retrenchments?

    Tan avoided giving a straight answer, said one source who was present at the meeting.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    GrabTech layoffs

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    Malaysia Madani, or Civil Malaysia, is Prime Minister Anwar Ibrahim's slogan encapsulating positive values (such as humanity and strong governance) that would shape policy direction. But the "corporate mafia" claims have now cast the spotlight on governance credibility.

    From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?

    While residential property has delivered solid gains, observers say other assets such as equities often outpace it over the longer term.

    Higher costs, lower returns: Why are Singaporeans still betting on real estate?

    Malaysia ranks 23rd globally on the Milken Institute’s global opportunity index.

    South-east Asian markets account for 8.8% of global capital inflows from 2021 to 2024: report

    Eu Yan Sang group chairman Richard Eu has been with the company since 1989 and has seen plenty of change over the years, such as how employees view their jobs.

    Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More