According to CEO Marc Benioff, cloud-based software firm Salesforce is looking to cut costs by $3-5 billion. This comes after the company announced plans to cut jobs by 10% and close some offices, citing a bloated workforce and economic slowdown. Benioff also hinted at the possibility of further layoffs, specifically citing a lack of productivity from new account executives.
The restructuring process will reportedly focus on real estate, as Benioff stated that the company needs a different level of office space than it had before the pandemic. Salesforce currently has 110 offices globally.