Meta is to cut hundreds of jobs in London and scrap Instagram’s hub in the city as part of widespread cost-cutting measures as the social media giant wrestles with a slump in advertising revenues amid harsher economic conditions.
The firm will sack as many as 687 staff, representing around 10% of the workforce, according to reports in the Financial Times. As many as 250 London-based roles at Instagram will be axed. Staff at Instagram who have not been sacked are to be relocated back to the US, according to a report by Bloomberg. That includes Instagram boss Adam Mosseri, who moved to the UK last year to help build the app’s London team into a major global hub.
