Salesforce aims to reduce its costs by as much as $3 billion to $5 billion, CEO Marc Benioff told insiders this week, as the cloud company slashes thousands of jobs from its payroll and dumps office spaces that have sat largely empty since the start of the pandemic.
The company announced it would be axing 10% of its staff on Wednesday in a sweeping cost-cutting measure that was described as part of an "ongoing commitment to profitable growth." During several all-hands meetings with employees on Thursday, Salesforce executives shared more details about the restructuring, including the aggressive, multi-billion dollar cost reduction target, which has not previously been reported.
