WeWork is cutting costs for Christmas. And nowhere is it cutting them more than in Manhattan's finance district.
According to a filing with the New York Department of Labor today, WeWork plans to cut 898 employees in New York on February 21st 2020. Over a quarter of the cuts (249) will come at the company's premises on 85 Broad Street, offices which were previously occupied by Goldman Sachs.
WeWork announced last month that it plans to cut 2,400 jobs globally, or almost 20% of its global work force. The company has, needless to say, been struggling after reporting a $1.25bn in the third quarter, losing its CEO and cancelling an IPO which was supposed to make its founder/CEO and investors very rich indeed.
WeWork pitches its 85 Broad Street office as a co-working space in the financial district, near New York Stock Exchange in Lower Manhattan. Individual offices there start at $840 a month.
The remaining 649 layoffs are dotted around WeWork's other offices in New York City, with the next largest number happening at Broadway (69) and Hudson Street (32). 260 of those cuts will be offered "transitional jobs" at third party vendors.
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