HSBC cuts thousands of jobs after profits plunge

New York (CNN Business)Expedia is cutting about 12% of its workforce after a “disappointing” 2019.

The company outlined its plan in a memo sent to employees, telling them that it intends to “reduce and eliminate certain projects, activities, teams, and roles to streamline and focus our organization.” An Expedia Group spokesperson shared a copy of the email with CNN Business.
The company said the number of layoffs have yet to be finalized and are “subject to consultation in countries where that would apply.”

    “Transitions like this are difficult as the impact is felt by teammates, colleagues, and friends we have known and partnered with through ups and downs,” the company said in its email. “For those who will be leaving, we thank you for your many contributions to Expedia Group and wish you safe travels as you find your next opportunity.”
    The move is only the latest shakeup for the travel company. In December, Expedia parted ways with CEO Mark Okerstrom and Chief Financial Officer Alan Pickerill after a major disagreement between the board and senior management.

    Earlier in 2019, Expedia sought to unite its family of brands, which includes a variety of well-known travel websites including Orbitz, and Vrbo. But Barry Diller, chairman of Expedia’s board, said in a regulatory filing that the strategy failed.
    Diller trashed Expedia’s corporate culture during its most recent earnings call.
    “Amazon was all work and no life, and at Expedia, it was all life and no work,” he said in a comparison to a fellow Seattle-based company. “That is not damning our employees. But for several years, we really lost clarity and discipline. So we’re changing a great deal.”
    He also said that Expedia has become “sclerotic and bloated” and it needed to stop “doing dumb things” and, instead, do “good things.”

      Expedia (EXPE) closed down more than 6% in New York on Monday.
      – CNN Business’ Jordan Valinsky contributed to this report.
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