Get all the latest & greatest posts delivered straight to your inbox, Report: Salesforce Set To Lay Off As Many As 2,500 Employees, Salesforce will be laying off a couple thousand employees, Lyft and Stripe Both Lay Off Hundreds of Employees, Citing Economy [SFist], Well, Well, Well, Twitter Has Reinstated Its Longstanding Policy Against Violent Speech, John Oliver Goes After SF-Based OpenAI and Its ChatGPT Product: The George Santos of Technology, Elon Musk Lays Off 200 More Hardcore Twitter Employees; Also He Was Weirdly Quick To Defend Dilbert Cartoonist. The first two came on Jan. 26 and March 29 and accounted for 100 and 450 employees, respectively. Salesforce said Wednesday that it will cut approximately 10% of its workforce and reduce its real estate footprint, making it the latest tech company to slash expenses as broader economic uncertainty continues to hit Silicon Valley particularly hard. Layoffs kill people, literally. Two other activists, ValueAct and Inclusive Capital, are also operating inside the company. Salesforce declined ABC News' request for comment on how many people would be affected by the layoffs, but a company spokesperson confirmed in a statement that it was "eliminating some positions. Oracle and Salesforce join Intel and 88 as the latest channel businesses to cut workers.. Analysts say that Salesforce, Microsoft, and other business-oriented tech companies are staring down the barrel of customers cutting their IT budgets. "Here we're seeing companies downgrade, audit licenses, and effectively 'right size' their cloud infra plans - Amazon is proactively working with their clients.". Twitter: 3,700. The company plans to lay off a large number of individuals, roughly 2,000 people or more, for performance issues, according to both an industry source and a former employee. The site adds that the layoffs are likely to happen before the Thanksgiving holiday. But a source tells the site that the layoffs are happening in groups, with several hundred employees being told they are being placed on 30-day performance reviews, and might be let go after that review concludes. "With Q3 earnings season in the rear-view mirror, investors are still questioning what next year looks like and with only a handful of companies guiding to next year, 2023 is largely an unknown," RBC analysts wrote. March 2, 2023 at 10:23 a.m. One of the attendees told CNBC that Benioff said the lack of productivity was largely from new account executives. That includes thousand of the companys employees being laid off in the last few days. Sign up for free newsletters and get more CNBC delivered to your inbox. Jim Cramer says more tech layoffs are coming after Salesforce cuts 10% of its headcount, ways to make new staffers more productive. Benioff said employees being released will receive nearly five months of pay, health insurance, career resources and other benefits. Copyright 2023 InvestorPlace Media, LLC. - Salesforce. Turn on desktop notifications for breaking stories about interest? The company is looking to cut 10% of its workforce. Kyodo via Newscom, FILE Do Not Sell or Share My Personal Information. The 10% cut, which began a brutal January of tech layoff announcements, will eventually leave about 7,000 people out of work. Unlike some tech companies, there are adults in the room at Salesforce. By clicking Sign up, you agree to receive marketing emails from Insider Got a tip or thoughts about the cloud sector? Amazon has recently taken out an $8 billion loan to use for "general purposes" as the company's. Salesforce is preparing for a major round of layoffs that could affect as many as 2,500 workers across the software vendor, according to Protocol. It seems likely that department could take a big hit. Access your favorite topics in a personalized feed while you're on the go. On Aug. 27, Salesforce announced it would lay off around 1,000 employees. In San Francisco, Thursdays layoff round hit 258 workers, affecting sales and customer service, technology and product and general administration, according to a WARN notice obtained by SFGATE. Investors are mounting big bets against these 2 A.I. The San Francisco cloud computing software company will also be closing some offices, according to a regulatory filing Wednesday. 1125 N. Charles St, Baltimore, MD 21201. Instead, these Salesforce layoffs are part of those that were announced back at the start of January. However, Salesforce's recent layoffs are a sign that even platforms may not be considered as mission-critical as they were a year ago. Benioff has also been a vocal advocate for "stakeholder capitalism," a model meant to prioritize the needs of not just shareholders in a company but all stakeholders, including employees. Last year saw the tech giants take massive cuts to their public and private valuations, as investors suddenly grew fearful of Silicon Valley's chances to thrive in what could turn out to be a massive recession. (The 1,000 job losses occurred 155 days after that pledge was made.) Salesforce's layoffs this week are a sign that things will likely get worse in 2023. Data is a real-time snapshot *Data is delayed at least 15 minutes. Salesforce: The company said it would lay off 10 percent of its staff, a decision that seemed to go against the professed commitment of its co-founder and chief executive, Marc Benioff, to its. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Sign up below to get this incredible offer! Get this delivered to your inbox, and more info about our products and services. Lorem ipsum dolor sit amet, consectetur adipiscing elit. (PR pitches by email only, please.). The billionaire Salesforce CEO watched as rising interest rates, stubborn inflation, and slowing tech spending pushed shares of his cloud computing giant down nearly 60% from their November 2021. Salesforce prepares layoffs as company readies for Q3 earnings. Key Points Right after Salesforce said it's eliminating 10% of jobs, co-CEO Marc Benioff told employees that more cuts need to be made. Heres how it works. So far, Oracle Cloud, Salesforce, SADA and Tencent all have enacted cloud layoffs. In an Investor Day presentation last month, CFO Amy Weaver said the company is seeking greater profitability, as it aims to reach a 25% operating margin by 2026. New York, WATCH: Jim Cramer says more tech layoffs are coming after Salesforce cuts 10% of its headcount. Salesforce's stock has risen 25% since the firm announced layoffs in January. In Ireland, 200 of the firms 2,100 employees received their notices Thursday, according to the Irish Independent. Salesforce Co-Chief Executive . The company has seen its revenue growth decelerate, it's lost top executives like former co-CEO Bret Taylor, and it's still grappling with fully integrating mega-mergers like its $27.7 billion Slack purchase (whose founder also just left Salesforce). Layoffs.fyi data shows the U.S. tech companies that trimmed the most jobs last year include: Meta: 11,000. Get the latest posts delivered right to your inbox. ICE Limitations. It reaped massive profits in its most recent quarter: more than $16 billion during the three months ending in December. stocks, Salesforce results give CEO Benioff breathing room', Fast Money trader Steve Grasso said, Is ChatGPT the tip of the iceberg? Analysts say. But there is a bigger trend at play. Cloud companies took a hit in 2022 and saw massive cuts in public and private valuations. And if you want to get deep into the reeds, Protocol has the details of some active investor drama that may or may not be driving these layoffs. Salesforce plans to lay off 2,500 employees or more, for "performance" issues, Protocol reported citing people in the know. The company anticipates $1.4 billion to $2.1 billion in charges related to its plan. Google layoffs: Google to lay off 12,000 employees, the latest tech giant to cut thousands of jobs. The same is true at Redfin ( 13% ), Lyft ( 13% ), Stripe ( 14% ), Snap ( 20% ), Opendoor ( 18% ), Meta ( 13% ), and Twitter ( 50% ). JUNE 29, 2022 view archives World Tour NYC NEW YORK, NY JUNE 23, 2022 . Salesforce isnt the only company facing challenges from economic headwinds as it enters 2023. But by Thanksgiving, there may fewer of those adults in the room, Related: Lyft and Stripe Both Lay Off Hundreds of Employees, Citing Economy [SFist]. McConaughey has worked . Salesforce (NYSE: CRM) stock is on the minds of investors Friday as they react to reports of layoffs and a hiring freeze at the U.S. cloud company. Amazon: 10,000. Investors seeking out more of the latest stock market news will want to keep reading! Michael Burry Is Betting Big on These 2 AI Stocks, Cathie Wood Is Betting Big on These 5 AI Stocks, Why Hudson Bay May Not Be Able to Save Bed Bath & Beyond (BBBY) Stock, Salesforce Layoffs 2023: What to Know as CRM Cuts Jobs. Marc Benioff, Salesforce's chair and co-CEO, announced in a later to employees the company would be laying off 10% of its workforce. Even as Salesforce joined the tech carnage, laying off thousands of workers and struggling to cut costs, it has been paying Oscar-winning actor Matthew McConaughey $10 . The company is one of the largest providers of mobile telephone services and the largest provider of fixed telephone services in the United States. The company announced job cuts Wednesday and added $60 billion to its valuation. Analysts reveal potential A.I. Layoff posts flooded LinkedIn from across the country and around San Francisco on Thursday morning, as workers bid adieu to their Salesforce ohana and placed #opentowork filters on their profiles. The San Francisco . The news of Salesforce job cuts is a mixed bag. Live election results are already pouring in, Dr. Peter Chin-Hong says go ahead and have Thanksgiving with your vaccinated family, and the Lake Tahoe ski resorts will indeed open for your shredding pleasure this weekend. Salesforce has been under pressure to cut costs from activist investors. He is also passionate about cars and the electrification of personal transportation. Salesforce layoffs - 10% of company 5 months pay + health insurance. ", "We're reallocating resources to position the company for continued growth," the spokesperson said. Jan 4 (Reuters) - Salesforce Inc (CRM.N) said it plans to cut jobs by 10% and close some offices, after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown. The San Francisco-based cloud software company is being reticent about the cuts but said it would shed under 1,000 workers, per TechCrunch. Future US, Inc. Full 7th Floor, 130 West 42nd Street, AT&T Inc. is a large multinational telecommunications conglomerate with the main office located in Dallas, Texas. Tech companies are shrinking their workforce for the first time in years as they reckon with slowing growth, rising interest rates and a potential recession. For the big cloud infrastructure vendors, that means more customers will adopt a multi-cloud strategy to lower costs, they wrote. As of now, the guidance for 2022 is simply to slow hiring with limits put on specific open headcount but at the pace they're recruiting, this still means net employee headcount growth for 2022-2023. Lakshmi Varanasi. Got a confidential news tip? Salesforce, which makes cloud-based business software, laid off some of its employees last week, CNBC reported. March 1, 2023, 11:18 AM UTC. CEO Marc Benioff called it "one of the best quarters in Salesforce's history. Salesforce: Cut hundreds of employees Enterprise software company Salesforce cut hundreds of workers last week, TechCrunch reported. Salesforce's layoffs this week are a sign that things will likely get worse in 2023. Amazon has recently taken out an $8 billion loan to use for general purposes as the companys value continues to drop and speculations of job cutbacks seeing 10,000 at risk draw nearer. The cloud . They're family. Our coverage today includes whats moving shares of Desktop Metal(NYSE:DM), Gaucho Group(NASDAQ:VINO), and Sidus Space(NASDAQ:SIDU) stock. At that time, the company said it intended to lay off about 7,000 employees, or 10% of its workforce. Much like Freddy Krueger, that nightmare is now becoming a reality: Salesforce, the cloud software company that less than a year ago was boasting of its ability to survive a market downturn, announced on Wednesday that it's cutting 10% of its staff representing about 7,000 jobs and closing some of its offices. Days later, Slack CEO Stewart Butterfield and Tableau CEO Mark Nelson said they would leave. ", Salesforce has confirmed to ABC News that the software firm is planning to eliminate jobs soon after reporting what CEO Marc Benioff called "one of the best quarters in Salesforce's history.". "This includes continuing to hire and redirecting some employees to fuel our strategic areas, and eliminating some positions that no longer map to our business priorities.". That individual didn't know how many people would be affected. Source: Sundry Photography / Shutterstock.com. Oracle has pink-slipped hundreds of employees in the latest round of layoffs by the database management company.. Cloud companies took a hit in 2022 and saw massive cuts in public and private valuations. Joe Kukura is an SFist staff asst. It's possible some of those laid off may find other roles with Salesforce, the spokesperson added. / CBS/AP. After several disappointing earnings reports coming from cloud computing providers, and in the wider tech space, job losses have begun. In an internal letter to staff, Salesforce co-Chief Executive, Marc Benioff, explained, the environment remains challenging and our customers are taking a more measured approach to their purchasing decisions.. About half of Salesforce account executives brought in more than 95% of deals, he told the employees, according to two people who attended by video. First major layoffs of 2023 come from Salesforce. Its workforce more than doubled between then and 2021. Copyright uses and the stocks to play it. Find out more about how we use your personal data in our privacy policy and cookie policy. Several hundred employees had already been made redundant in November 2022. Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. Copyright 2023 CBS Interactive Inc. All rights reserved. For the optimistic, or the proactive, this may come as an opportunity to change careers. We, TechCrunch, are part of the Yahoo family of brands. Contact this reporter via email atpzaveri@insider.comor Signal at 925-364-4258. By William White, InvestorPlace Writer Feb 3, 2023, 10:12 am EST. quotes delayed at least 15 minutes, all others at least 20 minutes. Why Is Sidus Space (NASDAQ:SIDU) Stock Up 15% Today? In his letter Wednesday, Benioff said impacted employees in the United States will "receive a minimum of nearly five months of pay, health insurance, career resources, and other benefits to help with their transition." "I've been thinking a lot about how we came to this moment," Benioff wrote. He's slated to leave at the end of January. Nasdaq The. CEO Marc Benioff said in a letter to employees, "We hired too many people" during the pandemic. On Friday, the company announced it was bringing on three new members to its board of directors, which was likely a nod to the activists, who like to have board representation as part of their strategy. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. These are part of its layoffs announced in . After a massive hiring spree in the first two years of the pandemic, industry . as well as other partner offers and accept our. > Laid-off tech workers are finding new jobs pretty quickly The company's second-quarter revenue of $5.15 billion was a 29% increase from a year ago, part of an earnings report that sent shares up 25% that day and created billions of dollars in shareholder value. Salesforce will cut about 10% of its workforce and reduce its real estate holdings, according to a regulatory filing on Jan. 4. salesforce Salesforce hit with layoffs and a new hiring freeze Salesforce last laid off employees in August 2020 after announcing, at the time, record quarterly revenue. The news also comes just months after Benioff made headlines when he pledged early on into the pandemic, on March 25, that there would be no "significant" layoffs over the next 90 days and urged his workers to keep paying "their own personal hourly workers like housekeepers & dog walkers.". For software vendors, any company that's offering a single tool versus a platform is likely to see cuts, RBC said. Legal Statement. That said, it'll get worse before it gets better. 2023 InvestorPlace Media, LLC. How is Salesforce stock performing in 2022? According to an SF Standard report in March, only about 10,600 of Salesforces global workforce of 74,000 works in San Francisco. BioSpace Layoff Tracker 2022: Axcella Therapeutics, TherapeuticsMD, Instil Bio and More Cull Staff. Snapchat mass layoffs. Salesforce has announced a restructuring plan that could see the software giant lay off 10% of its workers in a bid to save money. During last years Dreamforce, Benioff suggested that Salesforce would be impacted by some level of normalization after seeing significant customer demand and growth in the early days of the pandemic. On Wednesday, the Wall Street Journal reported that around 1,000 employees would be affected by the job cuts, citing an anonymous source with knowledge of the plan. Ultimately, analysts said companies are bracing themselves for a bad start to 2023. Salesforce Inc said it plans to cut jobs by 10 per cent and close some offices, after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown. On one hand, Salesforce already had a much smaller round of layoffs (90-ish) earlier this year, so this is not unprecedented. The news: Salesforce laid off hundreds of employees last week as the tech industry continues its fall from grace. Salesforce isn't the only company facing challenges from economic headwinds as it enters 2023. The rush to remote working at the beginning of the pandemic meant companies purchased tons of new cloud software tools. Approximately $800 million to $1 billion in charges are expected to occur in its fiscal fourth quarter. Jan 4. "One of our core values is trust," Benioff said, according to one of the attendees. Its enterprise applications are used by more than 150,000 companies large. US cloud-based software company Salesforce has laid off hundreds of employees. In addition, Salesforce reportedly laid off workers recently and has implemented a hiring freeze through January. Approximately 1,500 jobs of the bank's total reported. A Salesforce spokesperson confirmed to SFGATE that Thursdays layoffs were part of the round announced in January. The analyst added that the company "clearly overbuilt out its organization over the past few years along with the rest of the tech sector. Right now, IT executives are reevaluating all the new technology they invested in during the last two years. Salesforce said Wednesday that it will cut approximately 10% of its workforce and reduce its real estate footprint, making it the latest tech company to slash expenses as broader economic. The. Salesforce is cutting 10% of its global workforce, equating to around 8,000 jobs which will be lost. Cloud companies took a hit in 2022 and saw massive cuts in public and private valuations. Salesforce said Wednesday that it will cut approximately 10% of its workforce and reduce its real estate footprint, making it the latest tech company to slash expenses as broader economic. The move comes as the company is expected to announce more than $80 billion in revenue in 2021 on strong sales of the COVID-19 vaccine it developed with Germany's BioNTech SE. On the other hand, if Salesforce is going to curiously claim that thousands of employees had performance issues, that could be a dodge on paying them severance. Photo: Salesforce Joe Williams October 12, 2022 Amazon is also cutting a much higher number of employees than originally planned . A current Salesforce employee confirmed to ABC News on the condition of anonymity that some layoffs were happening and that the announcement was a shock to many. Marc Benioff, co-chief executive officer of Salesforce.com Inc., between panel sessions on day two of the World Economic Forum in Davos, Switzerland, on May 24, 2022. Carvana: 4,000. Some of todays announcements are hitting in Europe, with the Irish Independent reporting that 200 of 2,100 Irish employees were laid off today, fitting in with that 10% target. He has covered technology and business for The Information, The Wall Street Journal, CNBC and CalMatters, where his reporting won a San Francisco Press Club award. Just last week Elliott Management announced it had takena multibillion-dollar investment in Salesforce. In the leadup to Christmas, CNBC (opens in new tab) reported that Benioff had asked employees on the company Slack channel why newer recruits were working less productively, while 2021 saw the company promise workers that they could work from home or assume a hybrid working routing if they chose to do so. These are part of its layoffs announced in January. A spokesperson for Salesforce would not comment on how many jobs will be lost, but the Wall Street Journal has reported that more than 1,000 jobs will be lost by 2022. 10.6K 47 84. Business Microsoft slashes 10,000 jobs, the latest in a wave of layoffs. Salesforce's layoffs this week are a sign that things will likely get worse in 2023. In an interview with CNBC shortly after reporting quarterly earnings, Benioff said: "This is a victory for stakeholder capitalism because I think, you know, that we did a great job for our shareholders this quarter, but we also did a great job for our stakeholders, as well. See inside for details on which companies are reducing staff to increase cash flow. January 4, 2023 / 9:29 AM Weather | Father and two girls stranded in snowstorm for 13 hoursNews | New report shows thousands of workers have left downtown SFLocal | Bald eagles nesting at Bay Area golf course could lay eggs 'any day now'Tahoe | How much snow did Tahoe get? Cloud News Salesforce To Lay Off Hundreds Wade Tyler Millward November 08, 2022, 05:41 PM EST Article printed from InvestorPlace Media, https://investorplace.com/2023/02/salesforce-layoffs-2023-what-to-know-as-crm-cuts-jobs/. Tableau's 2022 revenue came in at $2.1 billion, up 9% from 2021. . Now that the pandemic has died down, companies are cutting jobs as demand decreases. Salesforce is facing questions from investors over its future growth potential. Salesforce (NYSE: CRM) stock is on the minds of investors Friday as they react to reports of layoffs and a hiring freeze at the U.S. cloud company. Salesforce didn't immediately respond to a request for comment. Those outside the United States "will receive a similar level of support," Benioff wrote. Shares of Salesforce rose more than 3% before the opening bell. According to reports, the company has laid. Insider reported Thursday that 4,000 people vanished from Salesforces Slack channel over the past two days, a tally that may include contractors. The breadth of the layoffs this year is breathtaking, affecting every part of the tech sector from farming robots and cryptocurrency to social media and semi-autonomous vehicles. On Jan. 13, Reuters reported that the Bank of New York Mellon Corp (BK.N) is planning to cut around 3% of its workforce in the year ahead. by Joe Panettieri Oct 13, 2022. Salesforce has reportedly been paying Matthew McConaughey $10 million a year to act as a 'creative adviser' despite laying off 8,000 employees last month. The corporate software company blamed the layoff rounds, originally announced on Jan. 4, on overhiring during the pandemic. All of the drama has had employees waiting for the other shoe to drop for some time now, as Insider has previously reported. As tech stocks have tanked and business-to-business sales have slowed, Salesforce has cut back on the added workforce. All rights reserved. Shares of Salesforce were up more than 3% in early trading Wednesday following the announcement. There will be some inevitable moaning about how this hurts downtown SF, but most of these layoffs are likely to hit elsewhere geographically. Salesforce Layoffs. In a letter to employees announcing the job cuts, Marc Benioff, Salesforce's chair and co-CEO, admitted to growing headcount too much earlier in the pandemic and said most of the job cuts will take place over the coming weeks. Powered and implemented by FactSet. Blind has 3M+ employees talking about culture, salaries, benefits, interviews, layoffs, and more. It's not all bad news: Analysts at Bernstein reckon that "cloud should be the most defensive segment of Big Tech" even amid all these macro trends, given that companies are unlikely to completely abandon their reliance on the major platform providers even in a worst-case economic scenario. These are part of the reductions we announced in January, a company spokesperson told TechCrunch. That includes $1 billion to $1.4 billion in charges tied to employee transition, severance payments, employee benefits, and stock-based compensation. Discovery Company. In their haste to sign up for new subscriptions and licenses to apps like Zoom or Notion, they didn't always take the time to consider how those monthly per-user bills could add up. editor / reporter who has been published in almost every San Francisco publication, including Hoodline, SF Weekly, Thrillist, and Broke Ass Stuart. Gopuff, a consumer goods and food delivery company, had four rounds of layoffs this year. The rest were only a handful of publicly traded companies such as Lyft, Beyond Meat and Netflix, which undertook more than two layoffs over the span of the year. 1125 N. Charles St, Baltimore, MD 21201. Since the beginning of 2022, the IT industry has seen more than 1,100 salesforce layoffs, and more than 180,000 employees have lost their jobs.However, the wind of layoffs has not ended yet. WARN notices are mandated by the Worker Adjustment and Retraining Notification Act to notify employees of mass layoffs. Offer the compassion and love they and their families deserve and need now more than ever. . "CRM clearly is seeing headwinds in the field and thus is trying to quickly adjust to a softening demand environment," Wedbush analyst Dan Ives said in a report. Salesforce ( CRM) layoffs are in the news Friday following thousands of job cuts. Regardless, more people learned they are out of work today, joining the sad parade of tech employees being laid off in recent months. Stay up to date! Right after Salesforce said it's eliminating 10% of jobs, co-CEO Marc Benioff told employees that more cuts need to be made. The company's stock has dropped about 38% this year. Salesforce, the business software giant, said on Wednesday that it planned to lay off 10 percent of its work force, or about 8,000 employees, and scale back office space because of . Salesforce sells cloud-based software designed to help businesses manage marketing campaigns, sales and customer service. Salesforce is just one of many tech companies thats adjusting its workforce following the pandemic. When Salesforce announced it was laying off 10% of its workforce last month, you might have assumed that meant that everyone who was affected was informed at that time. At the same time, the industry has been pummeled by a seemingly perfect storm of economic factors over the past year, including rising interest rates, looming recession fears and consumers and businesses rethinking expenses. The California-based drugmaker confirmed Wednesday that it is shrinking its workforce, "primarily in the U.S. sales force," as it pivots to upcoming drug launches and adopts pandemic-time digital. Facebook parent Meta last week shed thousands of jobs, while Amazon reportedly is about to cut 10,000 employees (go to the . Salesforce, the titanic San Francisco corporate software company, is conducting layoffs a first this year for the tech behemoth. During Thursday's meeting, Benioff expressed frustration about media reports that surfaced regarding his comments. At the beginning of the pandemic, CEO Marc Benioff committed to making no "significant" layoffs for 90 days. The Salesforce layoffs involved roughly 90 contract workers a fraction of the company's 73,000 person workforce, Protocol reported.The bigger issue may involve a Salesforce hiring freeze that . The software company had about 80,000 employees. Snap Inc. has confirmed that the company will lay off 20% of its employee workforce, which accounts for approximately 1,300 people (September, 2022) The layoff news was confirmed by Snap spokesman on August 31st, 2022 noting the layoffs were in an attempt to bring down costs. BY Eleanor Pringle. The tech sector, which was initially buoyed by a sudden and intense pandemic-fueled shift to online services, has since had to confront consumers returning to their offline lives. On one hand, Salesforce already had a much smaller round of layoffs (90-ish) earlier this year, so this is not unprecedented. Analysts say Salesforce, Microsoft, and others will have customers cut cloud spend, slowing growth. He also took personal responsibility for the overhiring. Theres a seemingly much larger headcount reduction coming to Facebook, and in a very severe blow to downtown San Francisco, or at least its reputation and prestige, Protocol reports that Salesforce will be laying off a couple thousand employees in a process that apparently already started on Monday. Benioff said productivity is lacking from new salespeople.. On the other hand, if Salesforce is going to curiously claim that . Stephen Council is the tech reporter at SFGATE. The company estimates that the plan will likely cost between $1.4 billion and $2.1 billion, about $800 million to $1 billion of which shall be incurred during the fiscal fourth quarter. 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