Dive Brief:

• Salesforce leadership announced on Wednesday that it will be laying off 10% of its approximately 80,000-strong workforce. CEO Marc Benioff cited a pandemic hiring boom — as well as more cautious client spending — as the reason for reductions in a Jan. 4 letter to Salesforce employees.
• “I’ve been thinking a lot about how we came to this moment. As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that,” Benioff wrote.
• Per Salesforce’s U.S. Securities and Exchange Commission filing, also made on Jan. 4, layoffs are projected to be finished by the end of FY 2024.

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