Salesforce CEO calls coming job cuts ‘part of running business in a successful way’

Salesforce (CRM), coming off a massive second quarter and poised to be added to the Dow Jones Industrial Average, is like all other businesses operating in a pandemic — having to make “difficult decisions” like cutting headcount, CEO Mark Benioff told Yahoo Finance.

The billionaire explained that job cuts, especially during a pandemic, is part of running a successful business. According to The Wall Street Journal, Salesforce is eliminating around 1,000 jobs, with the impacted workers given 60 days to find new positions within the company.

The move comes at a time when joblessness is at its highest levels in years. Yet with 54,000 employees, the job cuts account for less than 2% of the total headcount. Typically, Salesforce looks at “rebalancing five to 10%” of its employees each year, Benioff explained on Wednesday.

“It’s part of running our business in a successful way. And that

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China calls on banks to give up US$212 billion in profits to finance cheap business lending

China’s government is reaching beyond its monetary policy tool box to free up capital and direct funds towards the nation’s cash-starved businesses to help the economy claw its way out of its worst slump in four decades.

The government has called on banks to sacrifice as much as 1.5 trillion yuan (US$212 billion) in profits this year to finance cheap loans, cut fees, defer loan repayments and grant more unsecured loans to help small businesses survive the downturn caused by the coronavirus lockdown.

Separately, the State Council, China’s cabinet, signalled late on Wednesday that it would cut the amount of reserves banks are required to hold at the central bank, freeing up more money to spur lending.

“We are guiding the market to lower lending rates through interest-rate reform,” Yi Gang, the governor of the People’s Bank of China (PBOC), told the Lujiazui Forum on Thursday, confirming the move was

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