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Zoom to Lay Off 15% of Staff, CEO Slashes Salary

As interest rates rise and companies tighten their belts, white-collar workers have taken the brunt of layoffs and job cuts, breaking with the usual pattern leading into a downturn. WSJ explains why many professionals are getting the pink slip first. Illustration: Adele Morgan

Zoom Video Communications Inc. is laying off 1,300 employees, or 15% of its staff, becoming the latest technology company to trim its workforce as it adjusts to more normalized trends after a pandemic-fueled growth spurt. 

Chief Executive Eric Yuan said Tuesday he was also reducing his salary and forgoing his bonus, joining other corporate leaders across finance and tech to take pay cuts this year. He made just over $300,000 in salary for the fiscal year ended Jan. 31, 2022, and about $13,000 as part of a non-equity bonus plan.

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