As WeWork investors jousted over Adam Neumann’s future at the company he built, a parallel debate by WeWork executives and bankers has centered on just how deeply WeWork should cut costs to save its business.
In recent days, a group of executives from WeWork’s parent company and bankers have been discussing ways to reduce costs, including laying off as many as 5,000 employees—a third of its workforce. Other ideas include slowing expansion plans and shutting side businesses related to education or housing, said a person close to the company and a person familiar with the matter. The moves would be aimed at restoring investor confidence as the company looks to save its initial public offering or raise funds privately.