Dropbox layoffs: Co-CEO announces 9% job cuts in company memo

File-hosting and cloud-storage platform Dropbox said on Wednesday (October 28) that it plans to cut roughly 9% of its global workforce as part of an effort to align corporate investments with its primary product and growth objectives. According to a regulatory filing, the restructuring will also see an executive departure at the firm, with chief technology officer (CTO) Ali Dasdan set to step down from his post effective November 18.Dropbox disclosed the headcount reduction details, saying that the company estimates the workforce reduction will generate between $27 million and $33 million in expenses, primarily covering severance payments and associated termination costs. The company is reported to have 2,113 full-time employees on its payroll as of December 31, news agency Reuters reported.The departure of CTO Ali Dasdan marks another significant leadership transition for the cloud platform within the year.