Uber is cutting over 3,000 jobs around the globe as it reconfigures its business structure to prioritise its spending expenditure and cutting its managerial layers.

The cuts amount to about a tenth of the taxi and delivery app workforce world-wide. The workforce will retract to about 30,000 people.

Staff were told that the firm had accumulated too many layers and small teams too quickly, leading to delays in decision making.

Dara Khosrowshahi, the Uber chief executive.  told staff that the layoffs would put Uber in a better position to grasp more opportunities.

Following the restructuring, one of Uber’s largest, the California-based company saw its shares rise by almost 2% as investors welcomed the layoffs.

Managers and non-managers are affected by the cuts, as many small teams in the company are set to be absorbed into larger groups. Locations of the exact job cuts are yet to be disclosed, however.

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Khosrowshahi said the restructuring would make Uber “simpler” and “faster”, enabling the firm to invest its money its future prospects like autonomous vehicles, partnerships, delivery, and taxi operations.

The firm is also limiting remote roles by about 1%, asking workers to operate from designated hubs in person.