June 25, 2020 / 9:31 PM / a month ago

Uber pares back digital wallet ambitions, head of unit quits: Bloomberg News

FILE PHOTO: Uber CEO Dara Khosrowshahi speaks during a meeting with the Economic Club of New York in New York City, New York, U.S., December 4, 2019. REUTERS/Andrew Kelly

(Reuters) - Uber Technologies Inc’s financial services head Peter Hazlehurst is stepping down as the company focuses on rides and food delivery, and ices plans to become a financial services company, Bloomberg News reported, citing an email to staff.

Chief Executive Officer Dara Khosrowshahi said in the email that Uber will “deprioritize” several of its finance-related projects, which included credit cards, a digital wallet and instant payments for drivers, the report on Thursday added.

Last month, Uber cut here 23% of its workforce and said it will focus on its core businesses and planned to reduce investment in several "non-core projects" to weather the impact of the pandemic on its business.

Reporting by Ayanti Bera in Bengaluru; Editing by Shinjini Ganguli

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