Dropbox to cut 11% of its global workforce, COO to step down

Dropbox on Wednesday said it will be cutting its global workforce by approximately 11%, a move that will affect 315 people. "I made a commitment to...preserve job security through 2020," CEO Drew Houston said, adding that the layoff was necessary to "create a healthy and thriving business for future". Further, COO Olivia Nottebohm will be leaving Dropbox on February 5.