George Soros’ foundation lays off 40% of workforce

George Soros’ Open Society Foundations will lay off at least 40 per cent of its staff amonth after the 92-year-old announced he handed the reins of the multi-billion-dollar foundation to his son, Alexander.

The job cuts were announced in a statement signed by Alexander Soros and the foundation’s president, Mark Malloch-Brown, reports CNN.

It said the foundation would undergo “significant changes” to its operating model.

“Through this new model, the Board aims to transform operations across the global network, with the goal of generating a nimbler organization better able to build on past achievements and confront urgent and emerging challenges,” the statement said.

A spokesperson for the Open Society Foundations told CNN that implementing the organization’s new vision required “difficult decisions”, and that it planned to reduce its headcount by no less than 40 per cent globally.