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

June 25 (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 https://www.bloomberg.com/news/articles/2020-06-25/uber-pares-back-digital-wallet-ambitions-head-of-unit-quits?sref=V7uxlNge.

Last month, Uber cut https://www.reuters.com/article/us-health-coronavirus-uber/uber-to-focus-on-core-rides-delivery-business-as-it-cuts-23-of-workforce-idUSKBN22U290 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)