Lyft gears up to make 'significant' layoffs under new CEO

Lyft is preparing to lay off hundreds of employees. The cuts are coming just days after new CEO David Risher began steering the ride-hailing service with a eye of driving down costs as part of an effort to bring its fares more in line with its biggest rival, Uber. Risher informed Lyft's workforce of more than 4,000 employees in an email posted online Friday that a “significant” number of them will lose their jobs. It came at the end of his first week as Lyft’s CEO. The note didn't specify how many people will lose their jobs, but The Wall Street Journal reported at least 1,200 jobs will be cut.