Technology consulting firm Razorfish Inc. said Monday it has cut 400 jobs, or 21 percent of its workforce. The New York-based company said the layoffs were made across its worldwide workforce, paring it from 1,900 to 1,500 people, and come as part of an effort to cut costs by $70 million this year.
Razorfish provided web solutions for Warner Music Group, Elektra Entertainment, and Maverick Records.
This is the second round of job cuts at Razorfish in recent monthsâ€”In October the firm fired about 6 percent of its workers after a companywide performance review. The company said its newest round of cuts narrows its focus to serving five industry groups: technology/telecommunications, media and entertainment, financial services, manufacturing and health care. The company is consolidating accounting, human resources, and information services. Razorfish’s stock was down nearly 8 percent Monday at $1.81 per share.