Uber pares back digital wallet ambitions, head of unit quits - Bloomberg NewsUber pares back digital wallet ambitions, head of unit quits - Bloomberg News
FILE PHOTO: Uber CEO Dara Khosrowshahi gestures as he speaks during a meeting with the Economic Club of New York in New York City

(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.

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)