Salesforce, the software company offering cloud-based software solutions to companies to improve productivity, is looking to cut costs by between $3 billion and $5 billion. According to a report in Forbes, the plan was revealed in a leaked audio recording of a meeting between Chief Executive Marc Benioff and company insiders this week, held after announced the company was laying off 8,000 employees.

On Wednesday, Salesforce said it would cut its workforce by 10% and close some locations. The CEO said the company ‘over-hired” due to high demand produced by pandemic-stricken companies purchasing software to facilitate remote work by employees. Now as the economy cools and the pandemic passes, the company is left needing to pare down its costs.

A major part of the restructuring process will be dealing with the company’s real estate, according to Benioff. He added in his comments the company was still growing and was very successful.

The CEO also noted there could be more layoffs forthcoming, even after this week’s job cuts, according to a report by CNBC quoting people who attended the meeting by video. Benioff noted the lack of productivity was largely coming from new account executives.

According to its website, Salesforce has 110 offices around the world in 89 cities. Benioff reportedly told staff, “We don’t need the same level of real estate that we had pre-pandemic.”

As the global economy has cooled amid rising inflation and increasingly hawkish central bank action to combat it, tech companies in particular have been forced to cut costs aggressively to maintain profitability.