Burberry is aiming to slash 18% of its global workforce by 2027 as it looks for ways to cut costs and revive its ailing business.

Burberry shares surged 18% on Wednesday after the British luxury brand announced plans to shed 1,700 jobs or around a fifth of its global workforce to cut costs to help revive its performance. Burberry is in the early stages of a turnaround effort led by CEO Joshua Schulman,

Microsoft ( MSFT) is looking to cut about 3% of its global workforce, according to a report from CNBC on Tuesday. The job cuts will take place across Microsoft's teams and locations across the globe, and will have an objective of reducing the technology company's levels of managers, among other goals, CNBC reported.