Dropbox is laying off 528 employees in a move that will reduce its global workforce by 20 percent, CEO Drew Houston announced today.

Houston wrote that Dropbox's core file sync and sharing "business has matured, and we've been working to build our next phase of growth with products like Dash," an "AI-powered universal search" product targeted to business customers. The company's "current structure and investment levels" are "no longer sustainable," according to Houston.

"We continue to see softening demand and macro headwinds in our core business," Houston wrote. "But external factors are only part of the story. We've heard from many of you that our organizational structure has become overly complex, with excess layers of management slowing us down."

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