Amber Group told employees this week that it was eliminating performance-based bonuses for 2022 due to slowing business growth and market uncertainty, according to an internal Amber Group memo cited by Bloomberg. Amber CEO Michael Wu confirmed the elimination of bonuses and lower management salaries in an interview with Bloomberg, adding that the company will continue to reduce costs. Foresight News previously reported that people familiar with the matter said that Amber Group has terminated its sponsorship agreement with Chelsea and will lay off more than 300 people. In addition, Amber Group is withdrawing from expansion plans in the United States and Europe to reduce expenses.