HONG KONG: Chinese internet giant Alibaba is cutting significant jobs, about 7 percent of its workforce, as it plans separate IPOs for its various business groups.
In March, Alibaba Group planned to split into six business groups and launch separate public listings, triggering massive layoffs, according to a Nikkei Asia report.
Now, Alibaba has reportedly started notifying affected employees of its cloud division about layoffs.
The company is offering severance packages to affected employees and plans to transfer some employees to other parts of its business verticals.
Alibaba employs over 235,000 people (as of March).
Last week, Alibaba CEO Daniel Zhang detailed the restructuring of its cloud division.
Earlier, the Chinese tech giant said it plans to split the company into six business units and each unit will explore fundraising or an IPO (initial public offering).
The six units will include Cloud Intelligence Group, Taobao Timol Commerce Group, Local Services Group, Caniao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group.
Each business unit will be headed by its own CEO and Board of Directors.
In August last year, Alibaba laid off nearly 10,000 workers in an effort to cut costs amid sluggish sales and a sluggish economy in the country.
Where we collect the information from Source link
Disclaimer:- We include in each post a link to where each content on our website is collected from.If there is a complaint against any post please contact us directly.
Email: post-support.dailyfastnews24.com
You can also write on the popular online news portal dailyfastnews24.com. Writing topics feature, travel, lifestyle, career, IT, agriculture and nature. Send your entry today to [email protected]
advertisement:-If you would like to advertise on our website please contact us here.Our Ads team will contact you very soon.
Email: [email protected]
The cost of advertising:- 1 Post 100 USD Lifetime.
Thank you very much for visiting our website. Have a good day.