City
Epaper

Alibaba to make significant job cuts amid IPO plans

By IANS | Published: May 24, 2023 10:00 AM

Hong Kong, May 24 Chinese internet giant Alibaba is making significant job cuts, reportedly around 7 per cent ...

Open in App

Hong Kong, May 24 Chinese internet giant Alibaba is making significant job cuts, reportedly around 7 per cent 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 mass layoff, according to a Nikkei Asia report.

Now, Alibaba has reportedly begun informing affected staff in its Cloud division about layoffs.

The company is offering severance packages to the impacted employees and also plans to transfer some workers to other parts of its business verticals.

Alibaba employed over 235,000 people (as of March).

Last week, Alibaba CEO Daniel Zhang had detailed the restructuring of its Cloud division.

Earlier, the Chinese tech giant said it was planning to split the company into six business units, and each unit will explore fundraising or IPOs (initial public offerings).

The six units will include the Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group, and Digital Media and Entertainment Group.

Each business unit will be led by its own CEO and board of directors.

In August last year, Alibaba bid goodbye to nearly 10,000 employees in an effort to cut expenses amid sluggish sales and slowing economy in the country.


na/ksk/

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Alibaba CloudAlibabaAlibaba GroupDaniel ZhangAlibaba Group HoldingsAlibaba foundationAlibaba foundationsAlibaba group holding ltdAlibaba group holdingAlibaba pictures
Open in App

Related Stories

NationalAlibaba to hire 2,000 graduates in China amid youth unemployment crisis

InternationalChina slaps hefty fines on Alibaba, Tencent as part of regulatory crackdown

InternationalChina slaps hefty fines on Alibaba, Tencent as part of regulatory crackdown

InternationalChinese billionaire Jack Ma creates stir among observers with unexpected visit to Pakistan: Report

InternationalChinese billionaire Jack Ma arrives in Kathmandu

Technology Realted Stories

TechnologyAfter seven years, WHO updates antibiotic-resistant bacteria list

TechnologyDelhivery posts Rs 69 crore net loss in Jan-March quarter, CBO Sandeep Barasia quits

Technology1 in 4 Indians faced cyber threat in Jan-March period: Report

TechnologyEU tells Microsoft to provide information on GenAI risks in Bing search else face fine

TechnologyWipro appoints Sanjeev Jain as COO as Amit Choudhary moves on