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Alibaba To Make Significant Job Cuts Amid IPO Plans
This is the second round of layoffs at Alibaba. The company had reportedly laid off 10000 of its staff in August 2022.
On the heels of separate IPOs and Alibaba's decision to split into different business units back in March, the Chinese company has laid off close to 7 per cent of its workforce.
While severance packages are on the way to the impacted staff, the restructuring exercise for the Alibaba group is being carried out.
As per reports, the Alibaba group will be split into the following separate entities, each having its own senior management.
- Cloud Intelligence Group
- Taobao Tmall Commerce Group
- Local Services Group
- Cainiao Smart Logistics Group
- Global Digital Commerce Group
- Digital Media and Entertainment Group
This is the second round of layoffs at Alibaba. The company had reportedly laid off 10000 of its staff in August 2022 citing poor numbers in sales and cost reduction amidst the economic downturn.
