Alibaba cuts a third of deals team staff after regulatory crackdown
Alibaba Group is cutting over a third of staff in its in-house deals team, four people with knowledge of the matter said, after Beijing’s sweeping regulatory crackdown sharply slowed the Chinese e-commerce behemoth’s dealmaking pace.
Alibaba plans to reduce its strategic investment team of more than 110 people, mainly based in mainland China, to about 70, said two of the people, adding the company has already informed a bulk of staffers of their redundancy.
The job cuts mainly involve mid-level and senior people in the mainland, said the two people, declining to be named as they were not authorised to speak to the media. The company’s deals team also has staff in Hong Kong, they added.
Alibaba did not immediately respond to a request for comment.
Alibaba and its main rival Tencent 0700.HK planned to cut tens of thousands of jobs combined this year in one of their biggest layoff rounds as the crackdown and China’s COVID-19 curbs stifled growth, Reuters reported in March.
About The Author
