JD.com Inc, one of China’s largest e-commerce sites, will lay off 10 per cent of its senior executives this year, Chinese online media outlet Sina Tech reported, citing unnamed sources.
The cuts were announced at the company’s annual party recently, the report said, adding that JD.com, which has nearly 100 senior executives, had confirmed the planned layoffs.
The layoffs come during a broader slowdown in China’s tech sector, wherein start-ups are vying for shrinking pools of venture capital and established companies are looking for new revenue opportunities as growth plateaus.