Alibaba, Tencent preparing to cut tens of thousands of jobs this yr: Rpts

The job cuts at the two companies would be their first major layoffs since Chinese regulators launched an unprecedented campaign a year-and-a-half ago to rein in its internet giants

Alibaba Group and Tencent Holdings are preparing to cut tens of thousands of jobs combined this year in one of their biggest layoff rounds as the internet firms try to cope with China's sweeping regulatory crackdown, sources said.
While Alibaba is yet to specify a group-wide target for the layoffs, China's biggest e-commerce company could ultimately axe more than 15% of its total workforce, or about 39,000 staff, estimated one of the sources with knowledge of the company's plans.