Reeling from China's crackdown, Alibaba & Tencent readying big job cuts

Reeling from China's crackdown, Alibaba & Tencent readying big job cuts

REUTERS/Aly Song

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.