Alibaba to make significant job cuts, around 7% of workers, amid IPO plans

Chinese internet giant Alibaba is making significant job cuts, reportedly around 7 per cent of its workforce, as it plans separate IPOs for its various business groups.

In March, Alibaba Group planned to split into six business groups and launch separate public listings, triggering mass layoff, according to a Nikkei Asia report.

Now, Alibaba has reportedly begun informing affected staff in its Cloud division about layoffs.

The company is offering severance packages to the impacted employees and also plans to transfer some workers to other parts of its business verticals.