Tencent said to target 10% job cuts amid cooling growth, intense competition

Photographer: Qilai Shen/Bloomberg

Tencent Holdings Ltd. is putting about 10 percent of its managers on notice, as China’s largest gaming and social media company shakes up its workforce amid cooling growth and intensified competition, according to people familiar with the matter.

President Martin Lau told an internal meeting late last year that its lowest-performing general managers will need to leave the company or be demoted, mainly because not much staff-pruning has occurred in the past, the people said, asking not to be identified talking about a private matter. Jane Yip, a spokeswoman for the company, didn’t respond to a request for comment.

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