In brief: JD to lay off 10% of its senior executives – report

• China’s ecommerce giant JD may be laying off 10 percent of its 100 senior executives. The cuts were reportedly announced at the company’s annual party recently.
• This comes on the back of China’s economic slowdown. JD is looking to “maximize its resources to provide equal opportunities for qualified talent and to ensure quality growth of the business in the future,” a company spokesperson was quoted as saying.
• Previously another Chinese tech company, ride-hailer Didi Chuxing, announced that it would let go 15 percent of its workforce.

Source: Reuters