Global investmen research firm Morningstar is shrinking its Shenzhen workforce by shedding hundreds of jobs in the southern Chinese city.
Morningstar is reducing the size of its workforce in Shenzhen as part of a broader restructuring exercise for its China business, according to a «Bloomberg» report citing a memo from chief executive Kunal Kapoor. Several hundred jobs in the 1,000-strong Shenzhen tech hub will be affected with roles moved to other offices in Mumbai, Madrid, Toronto and Chicago.
«This decision was necessary in the increasingly complex business environment,» Kapoor said. «We remain motivated by the potential the China market offers, and we’re in the process of defining a new strategy for China market growth.»
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Morningstar is mainly relocating support-related operations which provide data and IT services to different regions in the world, the report added citing unnamed sources on this matter.
The process for winding down will take place over the next 12 months, the memo said, and data specific to the China market will continue to be collected within the country.
