Financial services company Morningstar is slashing a significant portion of its workforce in Shenzhen and relocating jobs to other countries as part of a restructuring exercise in China, a retreat that reflects a growing global ambivalence over doing business in the world’s second largest economy, reports Bloomberg. Several hundred people among its 1,000-strong workforce in the southern technology hub have been affected, the Chicago-based firm said on Wednesday.
The roles will be moved to other offices including in Mumbai, Madrid, Toronto and Chicago, with Chinese operations to now focus solely on the domestic market, a company representative said.
The operations to be relocated elsewhere mainly involve the company’s global support team, which provides data and information technology services to different regions across the world, a person familiar with the matter, who asked not to be identified as they’re not authorized to speak publicly, said separately.
