Tencent targets 10 percent of managers for job cuts or demotion: Bloomberg

FILE PHOTO: Logo of Tencent is displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu

(Reuters) - 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, Bloomberg reported on Tuesday, citing sources.

The company’s lowest-performing general managers will need to leave or be demoted, mainly because not much staff-pruning has occurred in the past, President Martin Lau told an internal meeting late last year, the report said.

Tencent, which will report earnings later this week, did not immediately respond to request for comment.

This comes after a report said last month Inc, one of China’s largest e-commerce sites, would lay off 10 percent of its senior executives this year.

Reporting by Bhanu Pratap in Bengaluru; Editing by Subhranshu Sahu