Morningstar cuts 'various' drove of Chinese works, moves ops somewhere
The US-based Morning Star said Wednesday that it has cut or relocated hundreds of jobs at its Chinese hub in Shenzhen and is moving its business to other countries.
A financial services company that provides investment trusts and investment research for asset management said in a statement that it employs about 1,000 people in cities in southern China.
Some employees will be transferred to Mumbai, Toronto, Madrid, or Chicago (Global Headquarters) in the coming months. A spokesman for another company added that most of them are involved in "supporting global operations."
In his statement, Morning Star said that the "strategic shift" in China's business was to "fully focus on the domestic market" and that China's service team would not be affected by headcount reductions. ..
"We are in the process of defining a new strategy for the growth of the Chinese market," he said without going into detail.
Bloomberg first reported on the move on Wednesday.As China continues to tighten its privacy and cybersecurity rules, global financial companies operating in China are increasingly concerned that transferring corporate or customer data abroad can be more cumbersome. doing.
Earlier this month, cybersecurity regulators, the world's second-largest economy, announced a set of rules for assessing outbound data from companies doing business in the country starting September 1.
After entering China 20 years ago, Morningstar embarked on global equity research and portfolio management.
credit:the dough roller
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