HNA Plans to Cut 100,000 Jobs Worldwide This Year, REDD Reports
HNA Plans to Cut 100,000 Jobs Worldwide This Year, REDD Reports
(Bloomberg) -- HNA Group Co. is planning to cut 100,000 jobs, or about a quarter of its global workforce, this year amid a liquidity squeeze, Risk Event-Driven and Distressed Intelligence reported, citing five unidentified people.
The Chinese group plans to eliminate jobs in areas such as human resources, business operations and asset restructuring, REDD reported, citing the people. Job cuts will also target units that HNA is planning to sell and the group has informed staff at its home base of Haikou, Hainan, about the reduction plan, according to the report. Employees at HNA’s aviation arm could be spared as the business has been recruiting, REDD reported.
A representative at HNA couldn’t immediately comment.
Job cuts of that scale would rank among the biggest ever for any single company. Financial pressure has been intensifying for HNA after it spent tens of billions of dollars to snap up global assets from Manhattan buildings to hotels. The group has reversed its shopping spree and has been focusing on selling assets in recent months to repay debts.
To contact the reporter on this story: Prudence Ho in Hong Kong at pho83@bloomberg.net.
To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Dave McCombs
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