Wanda-IBM Cloud Ambitions Turn Stormy
An ambitious deal between Dalian Wanda and U.S. tech giant IBM to join forces and become a top player in China’s booming cloud-computing market appears in serious jeopardy, with the Chinese property and entertainment conglomerate planning deep job cuts in a key department, sources told Caixin.
Wanda will cut the workforce at the cloud-computing department under Wanda Internet Technology Group, the sources close to the matter said. Wanda cut some jobs in Wanda Internet last year, leading to speculation that the conglomerate was retreating from the segment amid years of slow growth and mounting capital pressure.
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