The Asia Pacific region & China the? bright hope for the future of American business. Well not for Lexis Nexis & some of its staff as we learnt from a trusted Hong Kong source on Friday.
Our source reveals that LexisNexis Asia is to lay off at least 150 staff and in the process retrench its entire Asia conferences unit, including HK, Singapore and? Malaysia.
Hong Kong GM TK Tay we also learn has? laid off? some regional staff in finance and marketing.
We can’t currently provide any greatyer detail although we will see if we can get an official statement from the company during the week. They don’t often like to issue press releases about this sort of thing so we’ll see how we go.
All we can say is that they obviously overeached themselves when trying to build a regional conferences division.
HOB thinks that in theses jurisdictions the money would have probably been better spent hiring 2 or 3 individuals whose only job it was to take clients out to extended lunches ( a professional Laksa eater !)? More business would have been generated and less investment wasted.
