ADM halting domestic trading in China, cutting jobs in Shanghai

Karl Plume - Reuters - 15/04
Global grain merchant Archer-Daniels-Midland has begun shutting down domestic trading operations in China and laying off staff within its largest business segment as part of a global cost-cutting push, the company said on Monday.
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BEIJING/CHICAGO, April 14 (Reuters) - Global grain merchant Archer-Daniels-Midland (ADM.N), opens new tab has begun shutting down domestic trading operations in China and laying off staff within its largest business segment as part of a global cost-cutting push, the company said on Monday.
The move is designed to help ADM, which has been embroiled in an accounting scandal since last year, "remain agile in a challenging environment," the company said in an emailed statement.

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The company did not disclose the number of layoffs, but a source familiar with the matter said job cuts would impact 40 to 50 employees, leaving only around 10 staff in the financial hub of Shanghai.
"The entire Ag Services and Oilseeds team in China has essentially been let go," the source said, referring to ADM's largest business segment.
A second source said layoffs would affect some 30 people at ADM's Toepfer Shanghai subsidiary starting this week, and said it is part of a global cost-cutting effort annou...
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