US-based Forrester Research to close China office amid Beijing’s crackdown of foreign advisories
- The Boston-based company is also cutting most of its staff in its offices in China, according to a person with knowledge of the matter
- The move coincides with Beijing’s tightening national security scrutiny that has led to investigations into Bain & Company, Mintz Group and Capvision Partners
Forrester Research, a US technology research and advisory firm, is closing its office in mainland China and laying off most of its analysts in the country amid an intensifying government crackdown on multinational consultancies.
The Boston-based company has already begun letting staff go in the country, with only a few employees being retained to wrap up ongoing projects, according to a person with knowledge on the matter, who declined to be identified because of the sensitivity of issue. The lay-offs came as a surprise, the source said.
In response to an enquiry by the Post, Forrester said on Wednesday it was shutting its China office as part of a previously announced global restructuring.
02:28
Beijing raids offices of consulting firm Capvision in widening crackdown over national security
“The unsteady economy, along with our ongoing product transformation, are the key drivers for the change,” the company said in a statement. “We remain committed to servicing our clients in China and global clients with operations in China through our global research team.”
A company spokeswoman declined to comment on a recent Financial Times report citing anonymous sources that said the job cuts were in response to China’s increased scrutiny of Western consultancies and due diligence firms.
Over the past few months, Chinese officials have launched a series of investigations into global advisory firms with operations in the country.