Ping An Bank relocates staff to Shenzhen, denies claims about layoffs

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Ping An Bank has declined claims about its de facto layoffs, as it's reportedly relocating over 100 staff from Shanghai to its home base in Shenzhen as part of its cost-cutting strategy.

This came after international media such as Bloomberg said the bank has required all its retail business and information technology staff to relocate to Shenzhen's headquarter due to cost control and profitability considerations.

Employees who refuse to move will be asked to leave the company getting paid out based on performance, said the report. Meanwhile, Ping An's fixed income, currency and commodities trading business will remain in Shanghai.

In a statement sent to MARKETING-INTERACTIVE, Ping An said news reports about the bank's de facto layoffs were not true. The bank has recently been carrying out a coordinated management of its head office, which involves the adjustment of a small number of staff workplaces.

This aims to strengthen management, control risks, enhance synergies and improve the efficiency of the operation.

The spokesperson added that this move will ensure stable and continuous business operation while effectively protecting the legitimate rights and interests of employees.

Don't miss: Ping An refutes claims that it receives China's order to acquire Country Garden

Back in October 2023, Ping An Insurance refuted claims by Reuters that it was requested by the Chinese government to acquire Chinese real estate developer Country Garden and assume its debts.

According to an official statement by Ping An, the company declared that the Reuters story is untrue and that it has not received such requests from any relevant government departments or agencies.

“The company has clarified its position upon receiving the relevant enquiries from Reuters. The company expresses its deep regret that Reuters still insists on publishing the relevant untrue story,” the statement reads.

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