Ping An Bank is relocating over 100 Shanghai-based staff to its Shenzhen headquarters to cut costs amid China’s banking industry’s profitability struggles. Retail business and IT staff must move or leave, with severance based on performance, sources told Bloomberg. The bank’s fixed income, currency, and commodities trading will remain in Shanghai. In a statement, Ping An Bank confirmed adjustments to some employees’ working locations, ensuring stable operations and employee rights protection. Since 2022, the bank has overhauled its retail business due to rising bad loans and a struggling economy, with the retail unit contributing only 11.9% of profits last year. Amid tighter Communist Party control, China’s financial sector faces pay cuts and reduced perks. Ping An Bank shares are up nearly 6% this year.