HSBC today hit out at “misleading” rumours over its future in China, insisting that it would continue to invest in and support the country's economy.
On its official WeChat account on Friday, the bank urged the Chinese public to “reasonably” consider its positive role as an international bank involved in China's development.
“We have noticed some misleading rumours on HSBC recently, which are unfounded,” the London-based bank said.
Its statement comes a day after local Chinese news sites published an article with the headline: “HSBC may end its Chinese business, embark on massive lay-offs.”
The lender had earlier said that it would revive a massive cost reduction plan that had been put on halt due to Covid-19. This includes cutting 35,000 jobs globally as part of a drive to focus more of its business in Asia, where it makes the bulk of its revenue.
HSBC has already come under fire this month for voicing its support for a new security law that China is planning to enact in Hong Kong.
The bank said in its WeChat statement: “For over 150 years, we have been deeply rooted in China and have never stopped servicing the mainland.
“Since the reform and opening more than 40 years ago, HSBC has been a steadfast backer of and active participant in China’s economic and social development.”
