Ping An Bank Moves Shanghai Staff to Shenzhen to Cut Costs

Ping An Bank Co. is relocating more than 100 staff based in Shanghai to its Shenzhen home base to cut costs as China’s banking industry struggles with profitability.

The lender last week notified all its retail business and information technology staff who currently report to its headquarters that they need to move to the bank’s hometown due to cost control and profitability considerations, according to people familiar with the matter.

Those who don’t accept the offer would need to leave the bank, getting paid out based on performance, the people said, asking not to be named discussing private information. It’s ...