Chen Maobo stated that HSBC has committed not to lay off employees during the privatization of Hang Seng Bank

The Financial Secretary of Hong Kong, Paul Chan, stated that HSBC HOLDINGS has committed to investing billions of dollars in the coming years and will not conduct any layoffs during the process of privatizing HANG SENG BANK. Chan said in an interview with Bloomberg Television that HSBC informed the Hong Kong government that it would make significant investments of billions of dollars in Hong Kong and the region during its proposed privatization of HANG SENG BANK. He added that these investments will be used in areas such as customer service, technology, and the development of private wealth businesses in the coming years. Chan said, "According to what they told us, there will be no layoffs."