Banks Run Out of Money, Demanding Salaries Back From Employees; Firms Bankrupt, Bosses in Deep Debt

With businesses going bankrupt and owners drowning in debt, the banking sector is also facing financial challenges. In May 2023, a collective wage claim incident occurred at Shanghai Pudong Development Bank. And then at the end of the year, China Merchants Bank, one of China’s leading commercial banks, initiated a ’reverse wage claim’ from its employees. Is it possible that even such a prominent bank needs to ask employees for money to get by? #chinabanks #chinaobserver All rights reserved.