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If Wells Fargo thinks a nascent unionization campaign is bad—and, for Wells Fargo, like almost everything else, it is—it can at least say, “it could be worse”:
As few as three workers have formed a party branch at HSBC Qianhai Securities, a Shenzhen-based investment bank owned by HSBC, people familiar with the matter said…. Such Communist Party units are common at private companies in China, HSBC said….
Party branches have been operating at the local subsidiaries of foreign banks including Citigroup Inc., Standard Chartered PLC and HSBC’s main banking business in China, since as early as 2008, according to state media reports.
Of course, Wells, has branches in Hong Kong, Beijing and Shanghai, as well, so we imagine this rare bit of good fortune is not likely to last, assuming it has gotten even this far.
Staff at HSBC’s China Securities Arm Set Up Communist Unit [WSJ]
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