Huawei trims size of London finance team as its relationship with UK deteriorates
HUAWEI cut the size of its Londonbased finance team by almost a fifth last year as it faced mounting scrutiny from British ministers.
In annual filings released earlier this month, the telecoms giant revealed it had trimmed the number of people working in its Huawei Global Finance business to 162 at the end of December, down from 192 a year earlier.
The office in London was set up in 2013 to manage Huawei’s international finances and to work closely with the international banks that support its customers. The team had been expanding, from 70 staff in 2015 to a high of 196 at the end of 2017.
Since then, Huawei’s relationship with Western countries has significantly deteriorated. The UK decided earlier this year to block Huawei from
Britain’s 5G networks and demanded the removal of existing kit made by the Chinese telecoms giant.
The decisions followed pressure from the US, which had claimed Huawei equipment could be used by Beijing for espionage. Huawei has repeatedly denied the allegations.
A spokesman for Huawei said: “Part of Huawei’s global finance team is based in London and its work is Huawei-group focused … It helps to manage our financial interests in the 170 countries where we operate and the size of the team will fluctuate annually for any number of reasons.”