China International Capital Corp (CICC) is cutting the base pay of onshore investment bankers by as much as 25%, three sources said, in a major effort to reduce costs amid volatile markets and Beijing's austerity drive.
The company logo of China International Capital Corporation Ltd , China’s first joint venture investment bank, is displayed at a news conference at the company's annual results in Hong Kong on March 30, 2016. REUTERS/Bobby Yip/File Photois cutting the base pay of onshore investment bankers by as much as 25%, three sources said, in a major effort to reduce costs amid volatile markets and Beijing's austerity drive.
The salary cuts will affect more than 2,000 bankers, and come after one of the largest investment banks in China by headcountThe rare move by the top investment bank to reduce base pay by as much as a quarter underscores the challenges Chinese financial firms face amid a slowing economy andInvestment bankers are typically subject to volatile bonus payments based on performance but drastic reductions in base salary are less common.
Financial professionals are among the highest-paid workers in communist China and their wealth and flashy lifestyles have often come under criticism from the public on social media as the economy slowed.
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