People familiar with the matter revealed that CITIC Securities, one of China's largest investment banks, will raise the basic salary of some bankers by 15%to respond to the "common prosperity" call of Chinese President Xi Jinping.
Bloomberg News reported on Tuesday (June 6) that people familiar with the matter reported that CITIC Securities, headquartered in Beijing, issued a salary reduction notice to the banker this week, but has not notified the employees' redemption last year.CITIC Securities' profits fell by 8%last year.
The company that also allows banks to reduce salaries includes China ’s first Sino -foreign joint venture investment bank, China Gold Company.The company notified some senior investment bankers last month to reduce Huaman by more than 40%.
Chinese officials have previously proposed that the banking industry personnel should break the "financial elite theory" and "only money theory" and abandon hedonism.
China's investment banking business has been closely monitored and the impact of the previous policies of epidemic prevention.Official data show that last year China's 140 brokerage companies' profits fell 26%in total.
Several Wall Street Bank's senior bankers in Asia have also experienced a significant salary reduction.According to people familiar with the matter, the total salary of directors of Goldman Sachs, Morgan Stanley, and Bank of America has decreased by 40%to 50%.
