China ’s first Sino-foreign joint venture investment bank China Gold Company warned warningIts analysts must not sing the market, nor can it show off their wealth.
BloomberShare negative comments.
According to the documents, employees of CICC should also avoid wearing luxury goods or reveal their salary to the outside world.The document also says that CICC requires employees to pay special attention when communicating with overseas customers to avoid causing national security and political risks.
A person familiar with the matter revealed that at least two other large investment banks have given analysts oral guidance in the past year to prohibit them from publishing negative comments on the Chinese economy or showing off their salary.In this environment, it is difficult for the organizers of financial conferences to find a speaker who is willing to be frank at the Chinese economy and market views.
The above documents of CICC covers customer exchanges, social media use, expense reimbursement and other behavioral standards, and some of which have also extended to the families of employees.
When the profit decline and the leadership reorganization, CICC has adopted cost -reducing costs.The latest documents show that the company will strictly control business expenses, asking analysts to not take a taxi home after the local roadshow, and try not to order drinks when entertaining customers.Earlier this year, the company reduced some of the bonuses of some senior investment banks in 2022 and reduced the travel allowance.
Bloomberg reported last November that as securities firms and public funds and other institutions have considered exploring how to respond to the common prosperity of Chinese President Xi Jinping, Chinese financial executives may face salaries again.It is reported that at least four state -owned securities firms and fund companies are draft a draft plan to reduce the pay gap between executives and grassroots employees.
