Reported 4 months ago
China's CITIC Securities is reducing the base salary of over 100 bankers at its offshore platform CLSA in Hong Kong by 15% to 30%, aiming to align pay structures with onshore operations and due to a decline in deal-making. This move, a unique one in the industry, reflects efforts to address income inequality and an uncertain outlook for Chinese companies' offshore deals, amid challenges faced by various international banks in the region.
Source: YAHOO