Reported about 1 year ago
On July 8, 2024, a trend of pay cuts emerged in the financial sector in China, with banks following the footsteps of fund management firms and securities companies. Reports indicate that China Construction Bank, one of the Big Four state-owned banks, is planning significant pay cuts, with headquarters staff facing at least a 10% reduction and top executives likely to see larger cuts, while subsidiary companies may face even higher reductions. The focus on cost-cutting and efficiency improvement in banks aligns with current industry trends, and several banks have been emphasizing the urgency of this approach throughout the year.
Source: YAHOO