After months of delays as they deliberated on how to navigate President Xi Jinping's push for "common prosperity", China's biggest investment banks are now starting to pay out long-awaited bonuses.
China International Capital Corp (CICC) this week told some senior bankers that their compensation for 2022 will be cut by more than 40 per cent, according to people familiar with the matter.
CICC, whose pay for bankers has historically been on a par with that of global firms such as Goldman Sachs and UBS, is slashing bonuses after a tough year that saw profit drop by 30 per cent.
This story is from the May 25, 2023 edition of The Straits Times.
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This story is from the May 25, 2023 edition of The Straits Times.
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