China's top investment bank CITIC cuts base salary by up to

China's top investment bank CITIC cuts base salary by up to 15% -sources

Story by Reuters • 51m ago
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267▲ ‎+0.53%‎
600030▼‎-0.94%‎
[The logo of CITIC Securities is seen at its branch in Beijing]
The logo of CITIC Securities is seen at its branch in Beijing© Thomson Reuters

HONG KONG/BEIJING (Reuters) -China's CITIC Securities is cutting pay across its investment banking division, lowering base salaries by up to 15%, two sources said, in a rare move in the country's financial sector as Beijing pushes to bridge income disparity.

The country's top investment bank by market value has also yet to pay bonuses to bankers for work done last year, the two sources close to the matter said. The bonuses are usually paid out early in the second quarter.

The move comes as the bank and its peers in China are bracing for slower dealmaking, weaker trading, and Beijing's "common prosperity" campaign that seeks to root out the lavish lifestyle of the financial elite.

All the sources declined to be named as they were not authorised to speak to the media.