China Said to Slash Senior Executive Pay at Top Banks, SOEs
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China cut pay for top executives at its biggest banks and some other state-owned companies as part of efforts to combat inequality, said people with knowledge of the matter.
Senior managers at the nation’s five largest lenders -- all of which are government-controlled -- had their total compensation for this year cut to no more than about 600,000 yuan ($95,800), said the people, who asked not to be named discussing private information. Industrial & Commercial Bank of China Ltd. Chairman Jiang Jianqing earned about 2 million yuan in 2013.