China Bankers Earn Less Than New York Peers as Pay Crashes 60%

China Bankers Earn Less Than New York Peers as Pay Crashes 60%

Nelson Ching/Bloomberg

Commuters walk through the central business district in Beijing. Fees for advising Chinese IPOs overseas, once the biggest contributor to profits for Wall Street firms in Asia, slumped by 53 percent last year from 2011 to $1.1 billion, according to estimates from New York-based research firm Freeman & Co.