Deals
China’s Bankers Face Smaller Bonuses, Fewer Job Opportunities
- Firms scrutinize costs, cut jobs as business outlook dims
- Seventy analysts applied for an opening in oversupplied sector
This article is for subscribers only.
China’s bankers and traders are facing smaller bonuses and fewer job opportunities, as the nation’s securities industry stutters after years of rapid growth.
The sector, adjusting to a slowing economy, tightening credit and plunging stocks, last year saw its first annual headcount cut since 2014, the earliest official data available. A drop in stock sales meant the majority of securities firms didn’t win a single mandate last year, and a third of them won’t pay bonuses for 2018, according to Eric Zhu, a Shanghai-based manager at global recruiter Morgan McKinley.