China’s Top Brokers Ask Bankers to Fly Coach and Share Hotel Rooms
- Citic Securities, CSC Financial to limit spending on travel
- Move comes as Beijing curbs expenses at state-run firms
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China’s two largest investment banks are making broad cuts to travel budgets that will impact junior bankers as well as senior directors as they seek to reign in costs and boost profitability.
Starting this month, CSC Financial Co. managing directors’ domestic travel will be downgraded to economy flights and second class or hard-berth train seats, according to a memo seen by Bloomberg. Larger rival Citic Securities Co. also asked managing directors to fly coach, according to a separate memo, which did not specify which class of travel they were previously offered.