China’s Citic Cuts Banker Pay by 15% in Common Prosperity Drive
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Citic Securities Co., one of China’s top investment banks, is slashing basic salaries by up to 15% for some bankers to comply with President Xi Jinping’s “common prosperity” campaign, according to people familiar with the matter.
The Beijing-based brokerage notified its bankers this week of the reduction, said the people, who asked not to be identified discussing internal information. Citic has yet to notify employees of their bonuses after a tough 2022 that saw its profits drop by 8%, the people said.