All the sources have direct knowledge of the matter.
Wages at leading Chinese investment banks have been trending downward in the last couple of years as COVID-19 containment measures slowed dealmaking activity in the world’s second-largest economy.
The trend has accelerated as employers cut pay and perks in response to the government’s “common prosperity” rhetoric.
But at CICC, where payouts have been toward the high end in recent years, the bonus cut is particularly steep, coming at a time when authorities are intensifying a campaign against displays of extravagance in the $57 trillion financial sector.
In February, the Central Commission for Discipline Inspection (CCDI) vowed to eliminate notions of a “financial elite” and “parity with the West” as well as hedonism and the excessive pursuit of “money only” and “high-end taste”.
The watchdog’s strongly worded article came a week after the disappearance of dealmaker…
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