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China International Capital Corp. (CICC) is reducing onshore investment bankers' base salaries by up to 25% to control costs. The pay cuts, affecting over 2,000 bankers, are part of efforts to streamline operations amid a slowdown in China deals. Additionally, Value Partners, an asset manager, is restructuring and has cut one-third of its staff in China.
China International Capital is slashing onshore investment bankers’ base salary by as much as 25% to trim costs, according to Reuters. The pay cuts will affect more than 2,000 bankers, Reuters reported.
Asset manager Value Partners cuts one-third of China staff in overhaul, sources say https://t.co/3NaaaIjuJm https://t.co/htC7km4Blf
Hong Kong investment bankers could face more job cuts as the slowdown in China deals persists and employers look to trim highly compensated staff, according to Bloomberg Intelligence. https://t.co/HtPfHjqUWj https://t.co/CjRgNA6BzU
