Financial professionals are among the highest-paid workers in communist China and their wealth and flashy lifestyles have often come under criticism.
Among those measures, staff at a large Chinese state-owned mutual fund and a midsized bank have instructed staff not to show off high-end lifestyles, said employees at the firms, declining to be named due to the sensitivity of the matter.
Senior executives at a state-owned insurance company have also been told to not wear expensive clothes to work, said another person with knowledge of the matter, also declining to be named as those instructions are confidential. Domestic rival China International Capital Corporation last month cut this year’s bonuses for investment bankers by 30% to 50% from a year earlier, Reuters has reported, citing sources with knowledge of the matter.
China’s securities regulator and the central bank cut the budget allocation for employee salaries in 2023, following reforms ordered as part of a broader drive to reduce income disparity, Reuters reported last month.
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