Exclusive-Chinese brokerage CICC cutting dealmakers' base pay by 25%, sources say
HONG KONG/SHANGHAI - China International Capital Corp is cutting the base pay of onshore investment bankers by as much as 25%, three sources said, in a major effort to reduce costs amid volatile markets and Beijing's austerity drive.
The salary cuts will affect more than 2,000 bankers, and come after one of the largest investment banks in China by headcount trimmed bankers' bonuses last year by up to 40%, as Reuters reported in April last year. Money raised via IPOs by Chinese companies, from both onshore and offshore bourses, plunged 80% to $2.9 billion in the first quarter compared to a year earlier, according to LSEG data.
Financial professionals are among the highest-paid workers in communist China and their wealth and flashy lifestyles have often come under criticism from the public on social media as the economy slowed. Funds raised via initial public offerings by CICC in the mainland dropped 31% to 359 billion yuan in 2023 from 2022, while Hong Kong IPO proceeds plunged by 56% to $5.9 billion, according to data from the bank's annual report published in March.
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