“Everyone, from the top brass to people like us in middle ranks, earn less than before,” said a credit manager with Bank of China, one of the country’s “big four” state-owned banks, lamenting the loss of the staggering bonuses that she used to bag in the industry’s heyday.
China’s financial sector is always beholden to the government … No businesses in any country can operate in a vacuumLi Xuenan
Pay cuts, first imposed on executives of state-owned financial institutions in 2010 by the banking regulator and now an industry-wide practice, appear to be a preview of what’s in store for China’s fast-changing financial landscape.
Under President Xi Jinping’s ambitions to make China into a “financial superpower” – a goal first laid out at October’s twice-a-decade central financial work conference – its 461-trillion-yuan (US$63.8 trillion) financial industry,…
