CICC seniors face hefty pay punch

China International Capital Corp (3908) has this week told some senior bankers that their compensation for 2022 will be cut by more than 40 percent.

CICC, whose pay to bankers has historically been on par with global firms such as Goldman Sachs and UBS, is slashing bonuses after a tough year that saw profit drop by 30 percent.

The cuts correlate with China's "common prosperity" campaign that has sought to corral pay for the elite while regulators have lashed out at the "hedonistic" lifestyle of bankers.

But Shanghai-based Haitong Securities (6837) has told its senior managers in Hong Kong that the firm is committed to paying bonuses after more than two months' delay, an insider said.

China's biggest investment banks typically notify employees of their bonus entitlements shortly after the Lunar New Year.

Bloomberg