2,000 CICC bankers face pay cuts

China International Capital Corporation is cutting the base pay of onshore investment bankers by as much as 25 percent, three sources said, in a major effort to reduce costs amid volatile markets and Beijing's austerity drive.

Some of the impacted dealmakers were notified on Friday about the cuts, which will take immediate effect.

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 percent.

Last year rival Citic Securities (6030) lowered pay across its investment banking division by up to 15 percent.