Ping An Suspends Staff Bonuses Amid Operational Overhaul

(Beijing) — The banking subsidiary of China's second-largest life insurer has delayed routine staff bonuses amid ongoing pressure to streamline operations and strengthen its internal control system after a corruption scandal.

Ping An Bank told employees that they will not receive bonuses for the third quarter, which are usually handed out by the end of the year. Instead, any bonuses that the bank does decide to distribute won't be distributed until next year, several workers from the bank told Caixin.