Chinese Bank Trio Cut $11 Million in Bonuses to Deter Risk

What’s new: Three Chinese banks withheld or recovered $11 million in performance-based pay last year, in a move to reduce high-risk behavior among executives and bankers.

China Merchants Bank Co. Ltd., China Bohai Bank Co. Ltd., and Bank of Jiujiang Co. Ltd. withheld or reclaimed 58.2 million yuan ($8.5 million), 17.6 million yuan and 1.6 million yuan of performance-based remuneration in 2022, respectively, according to their annual reports released in March.