CX Daily: Grim Year For China’s Bankers, Brokers As Pay Slashed

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In Depth: Grim year for China’s bankers, brokers as pay slashed

Employees at some of China’s biggest financial institutions, including top executives, took big pay cuts last year as salaries and bonuses were hit by a drop in profits and the industry stepped into line with government demands to control excessive remuneration.

The annual reports of publicly traded brokerages and banks reveal the hit executives in the financial sector took to their pay packets in 2022. Average compensation at many securities firms fell roughly 20%, with some senior executives facing cuts of more than 30%. While overall pay levels among banks remained stable, some top management had their remuneration squeezed.