Jul 06, 2024 05:50 PM
OPINION
Commentary: Tragedy Shines Light on Financial Strain of China’s Young High-Flyers
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
CICC’s securities department in Shanghai on Oct. 28, 2022. Photo: VCG
The rumored suicide of a young female employee at top securities brokerage China International Capital Corp. Ltd. (CICC) has recently become a trending topic on social media, capturing the attention of people both inside and outside the finance sector.
The married woman, a member of CICC’s bond sales team in Shanghai, died at the age of 30. While the precise reasons behind her decision to take her own life remain unclear, the prevailing narrative suggests a combination of factors, including work and financial pressures, compounded by personal and mental problems.
You've accessed an article available only to subscribers
VIEW OPTIONS
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
Share this article
Open WeChat and scan the QR code
- DIGEST HUB
Digest Hub
Back
Explore the story in 30 seconds
- A 30-year-old CICC employee's suicide, likely due to work and financial pressures, has sparked widespread discussions on social media.
- The deceased had a stellar educational and professional background, raising issues about the pressures of the finance industry and societal definitions of success.
- CICC and the broader finance sector have faced significant salary cuts amid a government campaign to curb excessive remuneration, impacting industry employees.
AI generated, for reference only
Who’s Who
- China International Capital Corp. Ltd. (CICC)
- China International Capital Corp. Ltd. (CICC) is a leading securities brokerage firm in China. Known for benchmarking itself against international investment banks, it attracts top talent with high industry-leading salaries. However, amid government efforts to curb excess remuneration, CICC has seen significant salary declines, notably with the average annual salary dropping from 1.2 million yuan in 2021 to 704,000 yuan in 2023. The firm is influential, shaping industry standards and experiencing the tangible impacts of economic shifts.
AI generated, for reference only
What Happened When
- 2022：
- CICC's average annual salary dropped nearly 30% from an industry-leading average annual salary of 1.2 million yuan.
- After 2022：
- The era of lower pay has led to tangible impacts, such as financial strain on individuals within the finance sector.
- 2023：
- CICC’s annual report showed that the average annual salary for CICC employees stood at 704,000 yuan, down nearly 120,000 from 2022, marking the steepest decline among 22 securities firms.
AI generated, for reference only
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新