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CITIC Securities Company Limited (CIIHF)
- Reuters
China's CITIC cuts CLSA offshore banker base pay by up to 30%, sources say
China's CITIC Securities is cutting the base salary of more than 100 bankers at its offshore platform CLSA amid a drop in deal making and pressure to narrow the pay gap with its onshore operations, two people with knowledge of the matter said. In an unusual move for an industry where base pay is not subject to market conditions and bonus variations are more common, CLSA started notifying its investment bankers on Wednesday that their salary will immediately be cut by 15% to 30%, the two people said. It is the first time a Chinese investment bank has cut base salaries outside of its home market and comes with an uncertain outlook for Chinese companies' near-term offshore dealmaking.
- Reuters
WRAPUP 1-CICC, Citic, JPMorgan cut investment banking jobs in China as deals stall
Two Chinese companies and JPMorgan have become the latest banking groups to cut jobs in China as a slow recovery in listing and dealmaking activities force them to ramp up cost controls, six sources with knowledge of the matter said. Beijing-based China International Capital Corp (CICC) is planning to reduce its investment banking headcount by at least 10% this year, two people with knowledge of the matter told Reuters.
