CITIC is China's largest investment bank by market value, reports are it'll be cutting pay across its investment banking division.
Reuters says the cuts will be as high as 15%, citing two unnamed sources.
Reasons for the cut cited include:
- slower dealmaking
- weaker trading revenues
- the Communist Party's "common prosperity" campaign that seeks to stamp out "the lavish lifestyle of the financial elite"
Huh.
Just when there are 'green shoots' appearing for the economy too ....
