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CN State-Owned Banks' Senior Executives Reportedly Face Bonus Cuts of at Least 30%
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As China strengthened the comprehensive remuneration reforms to the financial sector, bonuses for senior executives at two major state-owned banks were cut by 30-50% last year, while variable pay for department heads at a medium-sized national bank also fell by about 40% last year, Bloomberg quoted sources as saying. It is reported that China is currently placing particular emphasis on addressing the issue of 'pay inversion,' as mid-level managers at Chinese financial institutions have long tended to earn higher salaries than top executives. AASTOCKS Financial News |
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