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2,000 CICC bankers face pay cuts

China International Capital Corp. (CICC), a leading investment banking firm in China, is cutting the base salaries of its onshore investment bankers by up to 25% to reduce expenses. This decision will impact over 2,000 bankers, according to a Reuters report citing anonymous sources. The report also mentioned that CICC has not yet announced its bonus structure for 2023, adding uncertainty for its employees. The company did not respond to Reuters' inquiries for comment on these developments. This move comes amid increasing financial pressures within the industry, signalling potential shifts in compensation strategies among major financial institutions in Asia.


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