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Bankers start complying Xi’s ‘common prosperity’ drive

Chinese bankers are facing additional pay cuts to comply with President Xi Jinping’s “common prosperity” campaign. At least four of the biggest state-controlled securities firms and asset managers are drafting plans to narrow the compensation gap between senior and junior staff while some may submit proposals to regulators in the next few months. Capping total pay and deferring incentive bonuses for longer periods are among the options being considered. At least two mainland-backed investment banks in Hong Kong are deliberating how to level pay among different ranks and between onshore and offshore units. The moves come on the heels of the Chinese Communist Party's congress, where Xi stressed his “common prosperity” campaign while further consolidating power.

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