China’s CICC Demotes Senior Bankers, Cuts Pay to Slash Costs

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China International Capital Corp. is planning to demote some of its senior bankers and cut their pay, people with knowledge of the matter said, an unusual move that could lead to voluntary departures from one of the country’s largest investment banks.

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CICC to Cut Investment Bankers’ Base Pay by 25%, Reuters ReportsChina International Capital Corp. is slashing onshore investment bankers’ base salary by as much as 25% to trim costs, according to Reuters.
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