Chinese brokerage CICC cutting investment banking base pay by 25%

China International Capital Corporation (CICC) is a Chinese multinational investment management and financial services company. Its owned in part by state interests.

Base pay investment bank salaries are to be cut, by up to a quarter. Will impact around 2,000 staff.

Factors cited include:

• cost reduction
• slow economy
• reduction in IPOs
• Beijing’s austerity drive (Chinese Communist Party attacking the ‘elites’, preferring ‘common propserity’)

Info via Reuters report.

This article was written by Eamonn Sheridan at www.forexlive.com.