The Traderszone Network

Published in TZ Latest News 25 April, 2015 by The TZ Newswire Staff

Cuts to pay and perks trigger flight from China’s state banks

SHANGHAI/HONG KONG (Reuters) – Bankers at China’s top state lenders are quitting in increasing numbers because of cuts to their pay and perks, and moving to a new breed of financial firms such as leasing companies, trusts and online platforms, bankers and headhunters say. As part of an austerity, anti-graft drive, Beijing last year dictated pay cuts of up to a half for senior-level state bankers.