In addition to reclassifying investors as financial consumers, on June 27, reports emerged that several of China’s largest state-owned financial companies began implementing strict salary caps, with some executives even being asked to return past earnings.
According to Bloomberg, several of China’s largest financial groups have asked executives to forfeit deferred bonuses, with some fund managers being required to return salaries from previous years to comply with a 2.9 million yuan (approximately 400,000 US dollars) pre-tax annual salary cap.
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Pay Cuts, Salary Caps, Retrenchments: Financial Industry Storm Now Arrives
