Traditionally, banks have been stable, high-income industries. However, with changes in the market environment and business models, this stability is being disrupted. Continuous low interest rates have squeezed bank profits, while the surge in loan business and increased targets have added extra pressure on employees. Revenue from deposits has declined, forcing banks to seek income from other areas and reducing employee benefits and bonuses.
China’s economic slowdown has impacted the financial sector, causing layoffs and pay cuts not only within the mainland but also at overseas branches.
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