HONG KONG/BEIJING - China's CITIC Securities is cutting pay across its investment banking division, lowering base salaries by up to 15%, sources close to the matter said, in a rare move in the country's financial sector as Beijing pushes to bridge income disparity.
The country's top investment bank by market value has also not yet paid bonuses to bankers for work done last year, the two sources said. The bonuses are usually paid out early in the second quarter.
All the sources declined to be named as they were not authorised to speak to the media.
CITIC Securities did not immediately respond to a request for comment.
(Reporting by Julie Zhu and Selena Li in Hong Kong and Roxanne Liu in Beijing; Editing by Sumeet Chatterjee and David Goodman)