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.
