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Source: sniper, No. 1 Financial Street
According to Bloomberg, China International Capital Corporation is being demoted to pay cuts, which may cause employees to leave voluntarily.
The report quoted sources as saying that the company had informed bankers internally that some people might lose their managing director title and be downgraded under the new performance rating system that came into effect recently.
It is reported that demotion of employees is extremely rare in financial institutions and large companies. CICC's performance plan is seen by some employees as a way to cut costs without layoffs, which could lead to huge expenses.
The report quoted sources as saying that the demotion may lead to the resignation of bankers, which will enable the company to reduce the number of employees through natural attrition.
The report quoted sources as saying that as part of the new performance rating plan, CICC will divide bankers into five levels, of which 5 per cent will belong to the highest level, 45 per cent will belong to the second level, and the third and fourth levels will each account for 20 per cent and 10 per cent of the lowest level.
Tier 4 bankers will be demoted slightly within their titles, and the bottom 10 per cent will be demoted, such as from managing director to executive director or from vice president to associate.
At the end of last month, CICC cut the salaries of mainland investment banking staff by up to 25 per cent, and is also considering cutting jobs in Hong Kong's offshore investment banking department.
In addition, it is widely circulated that "brokerage firms reduce costs and increase efficiency" small composition. Where:
1) the J:base decreased by 25%, and the base of the new master's degree decreased from 3%.Pokerstarsbiggame.8w down to 2Pokerstarsbiggame.85w, the undergraduate level dropped to 1.8-1.9w. With regard to the rating, the five grades of ABC+C-D, D lowered the big title or even dismissed, C-lowered the subtitle, and C + did not understand in place, AB had the chance of promotion. An is the top 10%. Since last year, there has been no salary increase even for the promotion of title.PokerstarsbiggameYes. The institute is divided into four grades of ABCD, the year-end bonus has shrunk, and there are indicators for assessment and layoffs.
2) medium X: the salary cut is smaller than that of ZJ, about 20% lower, but base is already lower than ZJ, and it is basically flat after the pay cut. After the salary cut, the new master's degree will be 2.6-2.8w, and the investment bank and other front desk departments will be brought together. Some investment bankers in ZXLA are faced with salary cuts or job transfers, and the optimization will be transferred to the sales department without compensation.
3) ZX Construction Investment: before that, the penalty for ZJ fraud was about 1 billion, the investment banking business lost a lot of money, and the investment banking profit fell 36%. The rate of salary reduction is the same as that of ZX, and the investment bank has dropped 3.6 weeks after one week of general decline.
4) SW: the salary reduction plan has gone through the process, and there will be a pay cut right away.