China International Capital Corp (CICC) plans to reduce onshore investment bankers' base salary by up to 25% to lower expenses.

China International Capital Corp (CICC) plans to reduce onshore investment bankers' base salary by up to 25% to lower expenses, impacting over 2,000 bankers. The decision comes amidst revenue challenges faced by China's brokerage industry and follows last year's 40% reduction in bankers' bonuses. The move aligns with Beijing's austerity drive and follows a decline in IPOs in China and Hong Kong.