CICC plans to demote senior bankers, cut pay, and implement a new performance system to cut costs without layoffs.

China International Capital Corp. (CICC) plans to demote some senior bankers, reduce their pay, and implement a new performance-rating system. The unusual move aims to cut costs without resorting to redundancies, which could lead to voluntary departures. Job demotions are rare at financial institutions and large companies, but CICC's performance plan may enable the firm to reduce its headcount.

May 06, 2024
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