China’s new rules for finance pull the brakes on gravy train, bringing ‘greed is good’ era to a halt
“Everyone, from the top brass to people like us in middle ranks, earn less than before,” said a credit manager with Bank of China, one of the country’s “big four” state-owned banks, lamenting the loss of the staggering bonuses that she used to bag in the industry’s heyday.
China’s financial sector is always beholden to the government … No businesses in any country can operate in a vacuum
Pay cuts, first imposed on executives of state-owned financial institutions in 2010 by the banking regulator and now an industry-wide practice, appear to be a preview of what’s in store