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China’s elite financial firms ask senior staff to forgo bonuses, some to return pay
The era of big pay for Chinese financiers is quickly coming to an end as some of the industry’s biggest companies impose strict new limits to comply with President Xi Jinping’s “common prosperity” campaign.
The country’s biggest financial conglomerates have asked senior employees to forgo deferred bonuses and in some cases return salaries from previous years to comply with the 2.9 million yuan ($400,000) pretax cap, according to people familiar with the matter.