Xi Jinping’s push for “common prosperity” now has bankers’ paychecks in its sights. China’s largest financial institutions are now having to comply with an annual salary cap of 2.9 million renminbi, equivalent to around $400,000, and some senior staff must even return earnings from previous years, according to a recent Bloomberg report.
It’s a stark signal for Chinese professionals that a banking career may no longer be the path to affluence that it is in the West, even for those
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