China Banks Slash Salaries, Demand Bonuses Back Amid Debt Woes and Slowdown

• China's most vibrant banks reported large salary cuts in 2022 amid debt issues and economic slowdown • 10 state-controlled banks demanded employees return bonuses totaling nearly $14 million • Big salary cuts seen at banks like Bohai Bank (11.8% cut), Ping An Bank (8.5%), China Merchants Bank (6%), and China CITIC Bank (6%) • 10 financial institutions demanded workers return $13.8 million in bonuses in 2023, up from just 3 doing so in 2022 • New regulations from Beijing to build "modern corporate system" putting pressure on banks