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Two accused teenagers to remain in custody for at least two more weeks | SaltWire #newsupdate #newsHONG KONG/SHANGHAI - China International Capital Corp is cutting the base pay of onshore investment bankers by as much as 25%, three sources said, in a major effort to reduce costs amid volatile markets and Beijing's austerity drive.
The rare move by the top investment bank to reduce base pay by as much as a quarter underscores the challenges Chinese financial firms face amid a slowing economy and sluggish IPOs in the main listing destinations in China and Hong Kong. Chinese financial firms have also jumped on an austerity drive in the last couple of years - cutting salaries and bonuses and asking staff not to wear expensive clothes and watches at work - as Beijing pushes to bridge the wealth gap.
The bank is also mulling job cuts at its offshore investment banking unit in Hong Kong, one of the three sources said. It's unclear how many bankers are permanently based offshore.
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