China Investment Group Slashes Executive Salaries
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China Minsheng Investment Group will cut compensation of its top and mid-level executives from this month to support strategic restructuring, it said in an announcement.
The Shanghai-based company that aspired to become China’s answer to JPMorgan Chase & Co. said on Tuesday it will reduce salaries for senior and mid-level management by as much as 83% to lower costs. Average cuts for senior and mid-level management will be 53% while ordinary employee pay will remain unchanged, it said.