Exclusive-Chinese brokerage CICC cutting dealmakers’ base pay by 25%, sources say

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Exclusive-Chinese brokerage CICC cutting dealmakers’ base pay by 25%, sources say

By Selena Li and Julie Zhu HONG KONG/SHANGHAI (Reuters) – China International Capital Corp (CICC) 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. Some of the impacted dealmakers were notified on Friday about the cuts, said the sources, who have knowledge of the pay reductions but declined to be named as they ar…