HONG KONG, July 18 (Reuters) - China's CITIC Securities (600030.SS) plans to move dozens of bankers from its offshore platform CLSA in Hong Kong to the mainland to cut costs and meet Beijing's call to bridge income inequality in the financial sector, people with knowledge of the matter said.
The move comes weeks after CITIC cut pay across its investment banking division, lowering base salaries of mainland-based bankers by up to 15%.
The move would result in a 25% to 50% base salary reduction because dealmakers in Hong Kong are normally offered higher pay than mainland peers, according to the second person.
Wall Street banks such as Goldman Sachs (GS.N), JPMorgan (JPM.N) and Morgan Stanley (MS.N) have cut some investment banking jobs in China over the last 12 months.
($1 = 7.1729 Chinese yuan renminbi)Reporting by Selena Li and Xie Yu in Hong Kong; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.
Persons:
CITIC, Goldman Sachs, Morgan Stanley, Selena Li, Xie Yu, Jamie Freed
Organizations:
CITIC Securities, CLSA's, Bankers, JPMorgan, Australian, Thomson
Locations:
HONG KONG, Hong Kong, China, CLSA's China, Beijing, Canadian