China's top graft-busting watchdog earlier this year vowed to eliminate ideas of a Western-style "financial elite" and rectify the hedonism of excessive pursuit of "high-end taste".
Industrial and Commercial Bank of China (ICBC) (601398.SS) and China Construction Bank Corp (CCB) (601939.SS) plan to cut some allowances of employees at the banks' headquarters from this year, two sources familiar with the matter said.
Domestic rival China International Capital Corp (CICC) (3908.HK) last month cut this year's bonuses for investment bankers by 30%-50% from a year earlier, Reuters has reported, citing sources with knowledge of the matter.
Besides anti-corruption crackdown and "common prosperity" drive, financial firms are also reining in the flashy lifestyle of their staff to make sure they are not violating the Communist Party's ideology, said industry officials.
China's securities regulator and the central bank cut the budget allocation for employee salaries in 2023, following reforms ordered as part of a broader drive to reduce income disparity, Reuters reported last month.
Persons:
Xi Jinping's, CCB, Xin Sun, Sun, Xie Yu, Julie Zhu, Selena Li, Ziyi Tang, Binbin Huang, Rong Ma, Sumeet Chatterjee, Lincoln
Organizations:
Industrial, Commercial Bank of China, China Construction Bank Corp, Securities, Reuters, China International Capital Corp, HK, Party, King's College London, Thomson
Locations:
China, HONG KONG, Beijing, Hong Kong, Shanghai