As China’s economy slides downward and banks strive for survival, several banks have asked their employees to return bonuses and subsidies.
Taiwan’s Central News Agency cited a Securities Times post on WeChat saying that several Chinese banks are reclaiming performance bonuses “totaling nearly 100 million yuan (US$ 13.8 million). The China Merchants Bank, Bohai Bank, and Bank of China together accounted for a total of 89.48 million yuan.”
“In 2022, more than half of the approximately 40 listed banks disclosed such bonus reclamations in their annual reports. For example, China Merchants Bank reclaimed a total of 58.24 million yuan in 2022, and 43.29 million yuan in 2023.”
Source: Central News Agency (Taiwan), April 3, 2024
https://www.cna.com.tw/news/acn/202404030315.aspx