(Bloomberg) -- China International Capital Corp. is slashing onshore investment bankers’ base salary by as much as 25% to trim costs, according to Reuters. 

The pay cuts will affect more than 2,000 bankers, Reuters reported on Sunday, citing people familiar with the matter who weren’t identified. CICC hasn’t yet announced bonuses for 2023, Reuters also said.  

CICC didn’t immediately respond to Reuters’ request for comment on Sunday.

Read more: China Brokers Could Face More Pay Cuts Amid Revenue Headwinds

©2024 Bloomberg L.P.