CICC Set to Pay 2024 Bonuses to China Bankers After Long Delay

China International Capital Corp. is set to finally distribute its 2024 bonuses after a crackdown on banker compensation and an ongoing acquisition caused a lengthy delay. 

The Beijing-based investment bank plans to award bonuses worth roughly two to three months of base salary, people familiar with the plan said, asking not to be identified because the matter isn’t public. CICC didn’t immediately respond to a request for a comment.

China’s investment banks have been under pressure to rein in pay over the past few years amid a broader crackdown on private enterprise. Bankers were even branded as “hedonists” for their lavish lifestyles, with high-earning finance professionals bearing the brunt of President Xi Jinping’s campaign for a fairer distribution of wealth. 

Firms have also slashed perks and capped annual salaries for senior executives at 2.9 million yuan . The payouts come after the employees received only modest payouts in recent years, and many saw their base salaries cut by 25% to 30% starting in 2023. 

The brokerage had held back bonuses for at least six months while talks on an acquisition of two smaller domestic brokerages progressed, the people said. 

The deal is part of a strategy for China to build first-class domestic investment banks capable of standing up to global heavyweights.

Business is also picking up at CICC and other brokerages, as dealmaking and markets have improved. Net income for the first nine months of the year more than doubled from a year earlier for CICC.

CICC is one of China’s top investment banks for debut stock sales in Hong Kong, ranking No. 1 for IPOs in the city this year, data compiled by Bloomberg show. At home, competition is fierce and the firm hasn’t claimed the top spot for IPOs since 2018.

The bonuses are far from what overseas rivals are paying. On Wall Street, the bonus pool is expected to break records this year if current trends continue, as big banks reap profits from soaring stocks and a return to more dealmaking after a long drought.

With assistance from Amanda Wang.

©2025 Bloomberg L.P.

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