China’s biggest broker was raising pay at its Hong Kong CLSA unit, giving 15 per cent to 30 per cent bumps to about HK$75,000 (US$9,600) to HK$80,000 a month to select junior associates, the people said, asking not to be identified because they are not authorised to discuss compensation. The raises did not apply across the board, one of the people said.
Pay was now back at 2022 levels, but still below what first- to third-year associates earned in 2021, when deal activity hit multi-decade highs, one of the people said.
China Merchants Bank’s Hong Kong arm, CMB International (CMBI), has also lifted pay to similar levels for juniors, while a number of other firms are considering raises to follow suit amid rising competition for talent, according to people familiar with the matter.
The increases and planned bumps mark a stark turnaround after pay was lowered over the past few years and bonuses and perks were gutted, especially on the mainland, amid a political shift to rein in private enterprise. Bankers in particular were singled out by the ruling Communist Party as leading “hedonistic” lifestyles, leading firms to also take a cautious approach in Hong Kong.
