Chinese banks find new form of finance

They are taking back wages already paid:

It’s normal to clawback performance pay if the company doesn’t perform. It is usually in the employee’s contract.

https://www.indeed.com/hire/c/info/what-is-a-clawback-provision#:~:text=If%20an%20employee’s%20performance%20has,expectations%20of%20their%20employment%20agreement.

If an employee’s performance has been unsatisfactory, leading to low achievements or a decline in revenue for the company, you can claw back the funds paid to them. A clawback provision can also be used if an employee doesn’t meet the expectations of their employment agreement.

I suspect as bad as the Chinese economy is doing right now there is a real need for clawback.

Andy

So mgmt really took a massive pay cut–right?

I suspect everyone with any performance pay would have been hit.

Andy