Investment bankers in China are struggling to stay relevant after a tough year for deal-making, deep pay cuts, and widening regulatory probes that have sent a chill through the once-vibrant industry.
While their peers on Wall Street are looking forward to bigger bonuses for the first time since 2021, Chinese bankers are bracing themselves for a third consecutive year of little or no extra payouts. A stock market rally in September sparked by Beijing’s economic stimulus plans raised hopes of a revival in capital markets deals, but the euphoria has ebbed. Revenue remains lackluster for investment banks that earn fees from brokering mergers and acquisitions and helping companies sell shares and bonds.
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