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China's bankers earn paltry sums
Amid banking protests in the major centres of the world, maybe it's time for the richest bankers to learn some lessons from the chief executive of the biggest bank in the world, Industrial and Commercial Bank of China (ICBC).
Fin24 reports that for the past few years, ICBC's boss, Jiang Jianqing has been earning a paltry $150 000 a year, just 1,5% of the annual package paid to Brian Moynihan, chief executive of Bank of America and Jianqing has been taking pay cuts each year as well. In fact he's hoping the day will come when he eventually gets a raise.
In 2008 Jianqing was earning $240 000 but he has accepted the pay cuts because, he says, he cannot be earning more than the regulators who oversee China's banking sector.
China's major financial institutions (including ICBC) fall under the control and supervision of the Communist Party and the heads of major banking groups sit on the party's Central Committee, headed by President Hu Jintao.
Read the full article on www.fin24.com.
