Stop ‘flaunting wealth', Chinese bankers told in new guidelines
China's securities association has published new draft guidelines that will penalise companies whose staff flaunt their wealth and privilege, as Beijing continues its drive to remould an industry once known for its lavish lifestyle.
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In the proposed revisions to its rules, the Securities Association of China has added tougher points deductions for firms that 'offer questionable pay incentives', or whose staff 'flaunt wealth' and indulge in 'excessive luxury', Chinese financial media outlet Cailian Press reported on Friday.
The revised guidelines are currently open for industry feedback. If passed, they will affect the way the association assesses securities' firms corporate culture, with each firm receiving a score that is made public.
The move is part of China's broader push to reshape its financial sector – once known for its streams of hot money, big bonuses, and over-the-top lifestyle – into a disciplined industry that puts the national interest over excessive profits.
China's finance sector has been rocked by a string of wealth-flaunting scandals in recent years.
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Last year, China Securities, a leading brokerage, was embroiled in public controversy after an intern posted a video boasting about their wealth and leaking client information, sparking questions about the company's workplace culture.
In 2022, an employee at China International Capital Corporation was suspended after his wife revealed his monthly salary of more than 80,000 yuan (US$11,000) on the social media platform RedNote, triggering uproar over high pay in the financial sector.
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