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Brokers post earnings drop and cut salaries

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2009-02-11 12:32

Latest 2008 figures from 50 stock brokerage firms showed an average 68.91 percent fall in profit from 2007 and a 11.99 percent cut in annual executive pay.

Related readings:  China sets limit on executive pay  Brokers report drastic decline in '08 profits  Hefty payout deals draw public anger

Industry analysts said the pay cut in 2008 would have been much deeper if it had not been for the deferred payment of the 2007 bonus.

Of the 50 brokerage firms, five said their average executive compensation was above one billion yuan ($146 million), with Guotai Jun'an Securities Co topping the list with 3.07-billion-yuan total staff payout, up 96.8 percent from a year before. The other four were Guangfa Securities, China Merchants Securities, CITIC China Securities and Guoxin Securities.

The total staff payout of the five brokerage firms totaled 9.11 billion yuan, exceeding the combined 7.4 billion yuan of the other 45 companies.