China's bankers get first pay hike since 2008

Hong Kong

CHINESE investment banks have awarded pay rises to their staff for the first time since the 2008 global financial crisis, buoyed by a surge in China-related deals, but salaries and bonuses still trail far behind those paid by Western banks.

Chinese investment banks traditionally baulk at paying outsized salaries, though some are just as profitable as their Wall Street rivals. They were especially frugal in the lean years after the crisis, but this year's boom has finally loosened their purse strings, headhunters and compensation experts say.