The mass exodus at China's top state banks

Shanghai

BANKERS at China's top state lenders are quitting in increasing numbers because of cuts to their pay and perks, and moving to a new breed of financial firms such as leasing companies, trusts and online platforms, bankers and headhunters have said.

As part of an austerity, anti-graft drive, Beijing last year dictated pay cuts of up to a half for senior-level state bankers. Some state-owned lenders have since quietly cut salaries across the board.