A new report shows the chairmen and presidents of China's five biggest banks saw their 2015 compensation slashed by a record 50 percent, after Beijing-mandated pay reforms for executives of state-owned firms were implemented last year. Tara Joseph reports.
Heading up the world's biggest bank may seem like a golden ticket to earning millions. But Industrial and Commercial Bank of China chairman Jang Jianqing was paid less that 85-thousand dollars in 2015... That's just point-three percent of the whopping 27 million that JP Morgan CEO Jamie Dimon took home for the year. Jang is not alone... the chiefs of China's five biggest banks all saw their pay packets slashed by a record 50 percent last year as the weak economy hit their bottom lines. But ever since Beijing started cracking down on corruption, big salaries and other perks have been slashed to make sure top bankers can't abuse their power. Over at China's Construction bank - the country's second biggest lender - chairman Wang Hongzhang saw his paycheck slashed by half to around 90 thousand dollars... Not a huge leap from some bankers' starting salaries in London. In the U.S., many bank bosses are seeing their paychecks rise as things return to normal in the wake of the financial crisis... CEO's incentivised to re-build their firms like Bank of America, which gave chief Brian Moynihan a 23 percent pay rise as a reward for cutting expenses. China, on the other hand, is moving in the opposite direction - with big names being held to account as banking profits enter a tough new chapter in uncertain times.