SHANGHAI - China International Capital Corp may reduce its investment banking headcount by at least 10% this year, two people with knowledge of the matter said, as a capital market downturn and sluggish economy darken prospects.
CICC, China's oldest investment bank, is under increased pressure to rein in costs amid rapidly falling fees from its underwriting and financial advisory businesses. CICC had already been cutting the base pay of onshore dealmakers by as much as 25%, Reuters reported last month. That stands in sharp contrast to the total IPO volume elsewhere globally, which nearly doubled to $31.4 billion in the same period, showed LSEG data.
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