Shanghai Banks Cut Salaries by Over 50%, 1,200 Bank Branches Closed in China Since 2023

The wage-cutting trend has now reached the financial industry. There were initial reports of bank employees’ monthly salaries falling from over 20,000 yuan to less than 7,000 yuan. This was followed by news of SPDB employees collectively striking in front of the SPDB building in Shanghai’s Lujiazui. This is just one representation of the wage cut crisis in the banking industry. Over the past year, a wave of layoffs and pay cuts has been hitting the financial sector one after another. In fact, the closure wave in China’s banking industry began as early as last year. In 2022, approximately 2,400 various bank branches closed down. In comparison, the scale of bank branch closures this year is basically on par with last year. #shanghai #chinabanks #chinaeconomy #chinaobserver All rights reserved.