The changes came in a sweeping but discreet way, according to Alex*, a manager at a state-controlled bank in China’s capital, Beijing.
“You would not see the order put into written words – even if there is [an official] document it’s certainly not for people on our level to see. But everyone knows there is a cap on it [salaries] now. We just don’t know how much the cap is.”
Alex says employers are also struggling to deal with the pace of the crackdown: “In many banks, the orders could change unexpectedly fast.”
“They would issue the annual guidance in February, and by June or July, they would realise that the payment of salaries has exceeded the requirement. They then would come up with ways to set up performance goals to deduct people’s pay.”
Mr Chen says his workload has shrunk significantly as the number of companies launching shares on the stock market has fallen. Foreign investment has decreased in China, and domestic businesses have also turned cautious – because of the crackdowns and weak consumption.
In the past his work often involved new projects that would bring money into his firm. Now his days are mostly filled with chores like organising the data from his previous projects.
“The morale of the team has been very low, the discussion behind the bosses backs are mostly negative. People are talking what to do in three to five years.”
It’s hard to estimate if people are leaving the industry in large numbers, although there have been some layoffs. Jobs are also scarce in China now, so even a lower-paying finance job is still worth keeping.
But the frustration is evident. A user on Xiaohongshu compared switching jobs to changing seats – except, he wrote, “if you stand up you might find your seat is gone.”
Mr Chen says that it’s not just the authorities that have fallen out of love with finance workers, it’s Chinese society in general.
“We are no longer wanted even for a blind date. You would be told not to go once they hear you work in finance.”
*The names of the finance workers have been changed to protect their identities.