Bankers brace for bonus cuts

BEIJING - The banking regulator will soon come out with rules governing the payment system for commercial lenders and may join the global efforts to curb excessive risk-taking by clamping down on bank bonuses, people with knowledge of the matter told China Daily on Tuesday.

Under the guidelines, the base pay of a bank employee should not exceed 35 percent of the total remuneration, while bonus payments for senior management should not be more than three times the base salary, the source, who declined to be named, said.

The remuneration system of Chinese lenders consists of base pay, bonus payments and allowances for specific needs, the source said.