NEWS: Six state-owned banks in China lost 28,000 employees last year

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The China Securities Times reported Thursday that comparable data from 14 listed banks that had published annual reports showed that the total salary expenditure and per capita salary of 13 banks increased year-on-year, with China Merchants Bank (60 036.SS) (3968.HK), Ping An Bank (000001.SZ) and Ningbo Bank (0021.42.SZ) among the top three, reaching 585,000 yuan, 528,000 yuan and 484,000 yuan respectively.
The report also said that the six state-owned banks, including the Agricultural Bank of China (601288.SS) (1288.HK), lost 28,000 employees last year, mainly in positions with strong substitutability and low educational background, such as tellers and operations. Other banks are generally increasing manpower allocation, especially in retail and other business lines, as well as risk compliance, information technology and other background areas.
According to the report, the total salary expenditure of 14 banks with comparable data in 2018 was 622.85 billion yuan, an increase of 6.7% over the same period last year. With the exception of CITIC Bank (601998.SS) (0998.HK), the total salary expenditure of 13 other banks increased last year by 8% compared with the same period last year. This is also the second year in a row that total bank salary expenditure has generally increased.
Among them, China Merchants Bank, Ningbo Bank and Ping An Bank increased their total salary expenditure by 21.2%, 17.1% and 12.4% respectively. In addition, Wuxi Bank (600908.SS), as an agricultural and commercial bank, also achieved a 10.3% growth in total salary and expenditure last year.


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