Bank of China Ltd , China's fourth-largest lender by assets, has launched a countrywide exercise to reduce the salary gaps among its employees and mid- and high-level managers in response to Beijing's 'common prosperity' drive, three sources with knowledge of the matter said.
Commercial banks have suffered record low profit margins due to disruptions from the embattled property sector and local government debt risks in a faltering economy.
It is now rolling out the plan to its branches across the country and plans to complete that process within the next two years, according to an internal notice seen by one of the sources. A third source said the bank's Shanghai branch staff last week received notice that the bank would be reducing pay gaps there.
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