Pay packets rise at Chinese investment houses

Chinese investment banks have awarded pay rises to their staff for the first time since the 2008/09 global financial crisis, buoyed by a surge in China-related deals, but salaries and bonuses still trail far behind those paid by Western banks, according to research published by a global professional services firm.

China's investment houses traditionally baulk at paying outsized salaries, though some are just as profitable as Wall Street rivals, said officials at Towers Watson & Co, and they were especially frugal in the lean years after the crisis - but this year's boom has finally loosened their purse strings.

"This is the first time since 2009 we have seen an increase of base and total compensation," said Maggy Fang, its managing director for executive compensation in Asia Pacific.