Nation's bankers switch to online startups

After enduring a two-year pay freeze at Bank of Communications Co and seeing his eight-year career as a credit-card risk manager in Shanghai stall, Zhu Jun headed for the exit. Like thousands of young Chinese, he quit his banking job to join a hot, new industry: Internet finance.

"I enjoy the fast pace here," said Zhu, 31, who has done so much better at Omni Prime, a Web startup that offers consumer credit to low-income workers, that his previously disapproving wife was able to quit her banking job and become a stay-at-home mom. "It was a very risky move, but I'm glad I made it."

Career advancement, prestige, the excitement of a startup - and the opportunity to earn 20 percent to 30 percent more pay, plus stock options - are luring Chinese professionals bored with banking and its limited opportunities. The exodus, an echo of moves in developed markets, comes as government-backed, brick-and-mortar lenders are struggling with zero profit growth and surging bad loans.