Pay cuts sour staff mood at brokerages

Staff at some securities brokerages in China appear to be in for hard times as their employers are said to have cut salaries as well as human resources, after the business related to initial public offerings or IPOs began to shrink, industry sources said.

A monthly salary slip from an unidentified employee of Shenwan Hongyuan Securities, they said, went viral on the internet recently.

The stock analyst concerned apparently received only 4,783 yuan ($749.4) in monthly salary recently, down as much as 40 percent from the normal level.