In a sweeping move to tighten control over its financial sector, Beijing is scaling back bonuses and cutting salaries of state-owned financial institutions. Investment fund managers, particularly those operating in Hong Kong, are now facing new regulations. Notably, some managers have been asked to return portions of their annual salaries exceeding 2.9 million Renminbi (approximately $400,000). This directive has caused delays in this year’s bonus payouts, adding to the growing pressure within the industry.

(FT)