China's highest paid banker leaves amid job cuts

Departure

Chim Wai Kin, the chief credit officer who was Bank of China’s highest-paid executive, left his job amid pay cuts being imposed on senior managers at Chinese lenders, people with knowledge of the matter said.

Bloomberg News reports that Chim’s contract expired and wasn’t renewed, the people said, asking not to be identified as the departure hasn’t been announced.

The exit of Chim, who oversaw credit quality at the lender, comes as lenders grapple with a slowing economy that’s triggered a surge in bad loans. Senior managers at the nation’s five largest banks - all of which are government-controlled - had their total compensation for this year cut to no more than about $97,000, people with knowledge of the matter said earlier this month.

To access the complete Bloomberg News article hit the link below:

Bank of China’s Highest-Paid Worker Exits Amid Pay Cuts

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