Chinese investment bank CICC to demote senior bankers, cut their pay to reduce costs

China International Capital Corp is planning to demote some of its senior bankers and cut their pay, people with knowledge of the matter said, an unusual move that could lead to voluntary departures from one of the country’s largest investment banks.

CICC has communicated to bankers internally that some individuals could lose their managing director titles and be relegated to lower ranks under a new performance-rating system that took effect recently, said the people, who declined to be identified because the discussions were private.