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Chinanews, Beijing, June 25 – Chinese listed banks provide relatively1 higher salaries than their counterparts in Western countries to their working staff, while their contributions, in terms of profit, account for only one-fifth of those of their Western counterparts, according to a report released by the Ernst & Young accounting2 firm last Thursday, the Beijing Morning Post reported.
After China CITIC Bank went public in April, this year, there are about 11 commercial banks that have been listed in the mainland and Hong Kong securities markets so far. The assets of these banks account for over 55% of the total banking3 assets in China. These banks have boosted the development of Chinese banking industry after going public. The capital adequacy ratio among these banks has improved substantially. Many banks have the least capital amount as required by the central government. The bad loan ratio for these banks has been lowered to less than 4%, some even below 2%. When the business performance of Chinese listed banks has caught up with international standards, the salaries for staff working in these banks have also increased substantially. Before these banks went public one year ago, human resources costs accounted for 40% of the whole operational costs in banks. Now, related ratio has risen to 50%. The report attributes the high rise in salaries to the intense competition among listed banks, which forces the banks to offer high salaries to attract competent staff membersto stay in their companies.
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