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Tuesday 28 October 2008
CLSA asks staff to volunteer pay cuts
Brokerage CLSA asked one-third of its workforce to consider taking a voluntary pay cut of up to 25 per cent, spokeswoman Simone Wheeler said on Monday, in a move meant to avoid cutting jobs.
Brokerage CLSA asked one-third of its workforce to consider taking a voluntary pay cut of up to 25 per cent, spokeswoman Simone Wheeler said on Monday, in a move meant to avoid cutting jobs.
Those being asked to consider the salary cut, roughly 500 senior employees, have the option of taking a 15 per cent, 20 per cent or 25 per cent reduction, Mr Wheeler said.
CLSA Asia-Pacific Markets, the regional brokerage unit of Credit Agricole SA, is among the many financial firms trying to keep staffing levels while dealing with the financial crisis that has deepened across Asia in the last few weeks alone.
When the new salary goes into effect next year, CLSA participants will receive money back if monthly cost targets are met. Staff will receive what they sacrificed plus an incremental 8 per cent, 17 per cent, or 25 per cent depending on the agreed upon reduction, Wheeler said.
“We are expecting a very good response,” Mr Wheeler said. “What we’re trying to do is maintain our service level, and avoid having to cut jobs.”
Mr Wheeler said a similar effort in 2003 was a success.
The global financial crisis has forced firms to cut thousands of jobs. Goldman Sachs last week said it was laying off around 10 per cent of its workforce.
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CLSA asks staff to volunteer pay cuts
Reuters in Hong Kong
27 October 2008
Brokerage CLSA asked one-third of its workforce to consider taking a voluntary pay cut of up to 25 per cent, spokeswoman Simone Wheeler said on Monday, in a move meant to avoid cutting jobs.
Those being asked to consider the salary cut, roughly 500 senior employees, have the option of taking a 15 per cent, 20 per cent or 25 per cent reduction, Mr Wheeler said.
CLSA Asia-Pacific Markets, the regional brokerage unit of Credit Agricole SA, is among the many financial firms trying to keep staffing levels while dealing with the financial crisis that has deepened across Asia in the last few weeks alone.
When the new salary goes into effect next year, CLSA participants will receive money back if monthly cost targets are met. Staff will receive what they sacrificed plus an incremental 8 per cent, 17 per cent, or 25 per cent depending on the agreed upon reduction, Wheeler said.
“We are expecting a very good response,” Mr Wheeler said. “What we’re trying to do is maintain our service level, and avoid having to cut jobs.”
Mr Wheeler said a similar effort in 2003 was a success.
The global financial crisis has forced firms to cut thousands of jobs. Goldman Sachs last week said it was laying off around 10 per cent of its workforce.
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