CLSA expects senior staff will take pay-cuts

The firm has asked roughly 500 employees to take a voluntary pay-cut and expects that at least 75% of those approached will choose to reduce their salaries.

Last week, Hong Kong-headquartered brokerage CLSA Asia-Pacific Markets asked approximately one-third of its senior staff across all 17 regions and departments to consider taking a voluntary pay-cut of up to 25% beginning in January 2009. As of late Monday, the response rate, according to the firm, was very positive.

The cut-off date for saying yes or no was yesterday, and the firm anticipated at least 75% of the people they asked to consider taking a pay-cut would opt in....

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