Rumours began to circulate at the weekend about a massive staff meeting at CLSA on Friday afternoon. At this meeting, the investment bank's management presented a new pay formula. The exact nature of the pay formula began leaking out, but suffered from a classic case of Chinese whispers changing slightly with every mouth the rumour passed through.
However, FinanceAsia has pieced together the details of the new package which from the perspective of running a business and trying to preserve jobs is at the very least, creative and innovative.
Staff were given five options
- A 10% salary cut, but in return you get a one year contract....