China's state-controlled union has targeted some of the world's largest investment banks in a recruitment drive that will see the multinationals have to pay a 2 per cent payroll tax to fund labour activities.
Union officials in Beijing's financial district summoned representatives of multinational investment banks to a meeting last month at which they were encouraged to establish union chapters. The banks included Goldman Sachs, JPMorgan, Morgan Stanley and UBS.
There's a big financial incentive for them to go after the investment banks,” said an executive familiar with the targeting of the banks by the All China Federation of Trade Unions, the country's sole legal union.
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