China's listed banks have shed around 35,000 employees this year and cut average salaries as they seek to reduce costs amid stagnant revenue growth.
Bank profits were essentially flat in the first half of the year as lenders struggled with shrinking net interest margins and rising bad loans. With top-line growth sluggish, lenders have turned to cost-cutting.
Of China's 19 listed banks, seven reported declines in total employment at the end of June, compared to six months earlier. The group — which includes five of the six largest banks by assets — cut a total of 34,691 jobs in the period, according to Wind Information, which compiles data from the banks' quarterly financial statements. For the full group of listed banks, employment fell by a net 20,791 workers.