Raises bring merry Christmas to China's investment bankers

Staff at investment banks in China have received an average of around a 12% pay raise this year for the first time since 2008, Reuters reported, citing headhunters and compensation experts. Chinese investment banks traditionally balk at paying outsized salaries, and were especially frugal in the lean years after the crisis, but this year’s boom has finally opened their purse strings. Base salaries for the sector rose by about 6.5%, while total compensation levels at Chinese investment banks rose 9.2%.