Especially in 2022, at the beginning of the year, analysts' social platforms paid high salaries, and then the business department issued a code of social behavior for employees to avoid showing off their wealth. In the middle of the year, another brokerage trader rushed to the hot search with a monthly income of more than 80,000 yuan, causing market controversy.
Recently, rumors about the salary reduction of brokers are also rampant.
It is worth noting that for the compensation management of securities firms, the regulatory authorities have been actively guiding and bringing executive compensation into the evaluation index system of cultural construction.
In May, the China Securities Association issued guidelines for improving the salary management system, clearly requiring extreme control and rhythm control of salary incentives. In August, the Ministry of Finance issued a salary limit order for the state-owned financial industry, which put forward further requirements for the salary of senior executives and employees in important positions in financial enterprises.
According to the business report of 2 1 century, according to the statistics of Wind, from the point of view of the per capita salary of brokers, after 20 19, 2020 and 202 1 3 years of continuous growth, the per capita salary of brokers has entered a downward channel. According to the latest data of the third quarterly report, the per capita salary decreased by 2 1% compared with the same period of last year.
Data analysis shows that different brokers and their internal compensation differentiation is very large, and there are even several times gaps between different institutions or positions.
Some brokerage investment bankers said that on the whole, head brokers have high basic salary and low floating ratio, while small and medium-sized brokers have low basic salary and high floating ratio, and the salary incentive system for different positions is different. Brokers should maintain a strong attraction and competitiveness for talents, so the salary changes of different positions are quite different, and there may be some room for implementation in operation.
According to industry insiders, there is still room for improvement in the brokerage compensation management system. Some human resources personnel of brokerage firms believe that the fund industry has issued relatively clear deferred compensation regulations, but the brokerage firms are still relatively broad at present, and the market is more concerned about whether there will be further implementation rules within the existing framework.
After three years of high growth, it turned into a downward channel.
In recent years, the high salary of brokers has been criticized by the outside world, especially after the bank limited salary, the high salary of brokers has been widely discussed.
Wind data shows that the average salary of brokers in 20 19, 2020 and 202 1 year is 376,300 yuan, 479,500 yuan and 527,000 yuan respectively. In the past three years, the per capita salary has continued to grow at a high speed, with the growth rates reaching 20%, 27% and 10% respectively.
According to the specific data, among the 202 1 listed brokers, there are 19 brokers whose per capita salary exceeds 600,000 yuan. CICC ranked first with1164,200 yuan, and CITIC Securities ranked second with 946,900 yuan.
In contrast, according to the Statistical Yearbook of China -202 1 published by the National Bureau of Statistics, the average annual salary of employees in urban non-private units in China is only 97,379 yuan.
Although the remuneration of brokers is considerable compared with other industries, compared with the remuneration of foreign-funded and joint-venture brokers, the remuneration of CICC and CITIC is slightly inferior. According to the average number of employees, the highest among foreign-funded and joint-venture securities firms is Goldman Sachs Gaohua, reaching 33 1.78 million yuan, followed by JPMorgan Chase Securities (China), with 2,078,400 yuan. Morgan Stanley Securities (China), UBS Securities, HSBC Qianhai Securities, Credit Suisse Bank Securities (China) and Gaohua Securities are 177.7 1 ten thousand yuan, 152.5 1 ten thousand yuan and15/kloc respectively.
However, by 2022, this situation has changed. In the first half of this year, the total labor cost of 48 securities firms was 79.59 billion yuan, down 1 1.2% from 89.66 billion yuan in the same period last year. Among them, 73% of the total labor costs of securities companies are shrinking, which is equivalent to the total salary reduction of 48 securities companies in the first half of the year exceeding10 billion yuan.
Specifically, the per capita salary of head brokers such as CICC, China Securities, Guotai Junan, orient securities, Shenwan Hongyuan, Huatai Securities and Guangfa Securities all declined to varying degrees. For example, CICC decreased by 33.3% compared with last year, while CITIC Jiantou and Guotai Junan decreased by 2.3% and 5.2% respectively.
The phenomenon of salary differentiation is widespread.
In fact, it is not enough to look at the average. The salary differentiation between different brokers and brokers is very large, and there is even a gap of several times between different institutions or positions.
According to the data of 20021,the total annual salary of 48 listed brokers 1 153 is154.7 billion yuan, and the per capita salary is 134 13000 yuan. Among them, the per capita salary of 25 brokerage executives exceeds one million yuan.
Citic Securities ranks first in the list of top executives' per capita salary with the total annual salary of 32 top executives of 65.438+66 billion yuan and the per capita salary of 5.20438+0 million yuan. In CICC, Haitong Securities, China Securities, orient securities and Guo Xin Securities, there are also many senior executives whose annual salary exceeds 4 million.
However, the executive compensation of 202 1 has shrunk significantly compared with 2020.
Huang, CEO of brokerage company, earned 65,438 yuan before tax in 2020. By 2026,5438+0, his salary had dropped to 7,953,000 yuan, with a decrease rate of 50.24%. But the company's revenue increased by 27.35% year-on-year. Wang, the president of TF Securities, and the president of First Venture also fell by more than 50%.
A brokerage official said that the overall decline in executive compensation is a trend. In order to comply with the industry development direction and regulatory requirements, enterprises will build a stable salary system in the future.
On April 1 this year, the supervisory authorities implemented the Measures for the Supervision and Administration of Directors, Supervisors, Senior Managers and Employees of Securities Fund Operating Institutions, which also stipulated the remuneration of senior managers of securities firms.
According to the regulations, securities fund management institutions should establish a long-term and reasonable salary management system, fully reflect the requirements of compliance management and risk management, and avoid improper incentives such as short-term and excessive incentives. Securities fund operating institutions shall establish a deferred payment mechanism for the remuneration of the chairman, senior managers, heads of major business departments, heads of branches and core business personnel, and reasonably determine the standard, duration and proportion of deferred payment of remuneration in labor contracts and internal systems.
A number of brokers revised their salary management measures.
It is worth noting that the regulatory authorities have been actively guiding and incorporating executive compensation into the evaluation index system of cultural construction.
In May this year, China Securities Industry Association issued "Guidelines for Securities Companies to Establish a Steady Salary System", explicitly requiring securities companies to formulate a steady salary scheme in combination with the characteristics of the industry, fully consider the impact of market cycle fluctuations and the development trend of the industry and the company's business, moderately smooth the salary payment arrangements, and at the same time do a good job in extreme value control and rhythm control of salary incentives.
In August, the Ministry of Finance issued a salary limit order for the state-owned financial industry, requiring that the basic salary of senior executives and employees in important positions of financial enterprises should generally not be higher than 35% of the total salary, and the performance salary exceeding 40% should be deferred, and the deferred payment period should generally not be less than 3 years.
In fact, since the beginning of this year, many brokers have begun to improve and revise the employee compensation management measures. 10 year 10 On October 27th, the 25th meeting of the 9th Board of Directors of Guoyuan Securities reviewed and approved the Measures for the Management of Company Managers' Remuneration.
The announcement shows that the salary of managers consists of basic annual salary, performance annual salary and term incentive. The term incentive of managers is based on the total annual salary during the term and determined according to the results of term performance assessment. The term incentive is determined within 30% of the total annual salary of managers during their term of office according to the results of term assessment and evaluation.
On September 8, Founder Securities also formulated the remuneration and assessment management system for directors and supervisors at the second extraordinary shareholders' meeting.
According to the incomplete statistics of 2 1 century business report, since the beginning of this year, three brokers 13, such as Industrial Securities, Guosen Securities, Guohai Securities, Hualin Securities and Great Wall Securities, have issued salary-related management measures or special instructions.
According to insiders, there is still room for improvement in the compensation management system of securities firms, such as some detailed rules on deferred compensation. The general principle is to moderately lengthen the assessment cycle and avoid short-term and excessive incentives. On the other hand, it is necessary to maintain competitiveness, combine incentives with constraints, and implement salary distribution according to relevant assessment results.