A Massive Wave of Layoffs Sweeps Through China’s Banks: Cut Salaries to $100/Month or Leave
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- Опубликовано: 12 сен 2024
- This man shared how his friend's salary was drastically reduced to just over 800 yuan, which reflects the widespread decline in pay within the banking industry. In recent years, many banks have implemented salary cuts to cope with economic pressures and declining profits. This not only affects employees' quality of life but also highlights the shrinking revenue across the industry. However, salary reductions are often part of a broader strategy when banks decide to downsize their workforce.
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Just read the IBM R&D is moving from China to India - that's great news.
Sweet. Just pulled up the ticker news.
_IBM is moving its China research-and-development functions to other overseas facilities in a move that will affect more than 1,000 people, The Wall Street Journal reported, citing workers who attended a virtual meeting where the news was announced._
It's amusing because Pooh Bear has pushed business away from western companies to domestic ones. And, then people are like, "wait, why are you leaving?".
Very good news, indeed!
I guess the follow up question is: 'What took them so long?'
Soon Starbuck, McDonalds, Coca-cola will follow.
IBM should never of been in China 🇨🇳
This just in - communism is still communism. Everyone is still equal except for those that are more equal than others.
Wow, things are really bad in china’s economy, bank severe salary cuts are telling. 😢
I am a Milton Friedman, market minded thinker. "Things" in banking in CCPLand are merely dropping to the market values such employees add to the bank. If anyone offered $112 for 160 hours work is offended, then it is past a reflection on you. OBVIOUSLY, even EATING food on $3.70/day (the whole salary) is a challenge, thus the position filled for that salary has no value.
The banks are merely saying the quiet part out loud. LEAVE.
I love that guys analogy. Joining a bank is like buying stocks in 2007, buying a house in 2019 …..
Honestly being poor in the country side doesn’t sound “that” bad. If you have land or family home, just produce what you eat and call it quits…
👍👍👍👍👍👍...
Nope PCC no They don't leave plants without permission, even in the USA there are laws against it.
They are way ahead of you . Lying Flat. The 4 Don't. And other youth movements have been around for years.
as a banker working in hk, i can understand salary cut but can’t understand what reverse salary/bonus system is. funny to know that they can take back something already given any time. who would want to work under such a vulnerable environment?
This model is also made in Europe, to reduce number of banker employees since 2022, closed branches, branches fusion, limit contracts, etc. Its global slavery, so now working in bank business is neither well paid nor stable carrier future!!!..😢 Lots of hundred thousands losed their jobs..
It is not slavery, we change from industrial ge to digital age.
@@AS-np3yq shit logic........
With LLMs and such and end stage authoritarianism... Let me say this-The Old world is ending. and you all need to stay ahead
@@MrLittlewaspnot really, every business has to keep up with the times!
We see how poorly managed the E.U. Is the euro has lost a lot of value and would of crashed if it was not for the federal reserve of the United States buying euros
Ah the relocate or leave trick.... I've seen in that in my company.
Global well known 35 trillion debts is on the brink with 1 trillion added every 100 days unstoppable daily weekly monthly yearly.
The slow bleed is the worst. In 2008, my former company was afraid of the unknown, but our numbers were never terrible. I ran the department responsible for revenue, so I never felt uneasy because I had full visibility and things weren't bad. After 2009, we felt comfortable enough to hire / give raises again. Basically, about 1.5 years of belt tightening just in case.
China keeps tightening slowly and no one knows where the bottom is. Realistically, they've been in a recession for at least 1 year now and no real stimulus. It's mind boggling.
It's more like two years in recession with the two years before that covid torture.
@@beowulf1312 It's a valid point. Just thinking from their perspective and Pooh Bear saying, "hey, we'll lift the lockdowns and things will go back to normal economically".
Which to a degree is a somewhat insane assumption. Pooh Bear with his economic training in carrying sticks thought it was like a spigot.
It’s way further gone than that…. If you know anyone old enough to remember the collapse of the Soviet Union, they can tell you that Radio Moscow was broadcast on shortwave radio that all was well, right up until the day before the collapse. China is doing the same thing now. 📉🚽🌀 It’s done. The result of uneducated men planning a planned economy.
Covid policies killed the economy. Nonetheless I am sure the Chinese government will say it’s all because US 😂
Patriotism of Xinnie PorkPooh #slopaganda #misery #foreignshillbroth #tubecensor
- With stimulus and measures, Chyna's debt will be at 400% to 500% (600% is a completely failed nation state) of its GDP in the next decade, according to Reuters.
-Chinese 🇨🇳 property Ponzi sector, which accounts for 30% of GDP, is crashing
-Tofu Exports and Western imports, accounting for 37% GDP, are down.
-Foreign investment is falling over 90% compared to it's peak in 2018.
-Foreign visitors are down 96% compared to the pre-pandemic level in 2019 with less than 200 americans left.
-Consumer prices and pay are experiencing hyperstagdeflation while necessities are undergoing hyper flation.
-Youth unemployment hits over 21% (in reality 75%+ after eliminating faked numbers), a record.
-It's fast shrinking workforce is 10 years old than neighboring countries.
- During the years 1990-2021, the US printed 6.5 time more money while China printed 147 times.
- It has printed more money than the US and Japan combined, while it's economy is only half of them.
- Current Chinese debt-to-gdp is already highest in the world, at 300%, according to Bloomberg.
- This is a macroeconomic nightmare created by the party going way back in 1994 when they took the Tofu money off the international exchange. Now in 2024, the banks and the average little pink have no idea what is the ACTUAL value of anything within the country. Any stimulus from the Central state. will be meaningless and ineffectual because the Central Bank is a part of the Party. Thereby merging both fiscal Central and monetary private policies into one ongoing disaster. Local province officials were doing stimulus spending for decades in tandem of the "Economic Miracle" which will undermine any Central stimulus during an actual depression/recession or more accurately.. HYPERSTAGDEFLATIONARY NIGHTMARE.
-- in the future house prices will drop to 10%, youth unemployment will be over 90%+ without streams, and middle class people over 35 will all be laid off with pays trimmed in half.
How will you do in a country where real estate companies, local governments, and banks across China have crashed or fled? That is your challenge for the future (will you own a trash house with the mortgage?). Pensions will be laundered and your daily pay will be 1-2 dollars while you drink Poop Water and eat gasoline cooking oil while the Party and Porkpooh eat Tegong Special food supplies.
Mengze harvard daughter: lives in US brother: australian green card daughter in law: british green card sister: canadian citizen brother in law: canadian citizen second sister: australian green card second brother in law: australian green card
Arctic Catfish Shenzhen: laughs at how Leeks feed her
Fei Fei Li the AI Spy and stealer-Has ties to the Party with Tsinghua University
WOW SO GOOD AWESOME Organ Leeks #sloprosperity #theskydontlie
I have no problem with the CCP failing but the misery returning to China is such a tragedy!
Read up on China under the KMT and even before that. It's always been like this. They constantly cycle through one tyranical government to another. It's always been part of their authoritarian history.
Let them all go rice farm🇨🇳
WOW SO GOOD!
No pain no gain.
A lot of them wish this harm on others, so don’t feel to bad for them! They loved all the manufacturing jobs they got at the detriment of other countries, they pray for drought and or floods on Japan, now manufacturing is leaving and it’s great.
"Give me control of a nation's money and I care not who makes its laws."
Mayer Amschel Rothschild
Sowjetunion...
By the way the quote is fake na3i propaganda.
Give me control of your mom.
@@AS-np3yq wonder who controls the money in china ...surely its not the people...fake quote or not the results are clear all over this earth
@@AS-np3yqfake perhaps but Rothschild approved.
And Rothschild is NOT in China..
If I was a share holder and heard of this extravagant waste in salaries I would be outraged!!
$100/mo.
Why so much?
Yeah, no chance they're worth that...
@@snaz27 This is banking!!! It's not like they are plumbers or babysitters! Those trades people deserve thousands a month due to their hard work.
Hahhahaha
FYI. Banks around the world are going through this. My bank looks like a ghost town everytime i walk in. Everything is digital, online with few employess.
Theirs plenty of work in the rice fields 🇨🇳
True, I expect.
And likely lots of bachelors who now occupy the family acre who would like to find a wife to share that work equally with the man.
Albino u know china n0t going back to that 😊
Working 9-9-6 for 100 USD per month? Time to deliver food!
Not that bad compared to lots of pay in China. How do you think they can make and ship all way to the east coast and sell stuff so cheap coupled with no tariffs thanks to the Clinton's supposedly FREE trade. Working in industry for 45 years I can assure you that Free was one sided as they charged large duties on shipped in products even when needed to produce something.
Poorer than their counterparts Vietnamese commie
& spend 90% of your time sitting around waiting for customers that don't exist.
The OOFconomy intensifies in China!
Freedom to TIBET and Taiwan
don't forget Hong Kong
Freedom to Hawaii and Palestine
No to the mass mur,der of children in Palestine.
free israel
Taiwan always has been free, dude, downvote
I love it when a company lays people off, and they make it up by saying "we've been doing it for x amount of years" making it sound like it's a normal event. Like if you fire 10,000 people in a day, they'll say we fire people all the time, ever since inception we fired our first staff.
What i want to see is how much of the owners paycuts have gone down too. Probably from 1000000 yen to 998000 yen.
May I suggest you not fly into Chinese airspace? You just said the owners pay in yen. That would mean they are Japanese. That would imply that you believe the Chinese are owned by the Japanese................If there is ONE COUNTRY the Chinese hate/hate/hate it is Japan.
Do not present yourself to any form of control by the Chinese. Men with suits will 'talk' to you.....for a few weeks.
The CCP offers nothing but gloom and despair. This is based on their direct actions and will have consequences.
Chinese folk should start self identifying as Taiwanese.
Just think:
If THIS is how the CCP treats the top of CCPLand society, THIS......
How are they going to treat conquered adversaries?
Wow, a 100 a month working in banks, I wish I am working there.
$3.70/day to live on. My eating habit is going to bankrupt me.
company: the economy are so bad we need to cut your salary by 20%
worker: just how bad is the economy now?
company: so bad our executive only got 30% raise this year.
Blame the USA
@Mordpeek
Why blame USA if china leader are not as capable as the USA freedom to elect their own president no one can help them except themselves
I have never heard of bonus claw backs. What if the employee doesn't have the cash?
Let's see, employees are having their salaries slashed, while some business executives are suggesting making new employees PAY to acquire jobs (over unpaid intern/trial periods). How long before they try and combine these and make all employees pay for the "privilege" of working and keeping their job. This would wreck the companies in the long term (since, eventually, any employee will no longer be able to pay for their job and will leave, so you have no employees,) but it could bring in short term money for the company heads to embezzle before they run.
YT is blocking 90% of comments here.
How do you know?
@@stephencarrier6465 posted 10x to get this one comment approved.
Mine too.
@@Ghekko-kw3zzwhy are they picking on you?
@@daveg-Vancouver_Island it's particular pages & themes. Some I'm on are apparently almost unfiltered, but politically loaded ones with high viewership - get smashed.
What terrible sayings "iron rice bowl"😂
CCP all they way.
Not terrible. The rice bowl signifies eating. The iron signifies always resolute and immovable. Therefor each meal is implied as a guarantee.
You can nowadays do a lot of things online in western banking - it's really painful today in CN bank - need 10 documents - 5 stamps - 4 employee if you want to make a little transfer oversea - i don't feel sorry at all and yes it's less easy to make money - people will need work harder and the bubble with burst which is a good thing for their own future with better stability of price and stop that non sense inflation people suffered the last few years. Arrived there in 2020 and housing price rise up to 300 % to 400 % in 10 years !
If what I see on here is true, it's just so sad. So many needing help. How many will die on the streets or in a dark corner alone. Something has to change or the people will have no choice but to rise up and make it change.
It's only fair. Chinese banks had been laying off depositors. Clawing back deposits and withholding deposits. Or just never had a record of the deposits.
Its going to get worse, because i just bought a new big screen tv and i bought the korean brand.
How foes China expect to survive as a nation with so many jobs being lost. Young people should find a way to get out of that country if they expect to have a future.
Winnie the Pooh will save them. "Eat bitterness. It's good for you."
They are ...through the southern US boarder. On another note, only the rich and well off are able to leave. Poor people of China or any other nation wouldn't be able to leave safely.
In case you have not noticed, that sentiment spread across CCPLand long, long, ago.
800 yuan per month? He could have earned more delivering food takeout.
yeah i call it bullshit it's not even minimum wages in Shanghai
He bought the meal for her
Since when is an 8% cut in employees news?
When it is the 9th cut in 4 years.
so much low, how hurt so far.. China should be a leader, are you going to turn around that Asian are more better than now... shouldn't. yes, very sad, cutting salary is so much loneliness... i'm a banker as 2years before but i'm not happy with so much work,, i must study another education where i'm now.. i can have all my benefits and good vacation.. students vacation, teacher's vacation too...
Clerk job makes 2000 yuan.
i can't wait for Robots 😊
It's need to be like that in the nfl n NBA
All this want100 of million dollars just for catching n throw a ball around so pathetic!
No one throws or catches a ball for $100m. They entertain 200-300m people worldwide, and get paid $100m.
I am shocked at worldwide Futbol salaries too. They are stupid low, given how many watch and are attrected to those people just kicking a ball.
Some of the details are unnecessary, redundant. The podcast should be ten minutes shorter.
NOO
Bankrupt!!
I have an easy fix for this. Drop the gold standard and go the US YANKEE WAY, print trillions of US dollars and make it rain like Chrump did
Ahhhh they are printing trillions and lol chrump added trillions to your debt, more than any other prez in just 4 years!
Propaganda
That dude looks slimy
BIRCH??? LOL.. No way?
If not, Birchfield .. you have a twin .. lol
Excuse me for being naïve, but with the wages going down, and some of the civil workers haven’t been paid in a couple months. Would it be reasonable and maybe better to work outside of China? and send your family money?
Fluency in a relevant language is a huge barrier.
You need to know another language to do that. Chinese are very limited in that aspect
@@cuauhtemoc8350 yep, it took several hundred years for English to become business "lingua franca" of the world. Chinese never will.
Pooh Bear
1/ 2 yrs ago (if my recall is correct) abruptly ordered all tutoring centers to close, many were tutoring for Study of English Language.
2/ ordered to replace Teach of English to be replaced by Teaching Xi thoughts in all high schools.
Har on pills !!! Lol.
How do I invest lol😅
They can always join the Russian army.
Thank you buddy
West Taiwan banking no goodha? What happened Pooh?
Rise up People of China
Why don’t china 🇨🇳 just cut salaries to $100 dollars a month and give their employees a sandwich 🥪 everyday only while at work
What they had before, pre 1950s.
Layoff is norm but property crashed will lead to major economic crisis
Layoffs and salary cuts! Things are not going well, for the Chinese workers!
这家不允许挂中国国旗的法国万年青酒店，原来老板是住在法国的以色列人，有法国国籍！以色列人他们真的不喜欢中国人，非常讨厌中国人! This Evergreen Hotel in France that's didn't allow the Chinese flag are belong to original owner from Israel people living in France and have France nationality! Israel people they're really didn't like and really hated Chinese people!
Which nation in the world allows other flags to fly?
Which hotel allows other nations flags to fly?
I am in Las Vegas. We have 200 hotels. In those hotels are people from 80 nations each week. Which hotel flies a flag for a foreign nation? None.
Please email Mandarin Pudong Hotel in Shanghai, and tell them I will be there next week, and YOU want them to fly my US flag out front the whole time I am there.......... 国家安全部
Your CCPLand nationalsim is overriding your logic.
😢
They are going to replace every non- complaint human on the planet with a robot.
Not as good as ten years ago, a common sentiment it would appear .
IDDOLE
It sounds like the words of Mr. Klause you have nothing and you will be happy. The big boys are laughing now.do you think they got all of us cornered and caught??? Repent and it that situation reach that point of no return. You got our Lord Jesus Christ to give all of us our basic needs. Smile our Lord Jesus Christ is looking and decerning our needs ok. Our Lord Jesus Christ got us at all times
Oh darn
u Albinos getting grey Hair fast 😅
But why?
KDASH
Do you mean the US is mass layoff?😂 Intel, Dell and the list go on and on!!😂
I Got 2 Lakh rupees profit (2000$) from Indian Stock exchange in 2023 😊
Bank people in Danmark earn still much more than other people.why ?
Cuz they have worker protections and is a well off country!
The market can sustain that cost. Show me the decade banking loses money quarter after quarter, and people move 90% of their business away from the banks' fee structure and then we will have a "WTH Happened?" chat.
Good
100$ a month I spend more than that on weed in a week
Not in CCPland, you do not. Being a foreigner, if they pee test you at the airport arrival desk, and you are positive, (Parks and Rec) you straight to jail.
Ummm....not to brag or anything, but in summer 1978, I worked part time as a tech who photo optically/forensically scanned uncancelled-BUT already paid out paper checks/money orders, Western Union wire transfers, etc. Across the street from a federal reserve bank that's listed on our currency. AT that point, they could be cashed again. Once I ran the batch though, it was inked as paid and recorded. Very cool summer job for a dumba** kid, but a/v, recording/broadcast tech engineering/computing was far more attractive ($) in the analog, pre-internet era.
Downfall at here.
Those video filters are so ridiculous. What can you say about a culture where you can't even show your real face on video? poor Chinese women must feel tremendous pressure to be something they are not... just show your real face on the camera. it's more embarrassing to use a filter.
they chose this way....idiots......
It is sometimes hard to listen to this monotone voices.
And i think it is not really important to translate "Chinese Communist Party or CPP" for the trillionths time.
We know who CPP is.
Are you west?
scary Zombies are all over China
| I Spent a Day in LA's Most Dangerous Hood |
| Zombie-like woman found convulsing near abandoned house |
| Open Air💉Market • Ep 38 | Los Angeles, California [4K] 🇺🇸 |
massive wave of Zombies sweeps through America
| Streets of Philadelphia, Kensington Ave Documentary | youtube
| Inside Philadelphia’s ‘Zombie City’ The Real-Life Horror of Kensington | youtube
the Black Myth Wukong - ought to take some demon scene in america
| Streets of Philadelphia, Kensington Ave Documentary | youtube
| Inside Philadelphia’s ‘Zombie City’ The Real-Life Horror of Kensington | youtube