A drop in staff members has hit a number of listed banks in China amid banks' efforts to save costs.
Among 16 banks listed in A-shares markets, 10 have reported a headcount drop, involving the loss of 35,000 employees. This marks the biggest scale of employee departure ever recorded in China's banking sector.
According to semi-annual reports of the banks, the main reasons behind the decreased numbers include dropping salaries, employee job-hopping, a bank's control of management costs, and an increasing use of e-banking.
Liu, who quit his position as a regional bank chief, said the banking sector enjoyed high salaries in the past few years.
But now the trend is to lower the payroll due to a sluggish economy, dropping industrial profit growth and the nation's call to close the income gap.
In the first half of the year, the State-owned Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China lost 7,635, 6,721 and 4,023 employees, respectively.
The joint-stock China Merchants Bank lost 7,768 employees in the first half of the year.