CLSA, the Asia-focused brokerage arm of Credit Agricole, has scrapped a controversial scheme that slashed staff pay, in a sign of the dramatic reversal in the fortunes of financial groups operating in the region.
At the height of the financial crisis, hundreds of its top staff agreed to voluntary pay cuts of up to 25 per cent throughout 2009 to stave off the threat of redundancy.
However, CLSA’s fortunes have turned round so unexpectedly that it has shelved the scheme three months early and repaid staff the forgone income.
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