Senior Bank Officials Turning to Internet Financial Sector for Higher Salaries
Eighty percent of senior bankers that resigned this year has joined the Internet financial industry as salaries could be ten times higher than working at traditional banks. One manager of a credit card department of a traditional bank earns 300,000 to 500,000 yuan a year, but could get a salary of 1 to 1.2 million yuan annually if they work in an Internet financial company. A bank president salary is from 1 to 1.3 million but could get as high as 10 million yuan when moving to an Internet financial industry.
The prosperity of the Internet finance sector in the recent years has impacted traditional banking industry as the Internet finance industry faces fewer regulatory issues. Aside from a considerable pay, Internet financial companies granted senior manager stock rights meaning that these bankers can earn a lot of money. Based on reports around 37 senior bankers including board member, bank presidents and bank executive have already resigned and 80 percent are now working in the Internet financial industry.
WeBank in Qianhai, one of the first private Internet bank in China recruited a number of bankers including former vice president of the Export Import Bank of China, Three Ping An Bank Senior manager and two bankers from the People’s Bank of China and Industrial bank. A former general manager at China Merchants Bank is now working as vice president of Ant Financial Group, while the founder of peer to peer financial website 51rzy.com is a former president of the Agricultural Bank of China in Guangdong. Former vice president of China resources Banks also resigned and now works for internet financial group in Shenzhen.