Chinese lenders not keen on staff cuts, says adviser

Banks are eager to cut costs and find efficiencies and, in some cases, believe that a third of their cost savings can be achieved by laying off staff, said financial advisory group Promontory Financial.

While European and United States financial institutions will trim costs by cutting staff levels "without a second thought", Frederic Lau, the managing director of the firm's China operations, said mainland lenders would be more reluctant to do so.

via Business feed http://www.scmp.com/business/banking-finance/article/1220197/chinese-lenders-not-keen-staff-cuts-says-adviser