China bankers told to shun 5-star hotels in austerity drive

Financial firms are reining in the flashy lifestyle of their staff to make sure they are not violating the Communist Party's ideology

From cutting salaries and bonuses and asking staff not to wear expensive clothes and watches at work, to reining in travel and entertainment expenses, Chinese financial firms have jumped on an austerity drive as Beijing pushes to bridge the wealth gap.

Key takeaways

• China's top graft-busting watchdog earlier this year vowed to eliminate ideas of a Western-style "financial elite" and rectify the hedonism of excessive pursuit of "high-end taste";
• Among those measures, staff at a large Chinese state-owned mutual fund and a mid-sized bank have instructed staff not to show off high-end lifestyles;
• The mid-sized bank's employees have been asked to not wear luxury brands or carry luxury bags at workplace, and staff have also been told they can't stay at five-star hotels when traveling for work.

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