500 senior employees of CLSA, the Asia focused brokerage arm of Crédit Agricole, have accepted to have a voluntary pay cut. They had chosen this reduction between 3 reductions: 15 per cent, 20 per cent or 25 per cent. Most of them have chosen the higher reduction (25%) for 2009. The forgone salary will be repaid plus a bonus in few time.
CLSA has already used this method in 2003, when its trading income suffered during the Sars Crisis.
The aim of this reduction is to maintain staffing levels in a situation of financial crisis and to reduce expenses.
Maybe is one solution before the final one which could be a cut in their workforce. If this principle is quite simple, why last week Goldman Sachs had announced a 10% cut jobs (3260 jobs)?
I think that the crisis is almost too strong to reduce the wages. Maybe in few days, CLSA will follow the same way that Merrill, Barclays, Goldman Sachs and others…or file bankrupt?
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