Brokerage firm employees' compensation fully rebounds, and annual salaries above 5 million for directors, supervisors, and senior executives have "disappeared"

Asking AI · Broker Compensation Rises and Falls: What Are the New Industry Trends Behind Them?

The impact of the “wage cut wave” in the financial industry is showing signs of easing, with broker employees’ salaries fully rebounding by 2025.

Wind data shows that among the 29 brokerages that have disclosed their 2025 annual reports so far, 28 have seen varying degrees of growth in average per capita salary, with only Huaxin Shares (600621.SH) experiencing a slight year-on-year decrease of 3.16%. In 2024, more than 40% of these brokerages had seen declines in average per capita salaries.

Contrasting with the rebound in employee salaries is the continued tightening of management compensation. Data indicates that the total management salary of these 29 brokerages in 2025 was 407 million yuan, down 6.31% year-on-year, but the decline has significantly narrowed from the 33.76% drop in the previous year.

Additionally, top brokerages such as CITIC Securities (6030.HK), Guotai Junan, Haitong Securities (2611.HK), and Huatai Securities (6886.HK) reported in their Hong Kong annual reports that industry “salary ceilings” of tens of millions of yuan still exist, but those earning these salaries are not members of the board or senior management. Among brokerage executives, currently, Oriental Fortune (300059.SZ) Chairman actually leads with a salary of 4.9222 million yuan.

Regarding the phenomenon of “rising” in average salaries and “falling” in top management pay, senior researcher Yu Fenghui from Pangu Think Tank told First Financial that this change reflects brokerages’ increased focus on overall team combat effectiveness and long-term development when facing market challenges. On one hand, as industry competition intensifies, retaining and attracting top talent becomes crucial, so brokerages tend to improve treatment for grassroots and middle management employees. On the other hand, executive compensation faces greater regulatory and public opinion pressure, and many brokerages proactively lower executive pay to demonstrate governance progress.

Three brokerages with employees earning over 8B yuan annually

Looking at average salaries, “salary increases” have become a key word for the brokerage industry in 2025.

Among the 29 brokerages that have disclosed annual reports, 28 saw year-on-year increases in average per capita salary, whereas in 2024, only 16 of these brokerages experienced growth.

As the number of brokerages with salary increases grows, the magnitude of salary growth has also expanded. In 2024, only 9 brokerages saw a year-on-year increase of over 10%, with the largest increase by Industrial Securities (601377.SH), at 37.59%. In 2025, the number of brokerages with over 10% salary growth expanded to 15, with Guolian Minsheng Securities (601456.SH) experiencing the highest increase at 49.23%.

In terms of salary levels, CITIC Securities remains the leader with an average salary of 812.8k yuan, returning to above 800k yuan for the first time in two years.

This widespread salary growth is closely linked to a significant rebound in brokerages’ operational performance in 2025. Data shows that these 29 brokerages all saw year-on-year increases in net profit attributable to shareholders in 2025, with 8 surpassing 812.8k yuan.

It is noteworthy that the “salary ceiling” of over 800k yuan has reappeared. CITIC Securities’ 2025 Hong Kong annual report shows that among the top five highest-paid employees last year, one’s salary ranged between 15.01 million and 19 million yuan, while the other four earned between 9.01 million and 15.01 million yuan. However, CITIC Securities did not disclose the specific positions of these employees, only stating that these five are local employees hired by overseas subsidiaries, and their salaries are based on the services they provide to the group.

Additionally, in the 2025 Hong Kong annual reports of Huatai Securities and Guotai Haitong Securities, employees earning over 8B yuan annually also appeared. These two brokerages similarly did not disclose the specific positions of these high earners.

Yu Fenghui told First Financial that salaries of over 8B yuan usually appear among employees with special skills or significant contributions to specific projects. It more reflects fierce talent market competition and the demand and recognition for top-tier professionals, but it is unlikely to become a long-term norm.

Narrowing decline in executive salaries

While employee compensation is generally rising, most brokerages’ senior management still face a “salary reduction cycle,” but the intensity has noticeably weakened.

Wind data shows that the total management salary of 29 brokerages in 2025 was 407 million yuan, down 6.31% from 2024, with the decline significantly less than the 33.76% drop the previous year.

Looking at individual brokerage management salaries, the signs of narrowing declines are also very clear. Among these 26 brokerages, 19 saw management compensation decrease year-on-year in 2025, with only Shenyin & Wanguo (000166.SZ) and China Galaxy (601881.SH) experiencing the largest declines of 37.41% and 30.76%, respectively. In 2024, 22 of these brokerages saw management salaries fall, with 13 experiencing declines over 30%, and CITIC Securities’ management salary was cut by 69.61%, the largest reduction.

Over the past three years, management salaries at brokerages like Orient Securities (600958.SH), CITIC Construction Investment (601066.SH), and Everbright Securities (601788.SH) have significantly decreased. For example, CITIC Construction Investment’s management salaries were 47.01 million yuan in 2023, 20.14 million yuan in 2024, and 16.12 million yuan in 2025, a reduction of over 60% over three years.

Meanwhile, seven brokerages including Guolian Minsheng Securities, Western Securities (002673.SZ), and GF Securities (000776.SZ) saw management salaries “reverse” and increase in 2025. For example, Guolian Minsheng Securities’ management salary in 2025 was 24.78 million yuan, a substantial increase of 69.24% from 14.64 million yuan in 2024.

Yu Fenghui believes that the narrowing decline in executive salaries sends a positive signal: as market conditions stabilize, brokerages’ operational performance is gradually improving. This also indicates that brokerages are seeking a new balance—maintaining reasonable incentive compensation while responding to external concerns about the level of financial institution pay. This trend suggests that future executive salaries may stabilize and place greater emphasis on performance and long-term incentives.

(This article is from First Financial)