The firm's 500 most senior employees were ordered to say, by yesterday at the latest, whether they would accept a 15 per cent, 20 per cent or 25 per cent reduction in salary for 2009.
Jonathan Slone, chief executive of CLSA Asia-Pacific Markets, told the Financial Times that four out of five of those invited to accept had done so, with the majority opting for the biggest reduction.
“This scheme is a great way to create an internal bond among staff and get them moving in the same direction,” Mr Slone said. Those who had declined to take up the salary reduction would not be penalised, he added.
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