was complained by employees that "a letter from home is worth 10,000 dollars", will SPD Bank still issue a year-end bonus this year?

On social media, a new unit of pricing has emerged – "1 letter = 2,000 yuan", which stems from the "One Letter, One Greeting" campaign launched by SPD Bank before the Lunar New Year.

Nandu reporter learned that "a letter to the family" refers to a letter written to the family of the employee in the name of the Party Committee of the head office of the Shanghai Pudong Development Bank, expressing blessings and gratitude to the family members of the employee, and sending it in the form of mobile phone MMS. The "greeting" refers to a condolence payment directly to the employee's family according to the standard of 2,000 yuan per person after tax. The branch of Shanghai Pudong Development Bank plans to complete the distribution of condolences and the sending of mobile phone MMS letters before the Spring Festival.

It was originally a family letter that reflected the care of the unit and was used for Spring Festival condolences, but it was posted by many employees of Shanghai Pudong Development Bank and complained that "a letter from home is worth 10,000 dollars". Because for bankers, the year-end bonus is the bulk of their annual income. Now, SPD Bank employees may only receive a letter at the end of the year and a greeting payment of 2,000 yuan.

A financial practitioner close to the Shanghai Pudong Development Bank told a reporter from Nandu, "According to the usual practice, in previous years, a lump sum was issued in December, and then the remaining year-end bonuses were paid in batches, but this year it has not been issued until now (February 6)." At present, there is no clear notice within SPD that the year-end bonus will not be issued, but the bonus has not been issued as in previous years. Therefore, the outrageous but reasonable speculation is that the family letter and the condolence money will be sent in lieu of the year-end bonus. ”

As the time of Chinese New Year's Eve is getting closer and closer, will the year-end bonuses of the employees of the Shanghai Pudong Development Bank be scattered with this family letter? Nandu reporters asked the Shanghai Pudong Development Bank for confirmation on this matter, but as of press time, there has been no response.

SPD Bank's assets shrank and the cost of risk increased year-on-year

Regarding the employee year-end bonus, Zhou Pan, a lawyer from Shanghai Shenhao Law Firm, told the reporter of Nandu: "Different from general labor remuneration, it is not the legal obligation of the employer to pay the year-end bonus. When an employee claims an annual bonus from an employer, it is generally based on the premise that the employer's rules and regulations or the labor contract clearly stipulate or stipulate that there is a year-end bonus, and the employer usually has the absolute right to make its own decisions: whether and how much to pay according to its own business situation and the employee's performance. In addition, employers often exercise their management rights to bind employees to keep their salaries confidential through rules and regulations or employment contracts. ”

In the latest published third quarter report of 2023, in terms of operating efficiency, SPD Bank said that due to the decline in interest rates in the loan market, the repricing of existing loans and the fluctuation of the capital market, the Group's interest margin has further narrowed, net interest income has decreased year-on-year, and the contribution of intermediate businesses such as wealth management, wealth management and credit cards has decreased.

According to the data, from the beginning of 2023 to the end of the reporting period, SPD Bank achieved operating income of 132.815 billion yuan, a year-on-year decrease of 10.865 billion yuan, a decrease of 7.56%, a total profit of 31.803 billion yuan, a year-on-year decrease of 13.661 billion yuan, a decrease of 30.05%, and a net profit attributable to shareholders of the parent company after tax of 27.986 billion yuan, a year-on-year decrease of 12.476 billion yuan, a decrease of 30.83%.

Going back further, from 2020 to 2022, the operating income of SPD Bank was 196.384 billion yuan, 190.982 billion yuan, and 188.622 billion yuan respectively, with a year-on-year decrease of 2.75% in 2021 and 1.24% in 2022. In terms of net profit attributable to shareholders of the parent company, they were 58.325 billion yuan, 53.003 billion yuan and 51.171 billion yuan respectively, a year-on-year decrease of 0.99%, 9.12% and 3.46% respectively.

By the end of September 2023, the total assets of SPD Bank exceeded 8.8 trillion yuan, an increase of 103.669 billion yuan or 1.19% from the end of the previous year. However, it shrank from the assets at the end of June of the same year (8.9325 trillion yuan).

According to the website of Shanghai Pudong Development Bank, at present, Shanghai Pudong Development Bank has set up 42 first-class branches and more than 1,700 business institutions at home and abroad, of which domestic branches cover all provincial-level administrative regions in the mainland, and overseas branches include Hong Kong branches, Singapore branches and London branches. The reporter from Nandu noted that Shanghai Pudong Development Bank also set up the Shanghai Pudong Development Bank Public Welfare Foundation in 2022 to deeply practice corporate social responsibility.

Shanghai Pudong Development Bank's top management has undergone a major change

According to the employee compensation policy in SPD Bank's 2022 annual report, the company said that it adheres to the compensation management principle of "supporting strategy, motivating talents, market-oriented, clear structure, performance-oriented, and paying equal attention to constraints". During the Reporting Period, the total remuneration of employees of the parent company was RMB26.492 billion, and the beneficiaries were regular employees and other employees of the Bank, totaling 61,599 people. Evenly distributed, the per capita salary of SPD Bank in 2022 is about 430,000 yuan.

It is worth mentioning that the top management of Shanghai Pudong Development Bank has undergone a major change in 2023. On September 8, 2023, SPD Bank issued a number of announcements involving senior management personnel changes.

According to the announcement, Zheng Yang resigned as the company's chairman, executive director, chairman of the board of directors' strategy and sustainable development committee (inclusive financial development committee), and member of the nomination and remuneration assessment committee due to work transfer, and Pan Weidong resigned as the company's vice chairman, executive director, president, and member of the board of directors' strategy and sustainable development committee (inclusive financial development committee). In accordance with the relevant regulations, the above resignation shall take effect when it is delivered to the Board of Directors of the Company.

At the same time, the board of directors of SPD Bank agreed to nominate Zhang Weizhong, Secretary of the Party Committee of the Company, and Zhao Wanbing, Deputy Secretary of the Party Committee of the Company, as candidates for directors of the Company, and submitted them to the general meeting of shareholders of the Company for deliberation, and their directorships will take effect after the approval of the qualifications of the State Financial Supervision and Administration Administration, and Kang Jie will be appointed as the vice president of the Company, and the appointment of the vice president will take effect after the approval of the qualifications of the State Financial Supervision and Administration of the People's Republic of China.

On November 17, 2023, Shanghai Pudong Development Bank announced the resolution of the 62nd meeting of the 7th session of the board of directors, agreeing to elect Zhang Weizhong as the chairman of the board of directors, the chairman of the strategy and sustainable development committee (inclusive finance development committee), and a member of the nomination and remuneration assessment committee.

Written by: Nandu reporter Zhao Weijia from Shanghai