Title: Bank Employees Paying Out of Pocket to Meet Deposit Targets Raises Concerns
Byline: Zhou Yihang, Sino-Singapore Jingwei
Date: August 11th
Bank employees in China are facing increasing pressure as they are required to meet strict deposit targets set by their respective banks. Some employees are resorting to using “deposit promotion intermediaries” to complete the targets out of their own pockets, leading to concerns about the integrity of the banking sector.
Liu Bo, an account manager at a joint-stock bank in Beijing, expressed his frustration with the deposit task assigned by the bank. He spent several thousand yuan to find an intermediary and meet the deposit requirement, only to be given an even higher target in the next quarter. Many frontline employees of banks, regardless of their ownership structure, face similar challenges.
The pressure to collect deposits affects the performance evaluations of employees. Failure to meet the deposit targets can result in deductions from performance wages or negative points, which can impact future assessments. Employees often find themselves working overtime, calling customers and recommending products between 5:30 pm and 8:00 pm.
The increasing difficulty of meeting deposit targets has led some bank employees to turn to deposit promotion intermediaries. These intermediaries act as “scalpers,” connecting buyers and sellers of deposit funds. On platforms such as Xiaohongshu, Taobao, and Weibo, there are numerous posts related to deposit tasks and deposits for sale.
Sino-Singapore Jingwei consulted several deposit intermediaries who confirmed that they assist employees in completing various performance indicators. The intermediaries update real-time quotations based on the buyer’s bank, deposit requirements, and deposit timeframe. After reaching an agreement, the buyer sends the bank account number to the intermediary, who completes the deposit within the agreed time.
The quotes provided by different intermediaries vary. For example, one intermediary quoted 1.8 yuan per day for depositing 10,000 yuan, amounting to a total of 27,000 yuan for a month. Some intermediaries offer even lower prices.
Concerns have been raised about the risks associated with using deposit promotion intermediaries. However, intermediaries reassure that they use second-class electronic accounts opened online and ensure that they will not close the accounts within a year. Bank employees are responsible for providing the necessary account details.
The phenomenon of bank employees paying out of pocket to meet deposit targets raises ethical concerns in the banking sector. The reliance on intermediaries has led to questions about the integrity of performance evaluations and the overall health of the banking system. As the pressure mounts on employees, it remains to be seen how banks will address these concerns and alleviate the burden faced by their staff.
Sources:
– Sino-Singapore Jingwei: [insert hyperlink]
– Xiaohongshu: [insert hyperlink]
– Taobao: [insert hyperlink]
– Weibo: [insert hyperlink]