News Snapshot:
Summary Summary Companies China cracking down on ostentation as wealth gap grows Finance workers told to eschew luxury displays Bonuses and pay cut as economic growth falters HONG KONG, June 19 (Reuters) - From cutting salaries and bonuses and asking staff not to wear expensive clothes and watches at work, to reining in travel and entertainment expenses, Chinese financial firms have jumped on an austerity drive as Beijing pushes to bridge the wealth gap. The steps come as authorities vow to clamp down on corruption in the country's $57 trillion financial sector and as growth in the world's second-largest economy...
