Those Years When I Was Forced to Top the Forbes List

Chapter 383 Systemic Brain Drain

3 month 15 day.

Huangpu District, Fuzhou Road, Gu'an Huijin Building (formerly Gaoteng Building).

The drizzle had just stopped, and all the even-numbered floors inside the building had been replaced with large areas of special glass partitions, and all the office supplies had been replaced with new ones.

The electronic screen in the elevator lobby on the 16th floor scrolls the text: "Changzheng Trust is recruiting: 8 project managers, 13 risk control specialists, and 11 finance personnel." Below, the salary column has a fixed line: "Annual salary starting from 100,000 yuan + performance-based bonus."

A salary of 100,000 yuan a year seems to be below average in the current booming financial industry. The truth behind this is that the high-paid employees in the industry have seriously "averaged" the wages of the lower-level employees.

One hundred thousand is three times the average wage of employees in Shanghai, and even exceeds the wages of senior employees in IT and real estate.

With the significant increase in salaries and benefits in the financial industry this year, all graduates from top universities are flocking to finance, making it extremely difficult to find a job in the financial sector.

The corridor was crowded with people.

Some people were reciting the Trust Law aloud, while others were sending messages on their phones.

"Brother Zhang? You're here too? Did you bring your ticket?" A young man in a Seven Wolves suit bumped into the person in front of him, waving his "Securities Practitioner Qualification Certificate" and said smugly, "Entrance ticket! Without this, I heard you can't even pass the initial screening!"

"You're here too?" The man in front of him laughed, waving the file box in his hand. "What's the use of just bringing a certificate? You need a resume, no criminal record, and if you want to be hired as a trust manager, you still have to pass the interview with the Shanghai Banking Regulatory Bureau and a professional knowledge written test!"

"Huh? A clean criminal record is also required?"

"Of course! Do you think you're in the insurance business? All trust practitioners must register on the platform! Key monitoring positions also need to be registered with the China Banking Regulatory Commission!"

"Ugh! I should have studied securities!" The girl with black-rimmed glasses typed furiously on her phone: "It's all over the internet saying that the Long March Fund gave out bonuses of over 100,000 yuan to its ordinary employees last year! My God, that's more than our mentor's salary for three years!"

At that moment, a man in a suit and tie came out of the front office, patted the file folder in his hand, and shouted, "Attention everyone in the back! Only QS/THE top 100 universities in the world! Harvard, Stanford, LBS, INSEAD preferred! The rest can go back!"

A stone stirred up a thousand waves.

QS/THE World Top 100!

Only Tsinghua and Peking University from among the domestic universities made the list!
"Huh? How come the requirements are even higher than those of foreign investment banks? Even a Fudan MF (Master of Finance) degree isn't enough?"

"Damn, didn't they say the Long March didn't care about academic qualifications?"

"Hehe, those are traders from the Long March Fund! I heard they're all veterans and athletes; prestigious universities are useless! They're trained through a year of grueling training, their trading relies on nerve reflexes! Those ruthless people, other funds can't poach them even with high salaries!"

"Hey, I heard that to get in through connections on the Long March, your family has to invest tens of millions!"

"Isn't Changzheng a private company? They're so aggressive!"

"You just found out? Last year, it was number one in the fund industry."

"Forget it, forget it. It's just that I wasn't born into a good family! Everyone else has a background, but we only have a silhouette!"

At this moment, a group of four people came out of the elevator. They were all dressed in extraordinary clothes, especially a girl in a light-colored long dress with her hair up, who caught people's attention.

"Mr. Zhang, I heard that you mentored a lot of young people when you worked at UBS. I'm entrusting Xiao Lin to you now. Don't give me any special treatment; you'd better train him well."

Chen Xuebing gave the instructions with a smile, while the middle-aged man with glasses next to him also had a confident smile.

"President Chen, rest assured, I will treat everyone equally. Huixiang, you are new here, so there will definitely be many questions you don't understand. When you work in my office, just remember one thing: don't be afraid to ask silly questions. It's silly to make a mistake without asking clearly."

Zhang Huaqiao previously worked in the Planning Department of the People's Bank of China and served as an analyst at Amundi, CLSA, and HSBC Securities. He has over seven years of experience in the securities industry. In 99, he joined UBS Warburg Securities as the head of China Research and was named "Best China Analyst" by Institutional Investor magazine for two consecutive years.

This year, he warned of the subprime crisis in the "China Banking Risk Report" and was spotted by Chen Xuebing, who just recruited Changzheng.

At UBS, he was a senior executive, but at Changzheng, he had to start as the director of the structured finance department of the trust company, responsible for the issuance and ongoing management of ABS (asset-backed securities).

Chen Xuebing personally spoke with him and offered him a high salary, which showed that he valued him. However, the Changzheng team is now becoming more and more powerful, and each position is filled by a specific person. It is no longer possible to directly parachute in a deputy general manager level person. Whoever comes must make certain achievements before being promoted.

Lin Huixiang obediently responded to this senior colleague, but then secretly rolled her eyes at Xin Mengzhen beside her, before whispering in her ear in Chen Xuebing's old-fashioned tone, "Little Lin—oh~"

The moment Xin Mengzhen smiled, the entire corridor lit up for a second.

She whispered, "Sister Huixiang, big companies have very strict management rules. Don't cause them any trouble. If you can't do well, you might as well come to my company and be my partner."

"No way! I don't know how to sell computers." Lin Huixiang, hearing the Fudan University graduate student asking around, said with a hint of excitement and pride, "The finance industry is so great! I studied accounting, I was born for finance! When I'm successful, I'll jump ship to a foreign investment bank as a senior executive and bring in overseas investment for you! Then we'll be finance + IT, a formidable duo!"

Lin Huixiang was still daydreaming when a man with slicked-back hair rushed out from among the job seekers ahead and blocked Zhang Huaqiao's way.

"Jacky! It really is you! We've met before!" the man exclaimed excitedly. "It's me! Vincent from Merrill Lynch! You talked about the four major institutional flaws in the A-share market at the Lujiazui Forum last year, and we took a photo together."

"Merrill Lynch?" Zhang Huaqiao quickly raised his hand to stop him: "Does anyone in our department have experience with asset securitization?"

The man nodded repeatedly: "I'm from the investment banking department! I've worked as a cross-border M&A advisor and on dollar bonds!"

Why didn't you work at Merrill Lynch anymore?

"Well, the restructuring of the group's regional divisions and the integration of the original business units have given me a lot to think about. I believe this is exactly the kind of experience that a manager at Changzheng Trust needs!"

"Let me see your resume."

Zhang Huaqiao took the resume and shouted, "Applicants, line up! Those who aren't qualified, don't waste your time, go home now."

The financial world has always been pragmatic. While the college entrance examination can help one achieve success, only Tsinghua and Peking Universities can lead to this place.

Seeing that others had gotten the opportunity, some people around were eager to try, but they thought they couldn't compare to those who came from foreign investment banks, so they hesitated and no one dared to step forward.

Only one young man wearing thick-rimmed glasses mustered up the courage to approach: "Hello, Mr. Jacky, I am a PhD student in the Department of Mathematics at Zhejiang University. I completed my undergraduate, master's, and doctoral degrees at Zhejiang University, specializing in scientific computing and engineering simulation. I believe my expertise can help you with computer model analysis of financial data. Someone just informed us that only undergraduate degrees with a QS 100 rating are required. Do my educational qualifications meet your company's requirements?"

Zhang Huaqiao hesitated for a moment, then shook his head: "I'm sorry, this is a special recruitment for finance, securities, and accounting. We are not recruiting for investment analysis positions at the moment, so we can't make an exception for you. Please come back if there is a suitable position available."

At this moment, Chen Xuebing frowned: "Scientific computing and engineering simulation? How many years have you been out of school?"

This is an extremely high-tech major, involving computer wind tunnel simulations, design of large aircraft and rockets, and moreover, the mathematics PhDs from Zhejiang University are among the top mathematics talents in the country.

"Two years," the doctor replied.

"With so many high-tech companies in Shanghai, why are you applying for jobs here?"

"Living in Shanghai is incredibly difficult. My girlfriend's family is local, and they want us to buy a house in Jing'an District before we get married. My previous job didn't pay enough for that. I heard the bonuses for the Long March program are very high." Chen Xuebing sighed, looking at the bustling corridor, and said, "This is utter nonsense. Who else has a master's degree in math, physics, or chemistry from a top-tier university? Let me see their resume!"

Suddenly, a commotion arose around them, with people discussing who this person was.

Zhang Huaqiao immediately clapped his hands: "This is our group's chairman, Chairman Chen! Master's and doctoral students in mathematics, physics, and chemistry from 985 universities, hand over your resumes to me!"

The Longmen Grottoes, which have been opened to the public on flat ground for the first time today, have suddenly become a lively place.

"I!"

"I me me!"

Within a minute, Zhang Huaqiao received seven resumes.

Chen Xuebing glanced through the list and saw graduates in cutting-edge interdisciplinary fields such as optical engineering (lasers), photovoltaic science and engineering, quantum information science, and biomedicine.

I am deeply moved.

These are key majors that universities have invested countless experimental funds in cultivating, yet their graduates compete with finance students who can only recite Western economics and Harry Markowitz, and are at a disadvantage in the competition.

The false prosperity of the financial industry on the eve of the subprime crisis led to a systemic brain drain.

Half an hour later, Zhanxun Wuping, Kan Zhidong, and Ren Ying all arrived at the general manager's office of Changzheng Trust.

Chen Xuebing was speaking earnestly to Zhang Huai, a PhD student from Zhejiang University, and He Jingchuan, a master's student in microelectronics and solid-state electronics from Fudan University.

"You are all outstanding individuals, and you must live up to the school's training. I can help you with any personal issues you face. Furthermore, our group company will significantly improve the compensation for science and technology talents. Once you arrive in Shenzhen, you should focus on your technical work and also promote the idea to your former classmates that China's technology industry is not without prospects. If you have any capable friends or classmates, please feel free to introduce them to Singulato and Spreadtrum, okay?"

Chen Xuebing pulled up a chair and sat sideways. The doctoral and master's students stood in front of him, heads slightly bowed, listening to him speak, looking just like a high school homeroom teacher giving psychological counseling to good students.

Zhang Huai had probably not experienced such an atmosphere in society for a long time, and his eyes even reddened a little. He took off his glasses, wiped them, and said emotionally, "Okay, I'll go back and discuss it with my girlfriend. Don't worry, I will definitely do my best and live up to your kindness."

Chen Xuebing nodded and said encouragingly, "Don't worry, if your girlfriend's family wants a house in Jing'an, just give it to her. Our real estate company will soon be building houses in Jing'an, all villas and large apartments. Group employees can get discounts, and we will also provide you with a housing fund to help you with the down payment. Our technical talents will definitely not be unable to afford a house. In the future, when the company establishes a research department in Shanghai, they can also be transferred back."

Zhang Huai could no longer hold back his tears, which streamed down his face.

"Yes! Thank you! Thank you, Mr. Chen!"

Chen Xuebing handed him a tissue: "Go ahead."

After the two left, Chen Xuebing's expression turned serious again, and he stared blankly for a while.

Kan Zhidong had a bad feeling. Seeing Chen Xuebing's expression, he knew that a lot of money was going to be spent again. He immediately advised, "Chairman, it is normal for the financial industry to have high profits and high salaries for talents. Technology companies have many employees. You can't raise the salaries from the bottom up. This is a huge expense, and if the market is bad later, it will be too late to recover."

“I know.” Chen Xuebing is not a hot-blooded person, and he has never interfered with the company’s cost control. “But for such high-end talents, we need to increase their income in a targeted manner. If we can’t raise their base salary, we need to find a way to improve their living standards.”

"Housing, especially current housing prices, is the biggest source of anxiety in the cost of living."

"We will build a batch of affordable housing for talents."

"Mr. Wu, graduation season is approaching again. I've decided to join forces with Spreadtrum and Singulato to conduct a large-scale campus recruitment drive with four universities: the Chinese Academy of Sciences, Fudan University, Shanghai Jiao Tong University, and Tongji University. You guys provide the list of required majors and talk to the three universities in Shanghai. I'll talk to the University of Science and Technology of China. Our two companies will jointly recruit 1,000 people. We'll raise the starting monthly salary for graduate students to over 10,000 yuan and for doctoral students to over 15,000 yuan. What do you think?"

Upon hearing this, Wu Ping breathed a slight sigh of relief.

Shanghai's campus recruitment plan information already exists, and the monthly salary for most graduate students is over 8,000 yuan. If it is targeted at key demand majors and supplemented by the Chinese Academy of Sciences, raising it to 10,000 yuan is not a problem.

However, a starting salary of 15,000 for a PhD is a bit too high.

We can just hire fewer people.

“Okay, no problem,” he readily agreed.

"Hmm." Chen Xuebing nodded, and then the important part began:
"In addition, I plan to collaborate with two companies to establish a 'Major Scientific and Technological Achievement Evaluation Committee' to assess productive R&D teams and individuals. This committee will create a 'rocket-like advancement' pathway and establish a science and technology R&D award with a prize ten times that of the Nobel Prize, awarding three prizes annually."

"This award is sponsored by the group, which is essentially the same as my personal sponsorship."

Wu Ping gasped, “President Chen, the Nobel Prize money is 1000 million Swedish kronor, which is about 105 million US dollars.”

Last year, the Nobel Prize money increased to 10 million kronor for the first time, setting a new record.

Ten times more than Nobel?

Upon hearing this, Old Kan rubbed his forehead but remained silent.

Come again, come again.

They've started firing off bombs again.

Listening to him speak, his nouveau riche accent was almost irritating.

Lin Huixiang, who was sitting next to Xin Mengzhen, was also startled and whispered to her.

Chen Xuebing nodded calmly and said, "The Nobel Prize is only 8 million RMB? Let's round it up to 100 million RMB. I know our company needs an award like this to motivate its development. Since it lacks global recognition, we'll supplement it with prize money. Let's call it... the 'Xihe Prize'."

"Will we be evaluating this year?" Ren Ying remained calm and took out her notebook to make notes.

"We'll select one this year, and once the news gets out, it'll be on CCTV."

Wu Ping's mind was racing.

A prize of 100 million!
Incredible.

This is practically like issuing shares for free!
Even his cash assets are less than 100 million!
If this award were given out this year, Spreadtrum would probably have won it, right?
If this award is awarded in the future, there will be fierce competition between the two companies for their cutting-edge projects.

No, I need to go back and have a meeting right away.

Chen Xuebing hadn't finished speaking.

"In addition, we will help our employees buy houses, a large number of them, a thousand units per year."

(End of this chapter)