Senior and mid-tier executives at China Minsheng Investment Group, the country’s largest private investment company, will have their salaries slashed by up to 83 per cent as the group that once aspired to be the JPMorgan of China seeks to resolve its crushing debt problems.

CMIG, launched in 2014 and often described as the “brainchild” of Chinese premier Li Keqiang, said on its website this week that it had made a “bold decision to save itself through restructuring”, which includes salary cuts.

The group did not specify the size of the cuts, but state-run Shanghai Securities News reported that senior and mid-tier staff would have their salaries reduced by as much as 83 per cent. Salary cuts would average 53 per cent, while junior staff would not be affected.