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The financial sector has faced increased scrutiny from the CCDI in recent years, with numerous executives from financial firms being investigated and charged for corruption. The Party seeks to tighten control over the sector to better allocate resources to national priorities and prevent corrupt or disloyal executives from misusing state assets…

China’s investment banks and security firms have already gone through a round of salary cuts amid diminishing IPO deals and underperforming secondary markets. Now, commercial banks are also joining in, driven by weak credit demand and declining lending rates, which have significantly squeezed their profits…

There were two notable personnel developments in June. First, on June 3, China’s sovereign wealth fund, China Investment Corporation Ltd. (CIC) appointed Chen Zhong as vice president and chief financial officer. Chen, 51, replaced Liu Haoling, who was promoted to CIC president in February…

Liu Jun, age 52, was appointed deputy Party secretary of the Industrial and Commercial Bank of China Ltd. (ICBC); Zhang Yi, 53, was appointed to the Party committee of the China Construction Bank Ltd. (CCB).

Wu Bo, 47, stepped down as president of China International Capital Corp. Ltd. (CICC), China’s leading investment bank; Zhang Shouchuan is set to become a vice president of Industrial and Commercial Bank of China Ltd. (ICBC).

The financial sector has been under intensified scrutiny from the CCDI. Dozens of financial firm executives have disappeared from public sight and been charged for corruption. The Party wants to rein in the financial sector to ensure…