Movers and Shakers: Bank of Nanjing Managers in Spotlight Amid Corruption Speculation
| World of Finance
Bank of Nanjing, a city commercial bank based in eastern China, has confirmed that three executives are “unable to perform their usual duties due to personal reasons,” with sources telling Caixin that the three are under investigation by the local branch of the country’s anti-corruption watchdog. The executives involved are:
• Dai Juan (戴娟), general manager of the bank’s asset management business center
• Dong Wenzhao (董文昭), vice general manager of its capital operations center
• Li Yan (李雁), vice general manager of investment arm Xinyuan Asset Management Co. Ltd.
Investment bank China International Capital Corp. Ltd. (CICC) has poached Hopu Investment Management’s Li Xuan (李轩) to lead its technology practice from its Shenzhen office, sources told Caixin. Li was at Hopu for six years, and was mainly responsible for technology investments. On Feb. 19, tech giant Alibaba Group Holding Ltd. announced it had raised its stake in CICC to 4.84%, becoming the company’s third-largest shareholder.
| Companies Roundup
Big layoffs at tech companies: E-commerce group JD.com Inc. plans to dismiss 10% of its executives at the vice-president level and above, the company told Caixin. Sources who formerly worked at the company told Caixin that there are fewer than 100 people above that level.
Earlier in February China’s ride-hailing leader Didi Chuxing announced layoffs that are expected to affect about 2,000 people, accounting for about 15% of its workforce at the corporate level, although it said it plans to recruit 2,500 new employees in divisions focusing on safety technology, product management, operations and driver management.
Bain & Company: Thomas Luedi has joined Bain & Company, a global management consultancy, as a partner based in their Shanghai office. He’ll be working with clients in the energy, natural resources, and chemicals sectors. Luedi previously spent 17 years with consultants McKinsey & Company, also in Shanghai.
| Corruption Casebook
From left: Fang Fenghui, Zhao Jingwen, and Wang Yongsheng
Fang Fenghui (房峰辉), a former chief of staff of the People’s Liberation Army, was sentenced to life imprisonment for corruption. Fang, one of the highest level targets of the anti-corruption campaign in the military, used to be a member of the powerful Central Military Commission. He was expelled from the Communist Party in October.
Zhao Jingwen (赵景文), former executive director and party committee member of state-owned investment conglomerate Citic Group, is under investigation by the state anti-corruption watchdog.
Wang Yongsheng (王永生), former chairman of Duzhe Group, one of China’s top state-owned publishers, was expelled from the Communist Party after being accused of corruption and “jeopardizing the party’s cause"
Contact reporter Ke Baili (email@example.com)
Read more about Caixin’s Movers and Shakers.
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