Caixin
Apr 08, 2021 08:35 PM
FINANCE

Top Investment Bank’s Compliance Chief Steps Down After Affair Tape Shows Up Online

What’s new: Chen Gang, chief compliance officer of China International Capital Corp. Ltd. (CICC) (601995.SH), has stepped down “due to health reasons,” the company announced on Wednesday.

Chen’s departure from the leading Chinese investment bank comes as an audio record circulating online earlier this week exposed his extramarital affair with a woman subordinate.

CICC CEO Huang Zhaohui will take over Chen’s duties until the post is filled, the announcement said.

About Chen: Chen, 48, joined CICC in 2006 and worked for its compliance and legal affairs departments for nearly eight years before rejoining the company in 2016. In 2020, his annual pretax salary was 5.9 million yuan ($906,790), the company’s annual report showed (link in Chinese).

Chen received his bachelor’s and master’s degrees from China’s prestigious Peking University, and in 2004 earned a degree from the University of Pennsylvania Law School. He has permanent residency status in the U.S.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Related: CICC Profit Jumps 70% on Investment Banking and Asset Management

Contact reporter Luo Meihan (meihanluo@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)

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