FINANCE

Finance Movers and Shakers: Standard Chartered’s China CFO Approved, Former Finance Minister Heads Social Security Fund

Published: Feb. 5, 2025 8:11 p.m. GMT+8

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Welcome to Finance Movers and Shakers, a newsletter covering significant personnel changes and corruption scandals shaping China’s finance sector.

# Who’s Moving

Standard Chartered China’s new CFO

China has approved the appointment of Gregory John Powell as chief financial officer (CFO) of Standard Chartered PLC’s China subsidiary, the country’s top banking watchdog announced last month.

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Explore the story in 30 seconds

Gregory John Powell has been appointed as CFO of Standard Chartered China, with 30 years at the bank and a background at KPMG.
Liu Kun is the new party chief of China's National Council for Social Security Fund, succeeding Ding Xuedong, while Song Qichao has become the vice finance minister.
Li Minji, former chairman of Hua Xia Bank, has been detained by authorities; reasons remain unclear, but his leadership involved controversial employee decisions.

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Who’s Who

Standard Chartered PLC: Standard Chartered PLC is a London-based bank whose China subsidiary recently appointed Gregory John Powell as its chief financial officer and director. With nearly 30 years at the bank, Powell has previously held CFO roles in the U.S. and Asia, including Hong Kong and Singapore.

KPMG: KPMG is one of the "Big Four" accounting firms. Gregory John Powell, the newly appointed CFO of Standard Chartered China's subsidiary, spent 10 years working at KPMG.

Hua Xia Bank: Hua Xia Bank's former chairman, Li Minji, has been taken away by Chinese authorities, though the reasons remain unclear. Li, who resigned last month citing "personal reasons," had been involved in controversies related to employee appointments and promotions during his tenure. Li has extensive experience in securities, trust, and state-owned enterprises, becoming the bank's chairman in 2017.

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