FINANCE

Finance Movers and Shakers: Morgan Stanley’s New China Vice Chair, CSRC Veteran Stung for Suspected Graft

Published: May. 9, 2025 6:54 p.m. GMT+8

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Morgan Stanley’s new China Vice Chairman James Hu (left), and China Securities Regulatory Commission Vice Chairman Wang Jianjun.

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

# Who’s Moving

Morgan Stanley’s new China vice chairman

Morgan Stanley has appointed James Hu its new China vice chairman, a spokesperson for the investment bank confirmed to Caixin last month.

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Morgan Stanley appointed James Hu, a veteran with over 15 years' experience, as its new China vice chairman amid 8% year-on-year fee growth in China's investment banking sector, outperforming a 7% global decline.
Wang Jianjun, vice chairman of the CSRC, and Wu Qixiu, a Finance Ministry official, are under investigation for suspected corruption.
Former CCB executive Zhang Gengsheng was expelled from the Communist Party for taking bribes in exchange for bank-related favors.

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Who’s Who

Morgan Stanley: Morgan Stanley has appointed James Hu as its new China vice chairman, as confirmed by a company spokesperson. Hu is an experienced investment banker with over 15 years in senior roles at Citigroup and Merrill Lynch in Asia. The appointment comes amid robust performance in China’s investment banking sector, which saw an 8% year-on-year increase in fees in the first quarter, contrasting with a global decline of 7% in the same period.

Citigroup Inc.: Citigroup Inc. is mentioned as one of the companies where James Hu, Morgan Stanley's new China vice chairman, previously held senior roles in its Asian division. He has over 15 years of experience in investment banking, including time at Citigroup Inc. and Merrill Lynch, before his current appointment at Morgan Stanley.

Merrill Lynch: According to the article, James Hu, who was recently appointed as Morgan Stanley’s new China vice chairman, previously held senior roles in the Asian divisions of Citigroup Inc. and Merrill Lynch.

China Construction Bank Corp.: China Construction Bank Corp. (CCB) is one of China’s “Big Four” state-owned commercial banks. Zhang Gengsheng, a former executive vice president of CCB, was recently expelled from the Communist Party for suspected corruption, including abusing his power for bribes and securing bank loans. Zhang held various positions at CCB’s headquarters and branches, serving as executive vice president from 2013 to 2020, according to China’s top anti-graft agency.

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