ICBC: World's Largest Bank Names New Chief
Beijing-based Industrial & Commercial Bank of China has named a new chief, replacing Yi Huiman, who became chairman of the China Securities Regulatory Commission in January.
Chen Siqing has been named as the new chief for Industrial & Commercial Bank of China (ICBC), «Bloomberg» reported, citing people familiar with the matter. The world’s largest lender had $4.1 trillion of total assets at the end of 2018.
Chen, who is chairman of Bank of China, was appointed as party secretary of ICBC at an internal meeting on Monday. He is also likely to be named ICBC’s chairman, a position that has traditionally been held by the same person who has served as party secretary.
Paid less than 0.5 percent of Wall Street Peers
Heading China’s top banks does not come with a lavish pay package, unlike counterparts in the U.S. This is because China has capped remuneration for most senior executives at its biggest banks in 2015 so as to combat income inequality.
Yi, the former chairman of ICBC, took home only $100,250 last year, a tiny fraction of the salaries taken home by J.P. Morgan Chase & Co.’s Jamie Dimon and Goldman Sachs Group Inc.’s former CEO Lloyd Blankfein.
