China | Foreign Banks
Chinese officials asking foreign banks to share executive pay details: Reports
Beijing: Chinese officials are making things tough foreign investment banks by asking them to share the pay details of senior executives.
Chinese authorities are enforcing Chinese President Xi Jinping’s “common prosperity” agenda, while another reason could be that large international investment banks have employed many princelings for many years to help open the door to the Chinese market for these corporations,Indian news agency ANI reported, quoting local Chinese media reports.
On Monday, the media reported that big banks like Credit Suisse Group AG, Goldman Sachs Group Inc, and UBS Group were summoned one after another by Chinese officials and were asked to report details on how they compensate their top bankers, ANI reported.
Many princelings of China for many years have helped open the door to the Chinese market for these corporations, such as, Wen Jiabao’s daughter Wen Ruchun once served as an executive at Credit Suisse and JPMorgan Chase, and Zhu Rongji’s son Zhu Yunlai also worked at Credit Suisse.
These are just some of the cases that are under public scrutiny, there can be many more from the Jiang Zemin and Hu Jintao eras when corruption was rampant and give-and-take deals were abundant, the local media added.
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