All the first presidents of financial subsidiaries of the four major banks left their posts and returned to the parent bank's big financial market line _ Sina Finance

　　 Source: President overview

　　 The original title: All the first presidents leave their posts, and the "Fanhua" of the four major banks of financial management ends?! The net profit and scale are exceeded by the stock bank; Chairman and president return to the financial market line of the parent bank

　　 “ How about the change of the general of the Four Great Li Treasures? ”

Since the beginning of 2024, senior executives of financial subsidiaries of the four major banks have changed. A few days ago, there was another change in the head of the financial management team of the Cosmos Bank: Wang Hailu, the current chairman of the board of directors, planned to transfer back to the financial market line of ICBC's head office, and on April 19, the bank announced that he would become the general manager of the financial market department, whose successor was Wu Xi, president of ICBC AXA Life Insurance.

The President's Quick Look has learned that since the establishment of ICBC Wealth Management, ABC Wealth Management, BOC Wealth Management and CCB Wealth Management, all the first presidents have left their posts, while the first chairman still has two in office, namely, Ma Shuguang, chairman of ABC Wealth Management, and Liu Donghai, chairman of BOC Wealth Management.

In fact, it is not uncommon for financial sub executives to return to the head office. The President's Quick View learned that the return of financial sub executives to the head office is mostly a big financial market line, mainly focusing on financial market related departments and asset management departments. Behind the change of senior executives, the financial management subsidiary of big banks is experiencing a period of low ebb. Seeking a new way of development may be the trend of the times for the big bank financiers.

　　 zero one

　　 All the first presidents of the four major banks' financial subsidiaries left

It will be five years since the establishment of the first four major financial subsidiaries. On May 24, 2019, after the establishment of CCB Wealth Management, ICBC Wealth Management was established on May 28, then BOC Wealth Management was established on July 1 of that year, and the "youngest" ABC Wealth Management was established on July 29.

The President's Quick Look found that up to now, the first presidents of the four major banks' financial sub branches have all been transferred to other positions. Specifically (sorted by the time of change): the earliest change was BOC Financial, and the first president Wang Weidong returned to the head office of BOC in 2020 as the general manager of the global marketing department. Song Funing, the current president, was the vice president of Bank of China Fujian Branch before assuming his new post. Before that, he also served as the general manager of the investment bank and asset management department of Bank of China; This was followed by ICBC Financial, the first president of which was Tang Lingyun, who retired at the age of 2021, and the new president of the company, Gao Xiangyang, will not be ushered in until June 2023. According to public data, Gao Xiangyang is a doctor of business administration from the University of Hong Kong, a master of business administration from Peking University, a bachelor of international finance, and a former head of the International Business Department of ICBC Head Office, secretary of the Party Committee and president of Fujian Ningde Branch, assistant president of Fujian Branch, general manager of ICBC Turkey, etc Industrial and Commercial Bank of China Chairman of the Board of Directors of (Turkey) JSC; In March 2022, it was reported that Xie Guowang, the first president of CCB Financial, would return to the head office, and the successor would be Ma Yong, the former vice president of CCB Fund, who would officially take office in July 2023; In terms of financial management of ABC, Duan Bing was the first president of the company. At the end of 2023, Duan Bing returned to the head office of ABC to take over the president of the financial market department, and Mao Yan, the deputy general manager of the accounting department of ABC, took over the responsibility.

In addition, the sub chairmen of financial management of the four major banks have also undergone considerable changes. In addition to the unchanged chairmen of ABC Financial Management and BOC Financial Management, ICBC Financial Management has changed its chairmen twice so far, and the first chairman of CCB Financial Management also retired in July last year.

In terms of ICBC financial management, Wang Hailu, the current chairman, intends to be transferred back to the head office of ICBC. His appointment as the general manager of the financial market department of the head office was officially announced in the bank on April 19, and the successor may be Wu Qian, the president of ICBC AXA. Wang Hailu was the second chairman of ICBC Wealth Management. Gu Jiangang, the first chairman, was inaugurated in August last year and was "double opened" in February this year; Liu Xinghua, the first chairman of CCB Financial, resigned and retired at the end of July last year. Zhang Yueyun, the current chairman, was previously the president of CCB Heilongjiang Branch; The chairmen of BOC Wealth Management and ABC Wealth Management are Ma Shuguang and Liu Donghai respectively. The "top leaders" of the two wealth management subsidiaries are relatively stable and have not changed yet.

In this regard, Yu Baicheng, president of Zero One Research Institute, believes that the chairman of the financial subsidiary is appointed by the parent bank, and its change is related to the adjustment of the parent bank's personnel and the development of the financial subsidiary at an early stage. On the one hand, the transfer and adjustment of relevant personnel of the parent bank will affect the change of senior executives of financial subsidiaries; On the other hand, the financial management subsidiary is in the early stage of development. With trial and error in the process of business exploration, senior executives will also make corresponding adjustments.

　　 The senior management of financial management subsidiaries returned to the big financial market line of the parent bank

In fact, it is not uncommon for financial sub executives to return to the head office in the industry. From the perspective of the post changes of senior management of financial management subsidiaries of the four major banks (except for retirement at the age of), most of the financial cadres flowing "the blood of the parent bank" flow to different departments and lines of the head office. The President's Brief Survey found that after returning to the head office, the senior management of financial subsidiaries of the four major banks mostly worked in "the big financial market line".

For example, Wang Hailu, who just returned to ICBC, and Duan Bing, who left the financial management subsidiary, both served as the general manager of the financial market department of the head office. And Wang Weidong of BOC Wealth Management, who took the post of General Manager of Global Marketing Department of the Head Office in 2020.

In addition, for example, Gu Jiangang, the former chairman of ICBC Wealth Management, who has been dismissed, returned to the headquarters at the end of 2020, and only retained the position of general manager of ICBC's asset management department until retirement. Gu Jiangang, the former president of CCB Wealth Management, also became the general manager of the asset management department of CCB in March 2023.

In fact, at the initial stage of the establishment of the wealth management company, the asset management department of the head office of the bank and the wealth management company were in parallel on the asset management business. The former was mainly responsible for the disposal of stock assets and remaining problems; The latter is mainly responsible for the management of net worth financial products.

On April 29, 2022, the CBRC issued the Internal Control Management Measures of Wealth Management Companies (Draft for Comments) (hereinafter referred to as the Draft for Comments), which stipulates in the internal control responsibilities that the chairman, chief supervisor and senior managers of wealth management companies shall not be concurrently held by the shareholders, actual controllers and their affiliates of wealth management companies.

Industry insiders said that, from the perspective of supervision, the independence of wealth management means strengthening the risk isolation from the parent bank to avoid systemic financial risks. Previously, due to the equity relationship and the need for coordination between the parent bank and the wealth management subsidiary during the transition period of the new asset management regulations, a large number of senior executives of the parent bank took the lead of the wealth management subsidiary. After the Opinion Draft is issued, no major shareholders and their actual controllers are allowed to appear in the Board of Directors, the Board of Supervisors and other senior executives, which is very important to maintain the independence of business decision-making.

With the addition of fresh blood, it will bring more possibilities to the financial management subsidiary of the Bank. However, according to the 2023 annual report of 18 inter-bank financial subsidiaries disclosed recently, the overall scale of the financial subsidiaries of large banks is under pressure, and the operating performance is "exceeded" by the joint-stock financial companies. Under the background of volatile and pressured market conditions, the wealth management subsidiaries of big banks have sought new development paths to promote high-quality development of wealth management business.