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137 Punished for Graft at China’s Biggest Bank

Images of Industrial & Commercial Bank Of China Ltd. (ICBC) As ICBC Topples Wells Fargo as Most Valuable Bank on China StimulusImages of Industrial & Commercial Bank Of China Ltd. (ICBC) As ICBC Topples Wells Fargo as Most Valuable Bank on China Stimulus
Pedestrians walk past an Industrial & Commercial Bank Of China Ltd. (ICBC) branch in Hong Kong, China.Photograph by Billy H.C. Kwok – Getty Images

One hundred and thirty seven staff at China’s biggest state-owned bank, Industrial and Commercial Bank of China, ICBC, have been disciplined as part of the country’s broad anti-corruption crackdown.

The anti-corruption regulator said 14 people were removed from the Communist Party, the highest dishonor, for accepting gifts from lower-level employees, joining client-funded trips, and starting their own side businesses.

This is the latest in the corruption crackdown in China’s finance industry, which has been focused on this summer’s stock market crash as well as political power centers in China like the state-owned banks. The ICBC news follows similar disciplinary actions at the country’s biggest state-owned investment bank and brokerage, Citic Group, and China Construction Bank.