China SWF Chief to Lead Investment Bank

Ding Xuedong, chairman and CEO of the $650 billion China Investment Corporation, will take on the chief role at one of China’s largest investment banks.

China’s sovereign wealth fund chief Ding Xuedong has been tapped to lead the nation’s first investment bank.

The China International Capital Corporation (CICC) announced Thursday Chairman Jin Liqun had resigned after less than two years in the position.

“We trust that under the leadership of the board of directors headed by Chairman Ding Xuedong, CICC will adhere to the principal of ‘bridging the world with roots in China, building the future with innovative ideas’, and continue to provide full-fledged professional financial services to our clients,” CICC said in a statement.

The 54-year-old chairman and CEO of the estimated-$650 billion fund will remain head of the China Investment Corporation (CIC) in addition to the new position, according to FinanceAsia. Ding was appointed to the role last year.

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Jin’s resignation marked the second top executive change at CICC in two weeks.

The bank announced the exit of CEO and Chairman of the Management Committee Levin Zhu on October 14. CICC also lost Jian Guorong, former co-head of investment banking, and Marshall Nicholson, co-head of international investment banking, this year.

According to CIC’s 2013 annual report, the world’s fifth largest sovereign wealth fund bumped its assets managed by external managers by almost 20% to nearly 67.2% of its total assets by the end of the year.

Under the helm of Ding, the fund gained $77 billion in new assets, made a 9.3% return on investments, and added 25 more staff members last year. The report revealed it upped its allocations to equities, at 40.4%—or $263.7 billion—by the end of the year.

Prior to his role at CIC, Ding served as deputy secretary general of China’s cabinet and vice finance minister. He holds a PhD in economics from the Research Institute for Fiscal Science, a university affiliated with the nation’s ministry of finance.

Home > News > Newsmakers > Female Bankers See Pay Plummet in Early 30s

Newsmakers October 26, 2014

Female Bankers See Pay Plummet in Early 30s

Women begin to out-earn men in their late 20s, then median compensation falls hard and stays low for years.

The banking industry’s gender-based wage gap has narrowly favored women as they advance past entry-level positions—according to salary benchmarking firm Emolument—but only up to point.

That point, specifically: 32 or 33 years of age.

Between a woman’s 32^nd and 37^th birthdays, based on median survey data, she could expect her base salary to drop 11% and total compensation to fall 15%. It attributed the sharp fall in women’s pay to their tendency to have families.

“In the late 20s and early 30s, women not only keep up [to] but outperform men,” the firm described. “And then maternity leave hits!”

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Banking bonuses by gender Source: Emolument

Early 30s females reported the highest median bonus—£160,000 ($257,000)—of the entire sample of London-based bankers aged 37 and younger. But women just a couple of years older earned incentive payouts on par with 25-year-old men (£20,000).

Base salary dropped less dramatically than bonuses, and showed signs of recovery as women entered their late 30s. From a sample-wide high of £160,000 for 32-year-old female bankers, median pay fell to £120,000 for those in their mid-30s—roughly equivalent to that of a 30-year-old of either gender. By age 37, women’s base pay had ticked up past £140,000.

Base salary by gender Source: Emolument

Emolument drew this data from figures collected from 2,780 industry professionals’ anonymously reported salary and bonus figures for this year and last year. Women accounted for roughly 10% of bankers in Europe and 11% in America, although that portion falls to 6% and 8% respectively at the managing director level.

“Clearly the banking industry still has a long way to go when it comes to gender parity,” remarked Emolument’s CEO Robert Benson. “Most concerning are not necessarily salary figures but rather female/male population ratios from the very early stages of a career in finance.”

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