Chinese bank punishes 137 staff

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China’s biggest bank, Industrial & Commercial Bank of China, said it punished 137 staff for breaches of Communist Party discipline, such as accepting gifts or starting their own businesses, as a corruption crackdown sweeps through the nation’s finance industry.

Bloomberg News reports that fourteen people were expelled from the party or removed from their posts, while others were warned, the bank’s disciplinary committee said in a statement Tuesday on the website of the party’s anti-graft agency.

The Central Commission for Discipline Inspection, the anti-corruption body, indicated in October that it would carry out its first broad checks on the finance industry since China’s President Xi Jinping became party head in November 2012.

At ICBC, the violations included workers participating in trips funded by clients; starting their own businesses; and accepting gifts from subordinates during wedding ceremonies or funerals, the lender said in the statement.

To access the complete Bloomberg News article hit the link below:

ICBC Punishes 137 Staff Amid Finance Industry Graft Probe

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