Original title: Heavy! China's largest private bank changed command, and Wang Jing, the former general manager, moved to foreign banks! The successor is still a female player. How can CMB continue to play this game of chess well? Source: Broker China

The head of China's largest private bank has been replaced!

According to Euromoney reports, Wang Jing, general manager of CMB's private banking department, recently chose to leave her job and join a foreign bank to continue her private business.

According to reports, Wang Jing's next stop is Credit Suisse. The latter has appointed Wang Jing as the head of its private banking business in mainland China. She will take office in April 2020 and is currently going through the relevant formalities.

Wang Jing's successor is also a female player. According to information, Zhao Yue, head of CMB's Haikou branch, will take over as general manager of CMB's private sector.

According to the data, as of the end of June 2019, the number of CMB private banking customers reached 78,245, an increase of 7.3% over the end of the previous year; the total assets of managed private bank customers reached 216.99 billion yuan, an increase of 6% over the end of the previous year; and the average total assets of households reached 27.618 million yuan, surpassing the private banks of major state-owned banks such as ICBC and CCB.

Wang Jing, head of CMB Private Practice, leaves office

According to a recent report by Euromoney, in order to seize the mainland's high-net-worth customer market, Credit Suisse has appointed Wang Jing as the head of its private banking business in mainland China. According to reports, Wang Jing will officially join Credit Suisse in April 2020.

In 1994, Wang Jing, who had just graduated from college, joined CMB for 25 years. During this period, she worked in many positions, spanning various lines of corporate finance, retail finance, and financial planning.

In 2007, private banks appeared in China. In August of that year, based on market opportunities, industry challenges, and CMB's own accumulation and transformation, the CMB Private Banking Department was formally established. Wang Jing, who was working at the CMB Guangzhou branch at the time, was tasked with the head office to prepare private banking services.

In addition to Wang Jing, CMB's private banking preparation team had only 3 members in total. Since then, she has successively served as the executive deputy general manager and general manager of the private banking department, becoming one of the earliest private bank executives in China.

Interestingly, in the early years, several of the earliest private banks established, including CITIC, CMB, and Minsheng, all invariably employed female executives. Five people, including Wang Jing, were also called the “Five Golden Flowers” by the media. As of today, the remaining four female players have all left private banks.

People who have come into contact with Wang Jing have given her high praise. “Approachable,” “strict and meticulous in her work,” and “not in the face of danger”... In fact, this is the kind of temperament required to manage a private banking team.

During his tenure, CMB's private banking business continued to grow, winning not only a good reputation among customers and the market, but also receiving rich returns.

As early as 2010, CMB Private Bank became the first private bank in China to start making a profit. In 2018, CMB also became the first commercial bank in China to enter the private banking club of two trillion dollars. Outsiders often use “one ride to the top” to describe the gap between CMB's private banking business and other peers.

The successor is also a female general

In fact, there have been rumors about Wang Jing choosing to leave her job for some time, and the successor to CMB's private sector has also appeared in this rumor.

A few days ago, the rumors all came true. According to information, Zhao Yue, the former head of CMB's Haikou branch, will take over as general manager of CMB's private banking department.

Like Wang Jing, her successor is also a female player. A person familiar with the matter revealed that Zhao Yue is quite young. “My impression is that he was in '78, but now he is only in his early 40s.”

In fact, young Zhao Yue has been working at the CMB for many years, starting at the grassroots level in the Guangzhou branch. In May 2012, Zhao Yue was approved by the Guangdong Banking Regulatory Bureau as an assistant to the governor of the Guangzhou branch of CMB. Since then, he has taken over as the deputy governor of the Guangzhou branch of CMB and is in charge of the branch's retail business.

In March 2018, with the approval of the Hainan Banking Regulatory Bureau, Zhao Yue officially assumed the position of head of the Haikou branch of CMB and became a member of one side. During his tenure, the number of employees in the Haikou branch of CMB increased from 275 in early 2018 to 321 at the end of June 2019, and the total assets of the branch increased from 9.828 billion yuan to 10.366 billion yuan.

At the opening ceremony of the Sanya branch of CMB in October 2019, Zhao Yue also delivered a speech as the head of the Haikou branch. It was also abrupt to take charge of CMB's private business.