\n
![](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/04\/GettyImages-2054310594-e1712826133337.jpeg?w=2048\")
<\/p>\n [ad_1]
\n<\/p>\n
The president of China International Capital Corp. has relinquished his post two months after his brother was named as the head of the country\u2019s top markets regulator.<\/p>\n
Wu Bo, who has worked at the large Chinese investment bank for nearly two decades, is the younger brother of Wu Qing, who was appointed\u00a0chairman<\/a>\u00a0of the China Securities Regulatory Commission in February, according to people familiar with the matter.\u00a0<\/p>\n The CSRC oversees all of China\u2019s brokerages, including CICC, and regulates the country\u2019s $9 trillion stock market and a wide range of capital-markets activities. Having the siblings at their respective posts could create a conflict of interest, said the people, who asked not to be identified discussing internal matters.<\/p>\n The CSRC and CICC didn\u2019t immediately respond to requests for comment.\u00a0<\/p>\n Wu Bo, 46, has held various roles at CICC and was just appointed the firm\u2019s chief financial officer and president in late 2023. He has also been a member of the firm\u2019s management committee for the past six years. Prior to CICC, he worked as an auditor for accounting firms including PricewaterhouseCoopers Zhong Tian LLP.\u00a0<\/p>\n Beijing-based CICC said in a regulatory filing on Wednesday evening that \u201cdue to work changes,\u201d Wu Bo is no longer serving in his executive roles. Chairman Chen Liang would take over Wu\u2019s president duties until a replacement is named, and another executive will serve as CFO temporarily, the bank added.\u00a0<\/p>\n \u201cMr. Wu Bo has dedicated to his work and fulfilled his duties diligently during his term of office,\u201d CICC said. It also thanked him for what it said were his significant contributions to the company\u2019s development.\u00a0<\/p>\n Wu Qing, who turns 59 this month, also recently joined the People\u2019s Bank of China\u2019s monetary policy committee. The official, who earned the reputation as \u201cthe broker butcher\u201d from his crackdown on securities firms in mid-2000s, has had a heavy hand in trying to stabilize the world\u2019s second largest stock market after three straight years of losses.\u00a0<\/p>\n He has so far pledged to beef up oversight of initial public offerings, crack down on fraud and act to fix \u201cmarket failures\u201d in extreme cases. The benchmark CSI 300 index has gained almost 5% since he took office.<\/p>\n CICC last month reported 6.16 billion yuan ($851 million) in profit for 2023, down 19% from the previous year. Its total revenue and other income dropped 5% to 35.45 billion yuan. The state-owned financial institution said investment banking revenue for the industry was pressured last year because of a drop in fund raising from IPOs and follow-on share sales. Brokerage revenues also declined last year because of the broader stock market\u2019s lackluster performance.\u00a0<\/p>\n The bank has been pushing more austerity measures, and has\u00a0slashed<\/a>\u00a0bankers\u2019 pay and bonuses to better align itself with Chinese President Xi Jinping\u2019s push for \u201ccommon prosperity.\u201d<\/p>\n<\/div>\n