Troubles Are in the Bank


The Bank of China faces millions in fines for suspect deals under chief Wang Xuebing

Wang Xuebing never wears polyester suits with white socks. He claims to prefer fine French restaurants to karaoke and hostesses, vintage Bordeaux to rice wine. One of China's most prominent bankers, Wang speaks fluent English garnished with appropriate jokes and has a confident, firm handshake—enough to put the most leery American businessmen at ease. "You wished there were more internationally savvy guys like him in China," says an American investment banker in Hong Kong. "He even has a good golf handicap."

Part of his game needed improvement, apparently. Last week, Beijing sacked Wang from his job as president...

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