Bank chiefs going with flow of innovation

AT LEAST 37 HIGH-LEVEL CHINESE BANK EXECUTIVES, including Mao Xiaofeng, former president of China Minsheng Banking Corp Ltd, have resigned so far this year, fueling some speculation that such personnel changes might cause instability in the country's financial system. Comments:

Undeniably, Chinese banks are not in their best condition. The four State-owned banks - Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China - announced net profit growth of less than 1 percent in the first three quarters.

The sharp decline in their profitability has imposed extra pressure on many executives, dealing a heavy blow to their salaries and benefits - which to some extent explains the increasing number of resignations this year.