China Detains Investment Bankers, Takes Passports in Corruption Sweep
- State-owned brokers have made staff hand in travel documents
- Regulators are scrutinizing IPOs, capital raising activities
WATCH: China has detained three senior bankers since August, and several securities firms are taking passports of dealmakers.
Source: BloombergThis article is for subscribers only.
China is turning up the heat on its army of 8,700 investment bankers.
After being forced to take big pay cuts and adhere to other belt-tightening measures under President Xi Jinping’s years-long common prosperity campaign, the country’s dealmakers are now in the crosshairs of the nation’s top graft buster.