Banker Death 'Epidemic' Spreads To China
Until now, the terrible trail of dead bankers has been only among US and European financial executives. However, as Caixin reports, the increasing pressures on the Chinese banking system appear to have take their first toll. Li Jianhua, director of China's Banking Regulatory Commission (CBRC), died this morning due to a "sudden heart attack" - he was less than 49 years old. Li was among the main drafters on new "caveat emptor" market-based rules on China's shadowy banking system and recently said in an interview that "now is not only a time to control risk, but to transform the trust industry.. if it's too loose, it's a big problem." Li was found by his wife.
Li Jianhua, director of the CBRC AfDB died due to heart attack, still less than 49 years old. As planned, Li Jianhua this morning to attend a major industry conference.
According to several sources close to the CBRC said, Li Jianhua was revising to 12 o'clock at night.
Unexpectedly around 6:00 this morning, his wife found him passed away, due to sudden heart attack.
Both inside and outside China Banking Regulatory Commission expressed sorrow and regret.
Li was well-known as the author of major China Trust regulations...
Li Jianhua was born in July 1965, Hunan Yongxing, graduated from Wudaokou Finance Institute.
Li Jianhua was the main drafter of "one law two rules" or "People's Republic of China Trust Law," "Trust management approach" "Trust Capital Trust scheme management approach,"
It seems clear that Li was somewhat anti-bailout, preferring market forces to fix the trust industry...
Li Jianhua has made it clear for the new financial reporters that this understanding is wrong. No. 99 Wen emphasized that "sellers responsible" does not mean that the buyer can zero-risk, high-yield.
Now China has not yet Trustee Ordinance, if the trustee's duty to strengthen and plug loopholes flaws, accordingly, "caveat emptor" is also strengthened. This is the market rules.
For the trust industry has experienced many ups and downs rectification, Li Jianhua was believed that this industry is still promising, but trust industry needs to find new profit model, there is also the process of transformation...
"if too loose, I'm afraid to be a big problem."
This brings the sad list of senior financial services exectives who have died in the last few months to 13:
1 - William Broeksmit, 58-year-old former senior executive at Deutsche Bank AG, was found dead in his home after an apparent suicide in South Kensington in central London, on January 26th.
2 - Karl Slym, 51 year old Tata Motors managing director Karl Slym, was found dead on the fourth floor of the Shangri-La hotel in Bangkok on January 27th.
3 - Gabriel Magee, a 39-year-old JP Morgan employee, died after falling from the roof of the JP Morgan European headquarters in London on January 27th.
4 - Mike Dueker, 50-year-old chief economist of a US investment bank was found dead close to the Tacoma Narrows Bridge in Washington State.
5 - Richard Talley, the 57 year old founder of American Title Services in Centennial, Colorado, was found dead earlier this month after apparently shooting himself with a nail gun.
6 - Tim Dickenson, a U.K.-based communications director at Swiss Re AG, also died last month, however the circumstances surrounding his death are still unknown.
7 - Ryan Henry Crane, a 37 year old executive at JP Morgan died in an alleged suicide just a few weeks ago. No details have been released about his death aside from this small obituary announcement at the Stamford Daily Voice.
8 - Li Junjie, 33-year-old banker in Hong Kong jumped from the JP Morgan HQ in Hong Kong this week.
9 - James Stuart Jr, Former National Bank of Commerce CEO, found dead in Scottsdale, Ariz., the morning of Feb. 19. A family spokesman did not say whatcaused the death
10 - Edmund (Eddie) Reilly, 47, a trader at Midtown’s Vertical Group, commited suicide by jumping in front of LIRR train
11 - Kenneth Bellando, 28, a trader at Levy Capital, formerly investment banking analyst at JPMorgan, jumped to his death from his 6th floor East Side apartment.
12 - Jan Peter Schmittmann, 57, the former CEO of Dutch bank ABN Amro found dead at home near Amsterdam with wife and daughter.
13 - Li Jianhua, 49, the director of China's Banking Regulatory Commission died of a sudden heart attack
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