Citic Securities chairman to step down amid probes

The man who dreamed of turning Citic Securities into the "Goldman Sachs of China" is retiring next year after the firm became embroiled in a series of investigations.

Wang Dongming, the well-connected star chairman of Citic Securities, is to step down next year with the company still enmeshed in a series of investigations following a government crackdown on the financial industry.

In a statement on Tuesday, China’s largest brokerage by assets said Wang, 64, will not stand for the next round of board member elections. It cited age as a factor and said Zhang Youjun, 50, a potential successor, was nominated to the board.

The announcement comes at a time when Citic Securities, which aspires to be the Goldman Sachs of China, is cast in an unwelcome light due to a...
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