CCB plans major restructuring

China Construction Bank will restructure its bloated middle management, Chairman Guo Shuqing told the South China Morning Post. It will conduct a global search for three internationally experienced executives for the newly created positions of chief risk officer, chief financial officer and chief information officer. Guo said the plan called for cutting "one or two layers", which would mean 30,000 middle-level executives being "reassigned". CCB raised about US$9 billion on the Hong Kong stock market in October last year in one of the world's biggest IPOs.