Driven by payment cuts in banks, Internet Plus, and a rise of private banks, more and more bank senior executives leave their jobs and nestle in the arms of internet finance.

On Aug. 17, 2015, the former vice president of Bank of China (BOC) Wang Yongli confirmed that he had left BOC and took the position of vice president at Letv.com, mainly in charge of its internet financing. Hence Wang is now the highest level of senior banker who had left the tradition financial industry for internet finance.

However, Wang Yongli is not the first one who did that. Since the beginning of this year, there has been over 30 senior executives that have quit their job in banking and turn to internet finance.

On Aug. 4, former vice president of Huaxia Bank Huang Jinlao resigned and became a senior researcher at Chongyang Institute for Financial Studies at Renmin University. In October last year, Cao Tong, the former vice president of Export-Import Bank became the President of WeBank, an internet bank. Almost at the same time, manager of Industrial Bank Zheng Xinlin and CRO (Chief Risk Officer) of PingAn Bank Wang Shijun also joined WeBank. The president of MyBank (another internet bank) Yu Shengfa was the former president of Hangzhou Bank. And earlier in the first half of 2014, former vice president and investment and banking director of China Construction Bank Wang Guiya joined Wanda Group. And in July 2015, the former president of Bohai Bank Zhao Shigang undertook the SVP position at Oanda, a platform that provides Internet-based forex trading and currency information services which also belongs to the Wanda Group.

With the “resignation wave” of senior bankers, traditional banks are under great shocks due to the rise of internet financing and private banks. It still remains unclear how do traditional banks find a way of exploration to escape the predicament.