Wang Xuebing, a flamboyant protege of former premier Zhu Rongji and former head of the Bank of China, has been sentenced to 12 years in jail for bribery.
He was accused of embezzling money and accepting millions of yuan of expensive gifts and bribes, and was said to have led 'a decadent life' while based in New York. He was dropped as an alternative member of the Communist Party's Central Committee and detained earlier this year.
Before his fall from grace, Wang was one of the most visible members of China's banking elite. He wore expensive suits, spoke excellent English, smoked cigars and was a well-known member of Wall Street's circle of global financiers.
Wang joined the Bank of China in the late 1970s and, propelled by the backing of Mr Zhu, rose quickly, eventually running the bank's US operations out of New York.
He became bank president in 1993 and served for nearly seven years before moving to the Construction Bank in 2000.
Wang is the second high-profile Bank of China executive to be embroiled in scandal.