From Breakingviews - Wall Street has chance to put Hong Kong to work
Foreigners are also doing worse than their local peers. The U.S. top five’s combined investment banking market share nearly halved from last year to 21%, according to Dealogic. In the mainland itself, their share shrank two thirds to a derisory 1%. JPMorgan’s China asset management joint venture lost 12% of its funds in the first half, making it the second-worst performing among competitors of similar size, data from Chinese research outfit Jian Financial Information shows.
China could still be a big prize to Western banks, if the authorities were to loosen restrictions on derivatives trading, or open up the market for underwriting bonds, which is mostly reserved for Chinese banks. The country’s high-net-worth individuals may have 214 trillion yuan of investable assets by 2030, reckons UBS, so businesses like private banking still boast enormous growth potential. But progress has been slow. Gaffes like JPMorgan boss Jamie DimonThat’s where Hong Kong comes in.
urged investors to increase their exposure drastically. Hong Kong has been a big beneficiary of their ambitions. It would be only rational of them to ask for a favour in return.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Superyacht struggle: Is Hong Kong now safe harbor for sanctioned Russians?A $500M superyacht linked to a sanctioned Russian billionaire has docked in Hong Kong. Hong Kong's leader says the city won't seize it.
Les mer »
Piaget and Phillips Team Up for a Limited-Edition Watch Inspired by the Tibetan PlateauOne of the special pieces will be auctioned in Hong Kong on November 28.
Les mer »
Kim Kardashian Hires Extra Security to Protect Her Children After Kanye West Revealed Their School Name During an Online RantKanye West is putting his children in *actual* danger, and Kim Kardashian is not having it.
Les mer »
Stock Market Today: Dow Gives Back Earlier Gains, 10-Year Treasury Yield Nears 4%Markets remained skittish over the U.K. pension-rescue plan. The pound slid and Nasdaq closed in a bear market after the BOE said bond buys will end Friday.
Les mer »
'Branches to Chances' helps returning workers turn a new leaf by gardeningFor these hard-working gardeners, a second chance was all they needed to grow fruitful careers.
Les mer »