Banks in China aren't going to make it easy for Internet upstarts like Alibaba Group Holding to break into financial lending. After fruitless attempts by the e-commerce giant to court China's biggest lenders, the traditional banks say they're now planning to expand their own online banking operations before Alibaba can get a foothold in the market.
They shape economies, move markets, do deals -- and change the world. They hold sway by virtue of the money they manage, the companies they control, the policies they enact and the ideas they propound. The people on the third annual 50 Most Influential list, to be published in the October issue of Bloomberg Markets magazine, command attention as masters of the global financial system.
Industrial & Commercial Bank of China Ltd. led the nation’s biggest banks in posting faster- than-estimated second-quarter profit growth by containing bad loans and selling more wealth management products.
Goldman Sachs Group Inc. Chief Executive Officer Lloyd C. Blankfein met with Industrial & Commercial Bank of China Ltd. Chairman Jiang Jianqing during a recent visit to the country to discuss future cooperation, Shanghai Securities News reported today.
Industrial & Commercial Bank of China Ltd. Chairman Jiang Jianqing said he expects China to maintain tight monetary policy even though there’s room to adjust the provision of credit to “certain sectors.”
Huaxia Bank Co.’s Pretty Lady credit card, co-issued with Deutsche Bank AG, entices women with triple points for cosmetics and fitness-club memberships. The Ms. Magic card from China Citic Bank Corp. dotted with Swarovski crystals offers free beauty treatments and health insurance.
JPMorgan Chase & Co. pays Jamie Dimon $1.21 million for every $1 billion of profit at the biggest U.S. bank. Industrial & Commercial Bank of China Ltd., the world’s most profitable, gives its top executive $9,400.