From Institutional Investor:
Financial analysts who claim that China’s big banks will soon catch up with their Western counterparts in the league tables demonstrate a lack of understanding about what it takes to be a world-class player in this industry. Goldman, Sachs & Co. became a powerhouse by developing its culture, talent pool and infrastructure over the past century under the right mix of regulation and opportunity. For Chinese banks to reach the same competitive plane would likewise take decades, if they could manage it at all.
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Ann Lee is an adjunct professor at New York University, a former visiting professor at Peking University, an investment banker and a fixed-income trader.