The Rise of Chinese Banks

People have been talking about the rise of the Chinese banking industry for quite awhile, but here's more evidence it's actually happening.

Chinese firm Citic Securities is taking over CLSA Asia-Pacific Markets, the brokerage unit of French bank Crédit Agricole, Financial News reports.

CLSA has about 1,500 employees, most of whom are based in Asia-Pacific cities. The others work in London and New York. Citic has been prowling for a foreign partner for several years in an attempt to help clients raise capital in countries other than China.

The Chinese firm's intention is to become a "world-class, China-focused, global investment bank," Citic Securities chairman Wang Dongming has said.

Among Chinese and Western firms, emerging markets are still a big draw. Goldman Sachs Chief Financial Officer David Viniar said last week that bank is still committed to expanding its wealth management and other banking activities within those markets.

If the trends continue, it'd be wise to start learning Mandarin, stat.

More Layoffs (Bloomberg)

Morgan Stanley will cut about 700 jobs in the second half of the year. The bank is one of several that have plans to lay off through the end of 2012.

Special Pool (Deal Journal Australia)

Rainmakers at UBS's Australian offices could expect an extra little something just for being down under: Bonuses that fall outside the global bonus pool.

Backing for Business (Reuters)

Credit Suisse's board is determined to present a supportive outlook for Chief Executive Brady Dougan. The chairman said that right now "there's no question" of replacing him.

High-Flying Options (Business Insider)

Being the chief risk officer or chief compliance officer of a bank might not sound enticing, but given the rapidly shrinking investment banks, you may want to reconsider.

Trouble with the Law (Bloomberg)

A former derivatives head at Bank of America was indicted for allegedly conspiring to defraud the U.S. due to his conduct with municipal bond investments.

Organizational Bias (Globe and Mail)

When it's time to give out raises, managers seem to be hard-wired to give most of the pot to men. If you're a woman, the burden is on you to break the system.

Buzz Around the Office

Sentenced to Frogging (MSN Now)

An inattentive Nigerian lawyer and his two clients were found in contempt of court last week and were given two options by the judge: Pay a fine or frog-jump for five minutes. The trio accepted the latter punishment and performed in front of the entire courtroom.

List of the Day: The Thank-You Note

By now you know one is necessary. One might be good, but two are better. Send both an email and a physical copy.

1. Use good quality stationery.

2. Reference specific things you talked about in the interview.

3. Send one to everyone who interviewed you or got you in the door.

(Source: MoneyWatch)