Cooling global ambitions

17 August 2012 By Wei Gu

China’s big four banks hired wildly and invested madly abroad in 2009, when Western banks stumbled. After CCB’s investment banking unit lost $250 million in 2011, they are all cutting back. A much needed strategic rethink of their global ambitions is under way.

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CCB International, the overseas investment banking arm of China Construction Bank, posted a net loss of $250 million in 2011, and its total assets shrunk by 12 percent to $2.8 trillion in the year.
CCBI has been trimming its sales trading and research team this year, according to people familiar with the matter. Douglas Morin, head of institutional sales, Mark Jolley, CCBI’s Asia Strategist, and Paul Schulte, head of global financial strategy, all departed in 2012. Morin joined from Bear Stearns. Jolley was previously at Deutsche Bank. Schulte was at Lehman Brothers. CCBI said it is looking to replace some of the positions.
High level departures at BOC International, a subsidiary of Bank of China, in the last year include former CEO Wang Yan, deputy CEO Ren Jing, and former equities capital markets head Marshall Nicholson.

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