Do not tell Jamie Dimon — who warned he “wouldn’t want to see the next JPMorgan Chase be a Chinese company” — but universal banking is gaining traction among mainland Chinese lenders.
The universal banking model, under pressure and deemed to be broken in much of the world, is finding favour in China as traditional lending businesses slow.
Last month, three of China’s four largest banks reported annual declines in fourth-quarter earnings for the first time since 2009. As elsewhere, clouds are gathering: in addition to tougher capital requirements Chinese lenders have to deal with interest-rate deregulation and rising bad loans on the back of an economic slowdown.
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