Wednesday, 13 February 2013

Wall Street Fading as Emerging-Market Banks Gain Share - Bloomberg

Wall Street Fading as Emerging-Market Banks Gain Share By Ambereen Choudhury, Michael J. Moore & Stefania Bianchi - Feb 12, 2013 12:01 AM GMT Facebook Share LinkedIn Google +1 6 COMMENTS Print QUEUE Q Global investment banks based in Europe and the U.S., facing regulatory and cost-cutting pressures at home, are losing market share in emerging economies to smaller domestic competitors. Enlarge image A trader takes a smoke break outside the New York Stock in this file photo. Photographer: Jeff Hutchens/Getty Images Enlarge image A construction worker stands under a Citic Securities Co. branch sign in Shanghai. Citic, founded in 1995 and controlled by state-owned Citic Group Corp., grabbed the biggest share of investment-banking fees in China last year, 8.5 percent, up from 4.6 percent in 2011 and 0.3 percent in 2005. Photographer: Qilai Shen/Bloomberg Enlarge image A businessman arrives at the VTB annual investment conference in Moscow. As Citic and VTB Capital expand, Citigroup is scaling back in countries previously part of its growth strategy. Photographer: Alexander Zemlianichenko Jr./Bloomberg Sponsored Links Buy a link Credit Suisse Group AG, Morgan Stanley and Citigroup In