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(Bloomberg) -- China is turning up the heat on its army of 8,700 investment bankers. Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingAfter a Record Hot Summer, Pressure Grows for A/C MandatesChicago Halts Hiring as Deficit Tops $1 Billion Through 2025UC Berkeley Gives Transfer Students a Purpose-Built Home on CampusAfter being forced to take big pay cuts and adhere to other belt-tightening measures under
China plans to combine its largest state-backed brokerages, Guotai Junan Securities and Haitong Securities, as it consolidates its investment banks to better compete on a global level. The combined brokers - which are both part-owned by Shanghai's state assets administrator - will have a collective 1.6 trillion yuan (US$230 billion) in assets under management, besting competitor Citic Securities. The merger is pending approval from the companies' boards and shareholders, as well as regulatory au
(Bloomberg) -- A small Chinese brokerage has emerged as an unlikely winner from the merger plan of industry leaders Guotai Junan Securities Co. and Haitong Securities Co., thanks to its name. Most Read from BloombergWorld's Second Tallest Tower Spurs Debate About Who Needs ItThe Plan for the World’s Most Ambitious Skyscraper RenovationMadrid to Ban E-Scooter Rentals, Following Lead Set in ParisThe Outsized Cost of Expanding US RoadsHow Air Conditioning Took Over the American OfficeSealand Securi