Chinese prime minister Wen Jiabao has led the approval of long-awaited draft rules on foreign banks operating in the country, rules needed to guarantee a smooth transition to a fully open banking market next month. It remains to be seen, however, if such rules will truly encourage foreign banks to enter the country or, as some fear, will prove simply to be a rhetorical exercise.
Deutche Börse is heating up its chief executive’s seat again. After an initial jubilant reception by shareholders, one year on and CEO Reto Francioni is having to defend himself against resignation calls, following the German stock exchange’s abandoned attempt to merge with Dutch-French peer Euronext.
Jamie Dimon’s ascent of JPMorgan has peaked. In the blink of an eye, Mr Dimon moved from chief operating officer to chief executive in 2005, and now will replace chairman William Harrison, who retires at the end of the year.
