The passing of US finance’s princeling era

It used to be common practice for US banks to hire Chinese ‘princelings’ to help win lucrative deals, but an SEC probe into JPMorgan's hiring policies in Asia may induce a cultural change.

In the early 1990s, Donald Tang was sent to Hong Kong to open an office for Bear Stearns, the US securities firm. It was a heady time: China had just discovered the capitalist practice of publicly listing shares and the Shenzhen and Shanghai stock markets were in their infancy. Competition to sell shares in Chinese companies was fierce.

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