As China goes global, its banks are coming out, too

AMERICAN BANKERS make for bold bosses. From his roomy office in Manhattan, in early February, the boss of one of the country’s biggest suggested he has few serious rivals—and all are just a few blocks away. “US banks continue to gain share from European banks.” Asia barely gets a mention. “Chinese institutions have generally proven incapable of expanding globally. When they buy sports cars and flashy hotels, it just doesn’t feel solid.” Days later Morgan Stanley, America’s sixth-largest bank, announced its $13bn acquisition of E-Trade, a broker—the biggest by a Wall Street bank since 2008.