The West And China: Shake-Up In Global Banking?

The global recession of 2007-2009 is altering the structure of the global banking industry. Many Western banks suffered after the fallout of the subprime mortgage market in 2007 and are having to respond to the policy ramifications of the crisis and recession. China's banks, however, have undergone performance improvements in a number of areas, both leading into and during the crisis, and they are now emerging as significant players in the global banking market. 1 This "shake-up" in global banking is occurring in five areas: independence, profitability, market focus, business models, and talent. (C) 2011 Wiley Periodicals, Inc.