Although originally published in Bloomberg, this came to me via Though Criminal and was at this link: http://www.thought-criminal.org/article/node/1236. The Bloomberg link is at the bottom.
ICBC Deposes Citig
roup as Chinese Banks Rule in New World Order
Feb. 4 (Bloomberg) -- There's a new world order for banks, and the Chinese, for the first time, are the biggest, with a market capitalization that has made perennial No. 1 Citigroup Inc. a distant also-ran behind Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Bank of China Ltd.
[...] The reversal of fortunes is the clearest sign yet that shareholders are betting on banks in the emerging markets rather than the U.S. institutions that dominated the financial landscape for most of the past century. As recently as 2003, there were 13 American banks ranked in the top 20 and not a single Asian rival, data compiled by Bloomberg show. Now, there are four Asian and six U.S. institutions. The collapse of the subprime mortgage market wiped out almost $100 billion of value from the three biggest U.S. banks in the past six months.
It was just a year ago that Citigroup was the world's biggest bank by market value, and ICBC was beginning its fourth month as a publicly traded company.
Today, Beijing-based ICBC is the largest financial-services firm and Citigroup has tumbled to seventh on growing concern that the 196-year-old company is no match for a bank based in the world's fastest-growing major economy that has more customers than the combined populations of France, Spain and the U.K.
[...] At the same time, the biggest western banks are enduring the worst U.S. housing market in a quarter century, which has led to more than $145 billion of subprime mortgag
e-related losses and investment markdowns and sparked concern about a possible U.S. recession. The value of American banks has been further dented by declines in the dollar during five of the past six years.
[...] ``If you take out the Chinese, the main disturbance in the rankings is between large universal banks and regional-oriented banks,'' said Roy Smith, a finance professor at New York University's Stern School of Business and a former partner at Goldman. ``The universal banks have been harder hit by subprime.''
http://www.bloomberg.com/apps/news?sid=aBhYtHt.s3gM&pid=20601103
ICBC Deposes Citig
roup as Chinese Banks Rule in New World OrderFeb. 4 (Bloomberg) -- There's a new world order for banks, and the Chinese, for the first time, are the biggest, with a market capitalization that has made perennial No. 1 Citigroup Inc. a distant also-ran behind Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Bank of China Ltd.
[...] The reversal of fortunes is the clearest sign yet that shareholders are betting on banks in the emerging markets rather than the U.S. institutions that dominated the financial landscape for most of the past century. As recently as 2003, there were 13 American banks ranked in the top 20 and not a single Asian rival, data compiled by Bloomberg show. Now, there are four Asian and six U.S. institutions. The collapse of the subprime mortgage market wiped out almost $100 billion of value from the three biggest U.S. banks in the past six months.
It was just a year ago that Citigroup was the world's biggest bank by market value, and ICBC was beginning its fourth month as a publicly traded company.
Today, Beijing-based ICBC is the largest financial-services firm and Citigroup has tumbled to seventh on growing concern that the 196-year-old company is no match for a bank based in the world's fastest-growing major economy that has more customers than the combined populations of France, Spain and the U.K.
[...] At the same time, the biggest western banks are enduring the worst U.S. housing market in a quarter century, which has led to more than $145 billion of subprime mortgag
e-related losses and investment markdowns and sparked concern about a possible U.S. recession. The value of American banks has been further dented by declines in the dollar during five of the past six years.[...] ``If you take out the Chinese, the main disturbance in the rankings is between large universal banks and regional-oriented banks,'' said Roy Smith, a finance professor at New York University's Stern School of Business and a former partner at Goldman. ``The universal banks have been harder hit by subprime.''
http://www.bloomberg.com/apps/news?sid=aBhYtHt.s3gM&pid=20601103
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