Daily Dispatches: Bankers’ secret chat reveals concerns about Chinese market

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The leak of two industry experts’ private conversation about the outlook for A-shares has spooked the market, with retail investors waking up to the fact that domestic stocks may not be as attractive as many Chinese professionals would publicly claim. The supposedly off-the-record chat between Cheng Dinghua, a well respected strategist at Essence Securities, and Xu Xiang, an influential fund manager at Zexi Investment, was recorded by a third party and released on the internet. (Finance Asia)

Bank of America has hired Olivier Thiriet from Credit Suisse as its new head of equities for Asia after existing head relocates to London. (Wall Street Journal)

Investors are growing sceptical that private equity in China can keep giving them high returns, and local funds are bearing the brunt of their reluctance to pump in more cash. (Wall Street Journal)

QBE chief executive John Neal has moved to stamp his mark on Australia's largest global insurer, launching a new cost-cutting drive that will see hundreds of jobs sent overseas and unveiling a shake-up in the ranks of senior management. (Sydney Morning Herald)

George Osborne, the UK Chancellor of the Exchequer, has insisted that RBS give up its international ambitions. (The Times)

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