如果没有中信证券, 里昂证券CLSA可能已经死掉了。独立研究机构无法生存。

西方媒体太不讲道理!

如果我来管理里昂证券, 我会把装模作样的业务关掉, 我也会关掉一些外国办公室, 中国的纳税人也应该有点回报。见我的英语博文。

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CLSA should be grateful to Citic!

Did China’s SOE Citic Securities bully CLSA and undermine its independence? Biased western media including Financial Times say so.

But the truth is also clear:

(1) Citic overpaid hugely in the acquisition of CLSA in 2009-10, benefiting the shareholders (management and CL bank). Management have further benefited in having a well-capitalised SOE as the parent. They have enjoyed guaranteed high salaries and bonuses. Without Citic or another silly/misguided acquirer, CLSA would have languished or shut down.

(2) The top brass at Citic are absolutely right in tackling the bloated costs and managerial failures at CLSA. The global investment banking industry has not learned a lesson from the 2008 crisis and the pay excess has continued.

In 1996-98 I worked at CLSA and know how they controlled costs including a salary cut of up to 30% in early 1998 and the cancellation of even my newspaper subscriptions. I salute the then management for doing these things. But at the time it was a different CLSA.