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Chinese Lender Touts US Bank Internships in Battle for Deposits
The Straits Times
|May 29, 2025
As Chinese banks battle for deposits amid sinking interest rates, one lender, briefly, took a novel approach to win business: It offered help in securing internships at some of the nation's biggest companies as well as Wall Street banks for families who put in at least 10 million yuan (S$1.8 million).
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BEIJING -
In an ad posted on WeChat, Fujian-based Industrial Bank touted its help for private banking clients or their offspring to get internships at firms including JPMorgan Chase & Co and Citigroup as well as major Chinese companies.
The offer was rescinded after it was slammed on social media.
The bank offered the help in exchange for at least 10 million yuan in deposits from new clients and more than 5 million yuan from existing clients, according to the lender's ad.
Dit verhaal komt uit de May 29, 2025-editie van The Straits Times.
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