Wall Street investment banks are struggling to hire local talent in China

In the US, Wall Street’s biggest investment banks have been known to reject about 95 per cent of job applicants. In China, it’s often the other way around.
 
Although international securities firms are stepping up efforts to expand in Asia’s largest economy, experienced local recruits tend to prefer state-backed companies such as China International Capital and Citic Securities Co. Even the promise of higher salaries doesn’t always work because local rivals offer the prospect of big one-time commissions.
 
The talent crunch complicates efforts by overseas banks to take advantage of China’s financial opening, which has continued apace amid