Bloomberg First came a sweeping government crackdown and a surge in defaults and failures at thousands of China’s peer-to-peer lenders. Now, in another troubling sign for the industry, some of the biggest investment banks have stopped taking them public. Wall Street firms including Goldman Sachs Group Inc and Citigroup Inc walked away from US initial public offerings of Chinese P2P …

Bloomberg Yi Huiman, a banking veteran who most recently chaired China’s largest lender, was named head of the country’s securities regulator, a role that puts him at the forefront of opening up the financial system to overseas firms. Yi, 54, will replace Liu Shiyu, who ran the China Securities Regulatory Commission for three years, state-run Xinhua News Agency reported, citing …

Bloomberg Cerberus Capital Management and Centerbridge Partners filed an 11th hour joint bid for a minority stake in ailing German lender NordLB, people familiar with the offer said. The rival private equity investors decided at the last moment to team up, submitting an undisclosed offer for 49.8 percent of the core assets of the regional wholesale bank after last night’s …