China Bank Touts Wall Street Internship for $1 Million Deposit
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 more than $1 million.
In ad posted on WeChat, Fujian-based Industrial Bank Co. touted its help to private banking clients or their offspring get internships at firms including JPMorgan Chase & Co. and Citigroup Inc. as well as major Chinese companies. The offer was rescinded after it was slammed on social media.
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