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How Do You Say 'Goldman Sachs' In Chinese? Don't Ask Goldman

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We’re not saying it’s the height of all arrogance to assume that one’s rank as the “world’s most profitable investment bank” would be enough to displace the fact that a would-be Asian CEO-appointee can barely read or write in Chinese, we’re just saying. Goldman Sachs was told that it could not name Richard Ong chief executive officer of its Beijing joint venture on account of Ong’s “knowledge of Chinese [being] too weak.”
Apparently Ong, currently co-head of investment banking in Asia, didn’t write satisfactorily enough to take a mandatory test for senior managers, which China began requiring in 2004 (managers hired before then have until 2009 to pass before losing their positions). Zha Xiangyang, deputy CEO of Goldman Sachs Gao Hua Securities, was promoted instead.
Since December, the China Securities Regulatory Commission as increased enforcement of the language requirement. On November 30, the group said it would “punish” securities firms appointing managers who haven’t passed the exam, but did not detail what the penalty would be. Given the reaction to a little contaminated food, Goldman was probably wise to not push this one.
Ong declined to comment (to the Chinese edition of Bloomberg).
Goldman's Ong Misses China CEO Job on Language Hitch [Bloomberg]