Bloomberg's Cathy Chan discusses how China's top investment bank, CICC, is shifting towards socialist ideals and prioritizing loyalty to the Communist Party over Western influence. The podcast explores the impact of President Xi's common prosperity initiative on the investment banking industry, including decreased deal activity and reductions in bonuses. It also dives into the cultural changes at CICC under a state-owned background chairman, affecting talent retention and the decline of the bank. Additionally, the podcast highlights China's concerns about foreign companies being associated with the Communist Party and the benefits of aligning with China's norms for business dealings.