Bill Rhodes, president and chief executive officer of William R. Rhodes Global Advisors LLC, senior advisor to Citigroup, and author of “Banker to the World: Leadership Lessons from the Frontlines of Global Finance,” says China’s government will have difficulty hitting even a lowered 7.4% economic growth target as it continues to move from export-to consumer-led growth, a healthy transition that must be made. He says steps taken by Portugual to bail out Banco Espirito Santo, once the country’s largest lender by market value, were necessary but point to the broader need of euro-area nations to complete their fiscal union. He also said that a stronger culture of risk management is essential to make the banking system safer and sounder, and to restore public confidence in the nation’s biggest banks, recommending a Group of 30 report from October 2013 as a starting point. Rhodes speaks with Bloomberg’s Kathleen Hays and Vonnie Quinn on Bloomberg Radio’s "The Hays Advantage."
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