Morgan Stanley tries to leverage the balance sheet of Mitsubishi UFJ Bank, its shareholder since the crisis. Goldman, famously reluctant to commit to financing deals on its own balance sheet, is expected increasingly to offer funding to secure the deals that used to come its way without that sweetener. But what worries bankers more is the fast-rising presence of local competition on Chinese deals – and the threat that those financial groups will follow their national champions on ventures abroad. The year-to-date rankings of deal-making banks across Asia, excluding Japan, still contain only two Chinese names – Bank of China and China International Capital Corporation – in the top 10. But in a likely sign of things to come, the next 10 names are dominated by China: they include Citic, China Galaxy Securities, Guotai Junan Securities and the securities arms of ICBC, Bank of Communications and ABC, thanks to work on its own IPO.