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Daily Dispatches – JPMorgan’s $13 billion mea culpa

JPMorgan's day of reckoning

JPMorgan's day of reckoning

The New York Times’ DealBook reports that JPMorgan will shortly announce that it has settled with the US Department of Justice over the bank’s questionable mortgage practices in the run-up to the financial crisis.

The settlement figure is said to be $13 billion, with $4 billion going straight to struggling homeowners.

The settlement resolves the many state and federal investigations into JPMorgan’s sale of troubled mortgage securities to investors.

CIFM Hong Kong plans buildout

The Hong Kong arm of JPMorgan’s asset management joint venture , China International Fund Management, has started a mutual funds business and plans to build out its active equity capabilities, reports Asian Investor

India’s Reserve Bank chief to open up the country to more foreign banks

India’s central bank governor, Raghuram Rajan, has promised to carry out a “dramatic remaking” of the country’s banking sector as he seeks to introduce a new era of competition in Asia’s third-largest economy, reports the Financial Times.

The recently-appointed head of the Reserve Bank of India said there would be an expanded role for foreign banks, more licences for domestic companies and a push to shake-up the state-backed lenders.

Hong Kong boards trail overseas boards in diversity understanding

A poll of 101 directors from locally listed firms found they lag overseas peers in terms of valuing diversity on the board, according to a report in Hong Kong’s The Standard.

Around 88% of Hong Kong-based companies showed appreciation of the importance of board diversity, but only 48% understood the significance of gender diversity and 40% of having different ethnic groups represented.

 

Hong Kong-listed firms have the least number of female board members compared

Bank Negara expands into China

Malaysia’s Bank Negara has opened a  representative office in Beijing – its first in Asia and third overseas after London and New York, in a bid to increase bilateral trade and investment between Malaysia and China, says Malaysian Digest

Australian bank chief gets AU$1 million cut from salary

National Australia Bank chief executive Cameron Clyne’s statutory pay was cut by AU$1 million to $7.7 million after the bank fell short of key performance targets in 2012.

Although Clyne’s cash salary rose by AU$265,000 to $2.6 million, he received less in cash and share-based bonuses.

 

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