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Morning Coffee: Boost for local jobs as Stan Chart shifts power to SG and HK

Boost for Singapore and Hong Kong jobs at Standard Chartered

Power to Asia

Standard Chartered may still be a long way off making a decision on whether to shift its headquarters from London to Singapore, but new CEO Bill Winters is planning to “shift capital” to regional hubs, including Singapore and Hong Kong, reports the Financial Times. This could make jobs focused on local clients safer in the two Asian finance hubs and my even trigger extra hiring, say recruiters.

Winters is expected to give more power to some subsidiaries in markets including Hong Kong, Singapore, India, and the UAE in an overhaul aimed at reviving the bank’s profitability and meeting new regulatory requirements, according to the FT.

Stan Chart has not yet revealed how this reported new focus will affect managerial or rank-and-file jobs in Asia. But a Hong Kong-based finance-sector analyst we spoke with expects more “key lieutenants from the past regime” to exit the bank following the departure last week of Sean Wallace, the firm’s head of corporate and institutional clients. “Winters will be wanting to plant his own troops in key roles in Asia moving forward,” says the analyst.

A Singapore-based headhunter says that while Winters may look to trim some investment banking and regional mid-to-senior management jobs in Asia, he may also hire for locally-focused client-facing positions. “Country client segments at SCB in Singapore, where local relationships and expertise are required, will be fine under the new regime – as will people in credit, risk, and compliance,” she adds.

Meanwhile:

Citi names Anand Selvakesari as head of consumer banking for Asia. (Reuters)

Nomura CEO’s pay rises to US$2.4m on profit rises (Bloomberg)

DBS opens dedicated startup space in Hong Kong. (Finextra)

It’s Alibaba vs China’s biggest banks as lines between ecommerce and banking blur. (Bloomberg)

Societe Generale appoints Evelyn Collin as India country head. (Economic Times)

Asian Infrastructure Investment Bank (AIIB) agreement to be signed next week. (Straits Times)

Hong Kong stock regulator opposes proposal on weighted voting rights (South China Morning Post)


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