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Morning Coffee: Bank hires in Singapore as others cut back

BTMU hires in Singapore as others cut back

Hiring heading up for a few banks

As major firms like Barclays, Deutsche Bank and Standard Chartered trim their teams in Asia, the occasional firm is looking to pick up talent. Swiss duo Credit Suisse and UBS both plan to hire hundreds of private bankers and investment bankers in the region over the next few years as they pivot their businesses towards Asia, for example. And as we noted yesterday, J.P. Morgan is tipped to selectively poach top bankers leaving rival firms in Hong Kong.

Now another bank has joined the outliers: Bank of Tokyo-Mitsubishi UFJ (BTMU). The Japanese firm has just added four senior hires to its Singapore-based Asia and Oceania transaction banking team, taking the unit’s headcount to about 70, reports the Business Times. The new recruits include veteran Azim S Walli who joins as head of trade and supply chain products from ANZ, according to his LinkedIn profile.

While four new staffers isn’t a huge number, BTMU now wants to “further expand its transaction banking business in this region”, despite falling levels of economic growth and trade flows in Asia.

“Over the last three years or so, we have seen some of the large global banks pull back on traditional and trade lending as they encounter challenges in their home markets,” Ken Stratton, BTMU regional head of transaction banking sales, told the Business Times. “We have taken this as an opportunity to press home with our increased trade capabilities developed over the last three years or so, and used the ‘pull back’ as an expansion opportunity.”

But even as some firms pull back in Asian transaction banking, others – such as DBS – are expanding alongside BTMU. Moreover, as we noted earlier this month, the sector suffers from a talent shortage in Singapore because not enough graduates are entering its lower ranks. BTMU’s recruitment won’t be entirely straight forward.

Meanwhile:

UBS rolls out training programme for Asia Pacific wealth managers. (Straits Times)

Who Barclays bankers in Asia may soon be working for. (Finews)

ANZ plans management reshuffle. (AFR)

Goldman Sachs Asset Management enters Singaporean retail. (Asian Investor)

New Asia CEO for M&G Real Estate. (Finews)

Deutsche Bank convicted with trader for Korea stock manipulation. (Bloomberg)

Why you can’t trade properly in China. (Finance Asia)

What you can buy in other countries for the price of an apartment in Hong Kong. (South China Morning Post)


Image credit: Digital Vision, Photodisk, Thinkstock

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