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Dispatches: JP Morgan to hire 40 per cent more Asia private bankers in 2010 and 2011

JPMorgan Chase plans to triple private banking assets in Asia, its fastest-growing market, over the next five years after moving one of its top executives to the region. The unit, which manages money for wealthy clients and employs 400 people in Asia, intends to increase its number of client advisors in the region by 40 percent this year and next, after growing at a similar pace in 2009, Douglas Wurth, chief executive officer for international private banking at New York- based JPMorgan, said in an interview. (Bloomberg)

UBS will strengthen its Asian operations by sending one of its top executives to be co-chief executive of the region. (The Australian)

The visit of Bill Gates and Warren Buffett to China this week has triggered an unprecedented public discussion about philanthropy among the country’s new class of ultra rich. (Wall Street Journal)

Tuesday’s confirmation that Japan’s third-biggest consumer lender is bankrupt came as little surprise. Few companies survive eight downgrades from Moody’s in a little over a year. (Financial Times)

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