HK
Company: Citigroup
Daily Dispatches: Large Facebook losses for UBS and Citi
The market-making arms of UBS and Citigroup suffered combined losses of about $US50m on trades made during this month’s glitch-plagued listing of Facebook on the Nasdaq Stock Market. (The Australian) Dealogic league table roundup, May 25: Goldman Sachs continues to lead the Asian league tables for equity capital markets, while HSBC heads the debt capital [...]
Daily dispatches: Record profit at DBS; Deutsche’s income shrinks; Citigroup hires in Japan
DBS posts a record quarterly profit, net income rose to S$933m. (TODAY) Deutsche Bank’s income fell by 33 per cent. (The Economic Times) Citigroup makes another key hire in Japan: Tatsuo Tanaka, deputy president of Mitsubishi UFJ Financial Group, is likely to be appointed as chairman of Citigroup Japan. The firm had earlier reshuffled its [...]
Daily Dispatches: More investment banking cuts to come; Mitsubishi UFJ recruits
Expect even more “right sizing” on Wall Street – everyone from Goldman Sachs, Citigroup, J.P. Morgan and Morgan Stanley are expected to cut dozens of jobs. (The Wall Street Journal ) Mitsubishi UFJ will hire 50 currency and interest-rate derivatives traders; while the lending unit Bank of Tokyo-Mitsubishi UFJ will recruit 150 sales and research [...]
Daily Dispatches: China’s gradual but comprehensive financial liberalisation
China will liberalise the financial industry in a gradual and comprehensive manner through opening its capital account, according to policy makers. The government made a milestone gesture in liberalising the currency regime by doubling the yuan’s daily trading band against the US dollar to 1 per cent from 0.5 percent, effective last week, while China’s [...]
Daily Dispatches: Sands says Standard Chartered is happy to stay put
Standard Chartered CEO Peter Sands discusses the risks in the bank’s consumer book, the possibility of re-domiciling, the fragmenting global financial architecture and his own plans for the future. (Finance Asia) Singapore is the most liveable city in the world for Asian expatriates, ranking well ahead of regional rival Hong Kong, where the air quality [...]
Daily Dispatches: A former UBS banker is implicated in Singapore’s online vice ring; Citigroup’s CEO has his pay package rejected
The former executive director of operations in UBS Investment Bank, Juerg Buergin, is among one of 48 men who allegedly paid for sex with an underaged girl in Singapore. (The Straits Times) Shareholders reject Citigroup Chief Executive Vikram Pandit’s US$15m pay package, which could herald more of the same at other firms.(Los Angeles Times) UK-based [...]
Daily Dispatches: Citigroup loans to customers in Asia help to boost profits
Citigroup, which has 4600 branches in 40 countries, boasts that it is the most global American bank. That reach paid off big time in the first three months of the year. It pulled in record revenue from processing transactions for its international corporate clients, and its loans to customers in Asia and Latin America grew. [...]
Daily Dispatches: UBS bonuses are predictably smaller; Citigroup does some Asian hiring
UBS cuts its overall bonus pool by 40 per cent; investment banking bonuses were hit especially hard – down by 60 per cent. (The Australian) Citigroup hires James Boyle from Citadel to head up its equity derivatives trading desk in Asia. Asia equities trading chief Joseph Chan says: “We continue to grow our Asian trading [...]
Daily Dispatches: Here’s what Vikram Pandit gets paid
Citigroup, the second-worst performer in the KBW Bank Index (BKX) last year, is grappling with a revenue slump. Chief Executive Officer Vikram Pandit is not. His US$15m pay package for 2011 and a multi-year retention package announced in May could total $53m, based on regulatory filings and an analyst’s estimate. The CEO also received $80m [...]
Daily Dispatches: Loads of M&As coming up, with Asian buyers expected to snap up the lion’s share
Despite all the market uncertainty, there’s hope yet that mergers will pick up as the year progresses. This survey shows that respondents expect the vast majority of buyers of US assets, 78 per cent, will come from Asia. (The New York Times) Unlike most of his peers, Citigroup’s chief executive, Vikram Pandit, loves the Dodd-Frank [...]
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