HK
Company: DBS
Daily Dispatches: HSBC’s Q1 profits rise; Mitsui Sumitomo is punished
HSBC’s first quarter profit climbs thanks to Asian growth. While its Europe division registered a loss of US$997m before tax, the firm’s Asia Pacific operations (excluding Hong Kong), raked in pre-tax profit of US$2.03bn. (The Wall Street Journal) One of Japan’s biggest insurance groups, Mitsui Sumitomo Insurance Company, was slapped with a £3.35m fine in [...]
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 [...]
Job rotation is key to recruitment and retention as DBS expands in China, says the bank’s HR head
DBS says it will inject another 2.3bn yuan into its Chinese subsidiary to accelerate expansion in the mainland. In 2011 its China business contributed 30 per cent of total profit growth, and earlier this year the Singaporean bank opened a new branch in Chongqing. Unsurprisingly, this is all leading to more hiring. Janice Foo, DBS [...]
How to handle talent retention after an acquisition: A dialogue with Nikko Asset Management’s Ken Cogger and DBS’ Tom Pederson
Last week eFinancialCareers attended a talent acquisition and retention conference organised by EDHEC Business School in Singapore. The event featured speakers including Tom Pederson, managing director, learning and talent development, DBS, and Ken Cogger, global head of talent management, human resources, Nikko Asset Management. Both men spoke about the challenges of keeping their workforce happy. [...]
Daily Dispatches: DBS announces another expansion in China
DBS will inject another 2.3bn yuan (US$363.5m) into its Chinese subsidiary to accelerate its expansion in China. The bank will invest the money to expand its network, hire more employees, upgrade infrastructure, enhance consumer and corporate internet banking platforms as well as in technology improvement. (Shanghai Daily) Potential buyers of Malaysia’s RHB Capital can grab [...]
Daily Dispatches: RBS cuts jobs across Asia
Several redundancies have been made by RBS in its equity derivatives and fixed-income, currency and commodities (FICC) divisions across Asia during the past few days. Internal memos have revealed the extent of the cut-backs, which are aligned to the UK bank’s new strategic focus that was announced at the beginning of this year. (Finance Asia) [...]
Daily Dispatches: Wenzhou leads the way to Chinese financial liberalisation
China has approved a broad package of financial reforms in Wenzhou, a city known for entrepreneurship and underground lending, in what may be a prelude to a national effort to liberalise China’s creaking financial system. The move comes amid increased calls both inside and outside the country for change, with Chinese Premier Wen Jiabao himself [...]
Daily Dispatches: Top J.P. Morgan banker quits; Tata Capital eyes Singapore for its private banking operations
J.P. Morgan’s regional head of Asia, Gaby Abdelnour, resigns after six years to enjoy life and rethink his career options. The firm is looking at internal candidates to fill his shoes. (Financial Times) Tata Capital plans on opening a private banking franchise in Singapore within the next two years. (TODAY) Singapore’s financial advisory sector is [...]
Daily Dispatches: Asian salaries are rising non-stop at HSBC
It’s been a good year for HSBC but wage pressures in Hong Kong, China, India and Asia-Pacific have resulted in a 10 per cent rise in costs.(The Sydney Morning Herald) Japanese hedge funds dread being spurned by pension funds after the recent AIJ scandal. (FIRSTPOST ) Malaysia’s CIMB announces record profits. (The Star) Following the [...]
Daily Dispatches: RBS’s branch people aren’t going to be very happy
RBS paid out millions of pounds in i-banking bonuses, while branch staff got a mere 1 per cent pay rise. (Bloomberg Businessweek) HSBC and Standard Chartered are likely to see profits rise on Asian growth. (Bloomberg Businessweek) Singapore’s UOB saw Q4 profit drop by 21 per cent. That’s in comparison to DBS’s 86 per cent [...]
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