HK
Company: Deutsche Bank
Daily Dispatches: Rich Americans are being given the cold shoulder in Asia
HSBC, Deutsche Bank, Bank of Singapore and DBS have all turned away wealthy American clients ahead of the “draconian” Foreign Account Tax Compliance Act. Tan Su Shan, head of private banking at DBS, says: “I don’t open US accounts, period.” (Bloomberg Businessweek) “Japan’s mega-banks have lumbered off their home territory to pick up some of [...]
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: If this professor’s pay plans were implemented, it would be very bad news indeed for bankers
Professor Lim Chong Yah’s radical proposal early this week – for a wage revolution not unlike the 1979 one he was central to – drew criticism from disbelieving economists and businesses who saw it as ‘economic suicide’. It is not hard to see why. His bold three-year plan includes a wage freeze for top earners [...]
Daily Dispatches: A senior banker turns down Deutsche’s Asia Pacific CEO role; AllianceBernstein hires
Loh Boon Chye, Deutsche’s head of corporate and investment banking, was said to have been offered the prime CEO seat for Asia Pacific, however he has decided to leave the firm after 17 years. Loh is taking the time out to “think about broader career options, including those outside of banking”. Instead, Gunit Chadha, CEO [...]
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 [...]
Daily Dispatches: It’s almost certain that some RBS Asian staff will work for Malaysia’s number two bank
A preliminary agreement to sell off RBS’ Asian assets to Malaysia’s CIMB has been reached. The purchase is expected to save hundreds of jobs in cash equities, equity capital markets, and corporate finance. (The Wall Street Journal) HSBC may expand Asia-Pacific headcount by 5 per cent by end 2013. (Bloomberg Businessweek) Henderson and Tantallon join [...]
Daily Dispatches: Big bonus claw back at UBS
In another move to rein in compensation, UBS has notified employees it will claw back part of the bonuses due to its best-paid investment bankers, according to a person familiar with the matter. (Wall Street Journal) Deutsche Bank has told employees it will impose a US$266k cap on bonuses paying out this year, said three [...]
Daily Dispatches: Loads of banks trimmed pay in 2011; Lloyd Blankfein champions a new cause
Barclays, Lazard and Deutsche Bank have all slashed 2011 compensation. (Bloomberg Businessweek) Goldman Sachs’ chief executive Lloyd Blankfein is the new corporate face of gay marriage. (The Independent) DBS will not cut staff in Hong Kong and China. It’s also looking to hire hundreds of people on the mainland and open 10 new outlets annually. [...]
Daily Dispatches: ANZ’s Chinese expansion continues; Goldman Sachs and Comgest make senior hires
ANZ continues to grow in China even as it cuts in Australia. (The Wall Street Journal) Goldman Sachs appoints Matthew Westerman and Dan Dees as co-heads of the investment banking division in Asia Pacific ex-Japan. (FinanceAsia) Comgest nabs its first Asia-Pacific head of business development from First State Investments. (AsianInvestor) Most wanted: Bidders for the [...]
Daily Dispatches: Credit Suisse bankers in Asia ought to be grateful they aren’t in the West
Credit Suisse may slash compensation for bankers in Asia by as much as 20 per cent. Still, that’s better than the 30 per cent cut the firm is inflicting on some senior bankers in other regions. (Bloomberg) The Islamic Bank of Asia has made two senior appointments – a Singapore-based head of i-banking and a [...]
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