HK
Company: HSBC
Having a global boss based in Asia could be very good for your career
The past couple of months have seen some investment banking heads relocate to Asia from the West. It’s easy to see why; after all the region has been repeatedly described as the engine of growth. Having your top people here truly matters from a business standpoint. As Jes Staley, chief executive of J.P. Morgan’s investment bank, [...]
Daily Dispatches: Experienced bankers wanted at Coutts
Coutts is keen on recruiting senior directors in Asia, Middle East, UK, Eastern Europe and Switzerland. The firm has ramped up headcount in this area by a third since January this year. It’s also hired about 20 new senior executives, with about another 10 starting work soon. The bulk of the hires hail from Credit [...]
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: 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: Q1 profit rise tipped for HSBC
HSBC is tipped to post a first quarter pre-tax profit of US$5.80bn, up 5.5 per cent from a year back, thanks to better returns from emerging markets and falling provisions at its US business (The Standard) China’s securities regulator will allow retail investors to trade unlisted shares in a new national over-the-counter market that it [...]
Daily Dispatches: Wen wants to end the monopoly of mainland banks
Chinese Premiere Wen Jiabao publicly admonishes Chinese banks. “Let me be frank. Our banks earn profit too easily. Why? Because a small number of large banks have a monopoly. To break the monopoly, we must allow private capital to flow into the finance sector.” (The Australian) More capital is certainly coming China’s way. Regulators have [...]
Daily Dispatches: More on the HSBC cuts; Sarasin and JM Financial make key hires
Swiss bank Sarasin hires a head of investment consulting for North Asia and four relationship managers focusing on Greater China.(AsianInvestor) More on the HSBC cuts in Singapore that we reported on yesterday. (The Straits Times) Indian investment banks are looking to expand overseas. JM Financial, for instance, has hired two veteran bankers to lead its [...]
HSBC slashes staff in Singapore and Hong Kong: Some will struggle in their search for work
About a month after HSBC staunchly defended its commitment to Asia and reaffirmed its presence in core markets like Singapore and Hong Kong, we hear that both cities experienced wide-ranging job cuts last week. This is perhaps in line with the 30,000 positions the firm plans on eliminating globally by the end of 2013. No one’s [...]
Principal investments feels the pain as banks pull back in Hong Kong
Principal investments is not the most secure of jobs right now as banks in Hong Kong trim their teams. In general terms, firms are culling their distressed businesses, which typically lie within their special opportunities groups and make principal investments across the board in private equity, pre-IPO, mezzanine, special situations, real estate and other sectors. [...]
Daily Dispatches: There is hope after a redundancy – just look at the former employees of Samsung Securities
The retrenchments at Samsung Securities, which shut down most of its operations outside of Korea, have benefited the manpower needs of other firms. Both HSBC and Credit Suisse have hired experienced analysts from the brokerage. (FinanceAsia) UK fund house Ashmore appears to have Asian growth ambitions. It has appointed Kon Chee-Keat, formerly from Lion Global [...]
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