HK
Company: ING
Daily Dispatches: Boss of J.P. Morgan’s errant employee quits
There has been one resignation at JPMorgan Chase after the US$2bn trading blunder, another two are expected to follow. Ina Drew, its chief investment officer and one of the firm’s highest ranking female employees, has resigned after more than 30 years. (Daily Mail) Julius Baer is taking cost-cutting steps after its cost-income ratio rose above [...]
Do ING insurance employees face an uncertain future in Asia?
The prospective sale of ING’s Asian insurance business has heated up with the news that AIA, Asia’s third largest insurer, is expected to hire Deutsche Bank and Morgan Stanley for a bid. What will this mean for ING’s employees, particularly in Hong Kong, its regional headquarters? Staff could be let go – or not Retrenchments are [...]
Red dot rising: Singapore private banks poach from and pay on par with foreign rivals
The private banking arms of the three Singaporean banks, OCBC, DBS and UOB, are starting to become more successful in their attempts to attract talent from western competitors. “Singapore private banks are aggressively recruiting bankers from European and US firms to the extent that they are looking for team moves,” says Jansen Gwee, banking and [...]
Is Asia stealing Australia’s best banking techies?
Banks in Australia continue to need senior IT professionals, but the lure of better compensation, lower tax and plentiful jobs means Asia, in particular Singapore, is becoming an attractive option for Aussie techies. “Banks in Australia realise that they don’t operate in isolation from what’s happening in the broader APAC region. They know they face [...]
The hiring war is now on two fronts as private banks target European talent
Frantic poaching of Asia-based private bankers has already been heating up the hiring market this year in Singapore, but now firms are also trying to attract relationship managers from Europe to work in the city state and serve European clients. UBS, Credit Suisse, Clariden Leu, Julius Baer, RBS Coutts, and Bank of Singapore – which [...]
Daily Dispatches: concern over Beijing’s jobless “ants”
Young people calling themselves the “ant tribe” and living in Beijing’s outskirts have prompted a national discussion about the tough job market for college graduates in China. (Wall Street Journal) Singapore’s Temasek Holdings has agreed to buy a 5 per cent stake in India’s National Stock Exchange from NYSE Euronext, just over three years after [...]
Defection, retention, recruitment: Bank of Singapore is rather busy
The integration of risk-taking ING and ultra-conservative OCBC to form Bank of Singapore never looked liked being straightforward. And so it’s proving: OCBC bankers are storming out, upset with the ING-dominated management; BOS is desperately trying to stop more departures; and it’s also planning to recruit more relationship managers. A team of about 10 OCBC [...]
Daily Dispatches: new leader for ANZ’s Asian expansion
ANZ has poached senior banker Mark Robinson from Citigroup to lead its south and south-east Asia operations, as it looks to double the proportion of income from the region to 20 per cent. Australia’s third largest bank last night said it had hired Robinson as chief executive of the region, which includes key markets Indonesia, [...]
Editor’s Take: why you should now seriously consider a Singaporean bank
Top flight i-bankers aside, most candidates would be ill advised to ignore the Singaporean banks in their job search. Don’t assume that DBS, UOB and OCBC will always be outclassed in the employment market now that US and European firms are talking of talent wars once again. Recruiters tell me that in certain functions, Singapore’s [...]
Daily Dispatches: DBS and OCBC expected to bid low for ING
Brokerage Credit Suisse says DBS and OCBC are unlikely to put in aggressive bids for Dutch financial institution ING’s Asian private banking business. In a report, Credit Suisse says it is of the view that the Singapore banks will put in low bids. (938 Live) Sanjiv Bhatia, a former head of Goldman Sachs’s Asia equity [...]
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