HK
Company: Macquarie
Nomura confirms it: M&A and capital markets businesses are just not very profitable. Macquarie pays head of risk twice head of M&A
If you work in M&A or capital markets (collectively known as IBD), you may be a loss leader. Don’t, therefore, expect to get paid anything like your colleagues in sales and trading roles. There have always been suspicions that M&A bankers aren’t great for the bottom line (RBS’s don’t appear to have been profitable, for [...]
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 [...]
Become a recruiter and four other tips to save your career after a redundancy
A steady stream of investment banks in Asia have announced redundancies in the past few weeks. Most recently UBS axed research and IT positions, CICC laid off 30 bankers in Hong Kong and Beijing, while Macquarie has reportedly slashed 10 per cent of its investment banking team in Asia. So what’s an unemployed i-banker to [...]
Daily Dispatches: Asia is losing bankers and bonuses
Asia’s still bleeding bankers: Macquarie laid off 10 per cent of its bankers in the region while CICC let go of 30 bankers last week in Beijing and Hong Kong. (The Wall Street Journal) Bank bonuses are down in Asia, but if you’ve working in a local or regional bank, things could (potentially) look a [...]
Macquarie Capital’s Kalpana Desai’s seven steps to career success as a woman in banking
Last week the top-20 women in Asian banking and finance were celebrated at a lunch in Singapore organised by FinanceAsia and The Financial Women’s Association of Singapore. One of those honoured, Kalpana Desai, Macquarie Capital’s head of Asia, honed in on career issues. During the panel discussion, Desai, who took on her current role in [...]
Daily Dispatches: Asian gloom super sized – loads of bankers lose their jobs, Hong Kong IPOs look miserable and OCBC’s profit falls
Layoffs in Asia have hit Macquarie, Bank of America and BBVA this week. Those in fixed income, derivatives and equities business were given the chop. That’s on top of other job losses that have already taken place in Credit Suisse and Goldman Sachs across the region. (Reuters) More on the Macquarie cuts in Asia: The [...]
Daily Dispatches: Analysts urge more layoffs at Macquarie as headcount is still “too high”
Despite slashing 468 jobs over the past six months, UBS analyst Jonathan Mott said: “Macquarie had not done enough and more job cuts were required.” (The Australian) China makes its biggest reorganization of finance officials in a decade, moving new people to head its banking, securities and insurance watchdogs. (Bloomberg) India’s i-banks are facing dreary [...]
Back-office jobs under threat at Singapore investment banks
We heard about redundancies in Hong Kong some time ago, but news of layoffs in Singapore’s financial sector have only hit the headlines recently. The Business Times reported that Bank of American Merrill Lynch (BoAML) and UBS have both fired i-bank staff. And other firms like HSBC have confirmed the restructuring of their Singapore business. [...]
Julius Baer-Macquarie marriage means more private banking hiring
Last week, Julius Baer announced it will take over Macquarie’s US$1bn private wealth business in Asia. In exchange, the Swiss bank will refer its clients to Macquarie for their investment banking needs. Julius Baer will take on seven relationship managers from the Australian firm as a result of this new alliance, according to the Financial [...]
Daily Dispatches: Julius Baer and Macquarie to marry in Asia
It’s a tough private banking world in Asia. Just look at Julius Baer’s take over of Macquarie’s private wealth business this week. One banker tells the FT: “There are too many private banks here now. Eventually, some will have to close down.” (Financial Times) Still, it’s not all gloomy. Asia’s top-20 private banks have increased [...]
Follow eFinancialCareers
What is RSS?
