HK
Company: Morgan Stanley
Here is a very big “C” that you may need on your CV to rise to career prominence
Take a good look at the CVs of some of the top global business leaders these days and it’s possible that you’ll see Chinese work experience listed. Bob McDonald, CEO of Proctor & Gamble, was previously president of North East Asia at his company before being promoted to the global role. Troy Alstead, the CFO [...]
Daily Dispatches: ANZ readies for massive Chinese growth; Macquarie cuts fixed-income jobs in Singapore
ANZ will be pumping A$300m into China – growing its current six branches to 20 in the next five to 10 years. Australia’s third largest lender isn’t the only one with growth ambitions, DBS and HSBC are also looking to expand on the mainland. (Bloomberg) Macquarie Group has shed six positions in its Asia fixed-income [...]
Daily Dispatches: Profits shrink at Credit Suisse; a former Morgan Stanley banker falls from grace in China
Credit Suisse saw its Q1 profits plummeting by 95 per cent. (Bloomberg Businessweek) Garth Peterson, a former Morgan Stanley MD and top deal maker in China, has pleaded guilty to bribery. (Reuters) Unprecedented: J.P. Morgan has relocated the New-York based head of its investment banking coverage to Asia. “We’ve never done something like this where [...]
Daily Dispatches: More investment banking cuts to come; Mitsubishi UFJ recruits
Expect even more “right sizing” on Wall Street – everyone from Goldman Sachs, Citigroup, J.P. Morgan and Morgan Stanley are expected to cut dozens of jobs. (The Wall Street Journal ) Mitsubishi UFJ will hire 50 currency and interest-rate derivatives traders; while the lending unit Bank of Tokyo-Mitsubishi UFJ will recruit 150 sales and research [...]
Daily Dispatches: A former UBS banker is implicated in Singapore’s online vice ring; Citigroup’s CEO has his pay package rejected
The former executive director of operations in UBS Investment Bank, Juerg Buergin, is among one of 48 men who allegedly paid for sex with an underaged girl in Singapore. (The Straits Times) Shareholders reject Citigroup Chief Executive Vikram Pandit’s US$15m pay package, which could herald more of the same at other firms.(Los Angeles Times) UK-based [...]
Daily Dispatches: The great muppet hunt begins at Goldman; Asian banks look to snap up assets as Western ones retreat
Goldman Sachs is combing through staff emails to see if anyone ever referred to the bank’s clients as “muppets”, as alleged by the renegade employee Greg Smith last week.The hunt was ordered by the chief executive, Lloyd Blankfein, following the dramatic resignation of Mr Smith last week, which he delivered in the form of a [...]
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 [...]
JPMorgan’s analysts have produced another report full of essential information for anyone with a career in global banking. This is what it says
Intermittently, the banking team at JPMorgan will produce an exceptional report on the state of the industry. They did it in November and they did it in February.They’ve just done it again. Their report is huge, at 232 pages. This is what you need to know. 1. Revenues are stagnating. FICC is still crucial. M&A [...]
Daily Dispatches: Even bank CEOs aren’t immune to shrinking pay
Bank of America CEO Brian T. Moynihan got a salary freeze and no cash bonus. Other top bankers like Morgan Stanley’s James Gorman received a 25 per cent pay reduction while J.P. Morgan CEO Jamie Dimon’s compensation stayed the same. (Washington Post) Thanks to bonus reductions, bankers are now re-evaluating their spending on needs instead [...]
Daily Dispatches: Malaysia’s second largest to buy over RBS’ assets Down Under
Malaysia’s CIMB will reportedly purchase Royal Bank of Scotland’s Australian equity operations for US$50 million. (Reuters) Chinese joint venture ICBC Credit Suisse Asset Management is scouting for talent as it gears up for its Hong Kong launch. (Asian Investor) Retirement fund Canada Pension Plan Investment Board, has appointed former Goldman Sachs banker Mark Machin as [...]
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