HK
Company: Nomura
Daily Dispatches: Credit Suisse hires private bankers in China; Hong Kong’s IPO market toughens up
Credit Suisse fattens up its China private banking team with two senior hires from BNP Paribas. (FinanceAsia) Tough new rules on Hong Kong’s IPO market could see banks being made criminally liable if the firms they sponsor lie to investors. (The Wall Street Journal) Asian family offices are relying less on their private bankers. (AsianInvestor) [...]
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: The dubious distinction of dirtiest global financial centre goes to…
Hong Kong’s poor air quality has caused more than 3,000 premature deaths a year, according to think tank Civic Exchange. Pollution is certainly a factor that some expat bankers are taking into consideration. “I am leaving Hong Kong explicitly because of the air,” says Alex Turnbull, an Australian banker at a Wall Street firm. He [...]
The possible risk of a brain drain when CIMB buys RBS’ Asian assets
Earlier this month we heard about how Malaysia’s CIMB had reached a preliminary agreement to buy RBS’ Asian assets. As reported, the sale of some of these unprofitable businesses is likely to save hundreds of jobs, particularly in cash equities, equity capital markets and corporate finance. While that’s positive news on the employment front, it’s [...]
The M&A market in Japan seems strong in the long term, but you will still struggle to find a job there as a foreigner
The M&A outlook seems positive in Japan as local businesses are expected to take advantage of an appreciating yen by acquiring more companies overseas. There were 800 cross-border takeovers in Japan last year, valued at US$89bn – the highest number of these transactions since 2000, according to Bloomberg. Its report last month also cited both [...]
Guest Comment: The top-six questions that investment bankers are asking recruiters right now
As a recruiter, calls from candidates are coming at me one after another these days. It suddenly feels like 2009 all over again. Some investment bankers are eager to find out about current market conditions as they are seriously concerned about their job security. Others have just been made redundant and want to discuss their [...]
Daily Dispatches: Morgan Stanley chops 10; ipac closes in Singapore and Hong Kong; headhunters warn of more cuts to come in Asia
Morgan Stanley chops 10 fixed income jobs in Singapore and Hong Kong. The retrenchments which are mostly in sales and trading include executive directors, VPs and sales associates. (Reuters) Headhunters in Hong Kong are warning that the recent layoffs are just the beginning and there is “far worse to come”. (Financial Times) Wealth manager ipac [...]
Daily Dispatches: Nomura’s top man resigns
Nomura’s most senior foreign executive, Jesse Bhattal, apparently resigned because he was unable to obtain support for a radical overhaul of the firm’s wholesale banking operations. (The Wall Street Journal ) RBS could be hit by another fresh round of job cuts – 5,000 could be under threat. (Daily Mail) “Three months ago, banks in [...]
Sectors Explained : Mergers and Acquisitions
Because of its reputation as the glamour side of investment banking, mergers & acquisitions (M&A) is one of the most competitive sectors to break into. M&A teams in investment banks advise client companies on mergers (where two companies join up as equals) and acquisitions (where one firm takes over part or all of another). Big [...]
Almost every bank in Hong Kong is now cutting jobs
The festive period promises to be awfully gloomy, with several banks in Hong Kong laying off staff in the past two weeks. For some firms the November cuts will the final round, although some recruiters expect one more cycle before bonus payouts. Chop, chop, chop This week Nomura began cutting FIG employees in Hong Kong [...]
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