HK
Company: OCBC
Daily Dispatches: J.P. Morgan admits huge trading loss; big four in China are forced to localise
JPMorgan Chase sustained trading losses of US$2bn. The loss is expected to hurt the firm’s overall earnings for the second quarter. (Bloomberg Businessweek) The Chinese government has demanded that operations of the big four accounting firms be handed over to local partners by year end. In addition, a Chinese national will have to be appointed [...]
Daily Dispatches: Profits fall for UBS and SocGen; Stanchart goes candidate shopping
UBS’ Q1 profit fell by 54 per cent; however the firm managed to attract new clients in wealth management. (Bloomberg Businessweek) Société Générale’s first quarter profits dropped by 20 per cent (The Wall Street Journal) Standard Chartered, which hope to fatten income by 10 per cent, will recruit 2,000 employees this year. (The Economic Times) [...]
Daily Dispatches: Cuts are probable at Credit Suisse; OCBC will grow in China and Indonesia
Credit Suisse could be cutting 5,000 i-banking jobs. (TODAY) New OCBC CEO, Samuel Tsien, has ambitious plans for Indonesia and China.He says: “We can create a better presence there, we can do more business there, and we can achieve a high level of performance in those markets.” (TODAY) Temasek Holdings will buy a portion of [...]
Daily Dispatches: China needs to boost its financial talent pool, says OCBC China head of treasury
Henry Chang, head of treasury at OCBC Bank China, says China needs more financial professionals. “China needs to develop and manage the talent pool, because it is a necessary preparation for the industry to face a more complex, more dynamic, and riskier environment.” (Shanghai Daily) To feed Asia’s growing demand for commodities, India’s Financial Technologies [...]
Daily Dispatches: RBS’s branch people aren’t going to be very happy
RBS paid out millions of pounds in i-banking bonuses, while branch staff got a mere 1 per cent pay rise. (Bloomberg Businessweek) HSBC and Standard Chartered are likely to see profits rise on Asian growth. (Bloomberg Businessweek) Singapore’s UOB saw Q4 profit drop by 21 per cent. That’s in comparison to DBS’s 86 per cent [...]
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 [...]
My road to a client-facing role: How I went from operations to enterprise banking
Marcus Tay interned in two different departments – corporate communications, and operations and technology – at OCBC, but when he graduated from Singapore Management University last July his heart was set on a client-facing job. Q: What first got you interested in banking? A: I always had an interest in banking, although I didn’t have [...]
Daily Dispatches: Awful bonuses expected at Morgan Stanley and Citigroup
Bonuses will be drastically slashed at Morgan Stanley, with payouts capped at US$125k. Some top executives may also have payouts deferred till year end. (The Wall Street Journal) Similarly, bonuses are not expected to be generous at Citigroup, which has reported miserable results. (The Independent) ANZ has kicked off job cuts in Australia. The firm [...]
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 [...]
Q&A with OCBC’s Allison Koh, assistant vice president, global treasury, China
Koh is an assistant vice president with the asset liability management team in OCBC China’s global treasury office. She joined the firm as a management associate (MA) in July 2007 after graduating from the International University of Japan’s MBA programme. Prior to this, Koh was an associate banker with a foreign bank. 1) What made [...]
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