HK
Company: RBS
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 [...]
Daily Dispatches: More on the HSBC cuts; Sarasin and JM Financial make key hires
Swiss bank Sarasin hires a head of investment consulting for North Asia and four relationship managers focusing on Greater China.(AsianInvestor) More on the HSBC cuts in Singapore that we reported on yesterday. (The Straits Times) Indian investment banks are looking to expand overseas. JM Financial, for instance, has hired two veteran bankers to lead its [...]
Daily Dispatches: RBS cuts jobs across Asia
Several redundancies have been made by RBS in its equity derivatives and fixed-income, currency and commodities (FICC) divisions across Asia during the past few days. Internal memos have revealed the extent of the cut-backs, which are aligned to the UK bank’s new strategic focus that was announced at the beginning of this year. (Finance Asia) [...]
Daily Dispatches: It’s confirmed – 70 RBS staff will lose their jobs in Asia
RBS’s cash equities division in Singapore and Indonesia as well as its South Korean cash equities, ECM and corporate finance teams will not be part of the CIMB sale. The firm’s spokesman says 70 employees will be affected by the closure of these units. (Reuters) J.P. Morgan continues to boost its presence in China. The [...]
Daily Dispatches: HSBC sells off its insurance arms in Singapore and Hong Kong
HSBC has agreed to sell its insurance businesses in Singapore, Hong Kong, Mexico and Argentina in separate deals worth US$914m. (The Wall Street Journal) The pain’s barely begun for Bank of America, which has yet to make many of the 30,000 job cuts that it said it would. (Forbes) RBS will shift 200 back-office jobs [...]
Daily Dispatches: It’s almost certain that some RBS Asian staff will work for Malaysia’s number two bank
A preliminary agreement to sell off RBS’ Asian assets to Malaysia’s CIMB has been reached. The purchase is expected to save hundreds of jobs in cash equities, equity capital markets, and corporate finance. (The Wall Street Journal) HSBC may expand Asia-Pacific headcount by 5 per cent by end 2013. (Bloomberg Businessweek) Henderson and Tantallon join [...]
Daily Dispatches: Some RBS Asian staff will be retained if CIMB takeover happens
Malaysia’s CIMB which could purchase RBS’s Asian assets may keep up to two thirds of the UK firm’s staff. (Bloomberg) Profits for Standard Chartered rose by 14 per cent to hit a record high of US$4.75bn. Hong Kong and Singapore were the two biggest contributors to the group’s operating profit. (The Wall Street Journal) Wall [...]
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 [...]
Redundant traders take note: here’s a potential lifeline
Even as firms lay off staff, there are still signs of life in the financial recruitment landscape. Yuan trading for instance is seeing some growth. Recruiters say bankers with yuan experience are sought after, especially in Hong Kong, Shanghai and London, reports the South China Morning Post. Already RBS, HSBC, ANZ and Standard Chartered have [...]
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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