HK
Daily Dispatches: Rich Americans are being given the cold shoulder in Asia
HSBC, Deutsche Bank, Bank of Singapore and DBS have all turned away wealthy American clients ahead of the “draconian” Foreign Account Tax Compliance Act. Tan Su Shan, head of private banking at DBS, says: “I don’t open US accounts, period.” (Bloomberg Businessweek) “Japan’s mega-banks have lumbered off their home territory to pick up some of [...]
Being a boss of 2,000: Stewart Carmichael, MD and CTO, investment bank, Asia Pacific, J.P. Morgan, discusses retention, his career challenges and life as a “gypsy”
Q: Was banking what you always envisioned yourself doing? No it wasn’t, I originally joined a technology firm because I was looking to leverage on the education I had in computer science. Twenty five years ago, there wasn’t as much awareness of financial services, which is much more mainstream now. I worked for a couple [...]
Daily Dispatches: Frustration in the ranks at J.P. Morgan
J.P. Morgan’s trading debacle is causing employees to worry it will unfairly tarnish their reputations, while deepening concerns at rival financial firms about tougher regulations and potential rating downgrades. On Friday, J.P. Morgan sent a memo to employees with advice on how to respond to questions from clients and customers about the mess in the [...]
Poll: Do employers in Asia need to become more gay friendly?
Being gay friendly has suited up and gone corporate. In recent times, both Goldman Sachs chief executive Lloyd Blankfein and US President Barack Obama, have publicly championed gay marriages. And while Blankfein, a spokesman for the Human Rights Campaign, concedes that his stance has cost the company at least one client, he has said: “America’s [...]
Guest Comment: Why firms in China should focus their retention efforts on professional development
Professional development has many benefits for an organisation, which extend beyond the career progression of individual staff. This applies to the financial services sector as much as to other industries. So where’s development needed? Financial leasing companies and the life insurance sector continue to remain buoyant in Chinaand there is a big shortage of accountancy [...]
Banks in Hong Kong admit they face a clear and present danger: staff attrition to the corporate sector
It seems slightly counter intuitive, given that a lack of vacancies is forcing some workers to stay in their roles without any encouragement from their employers, but banks in Asia are facing a serious retention threat. An increasing number of people are leaving financial services this year for roles in other sectors, according to the [...]
Daily Dispatches: Q1 profit rise tipped for HSBC
HSBC is tipped to post a first quarter pre-tax profit of US$5.80bn, up 5.5 per cent from a year back, thanks to better returns from emerging markets and falling provisions at its US business (The Standard) China’s securities regulator will allow retail investors to trade unlisted shares in a new national over-the-counter market that it [...]
Daily Dispatches: The battle for Yuan deposits
Local banks in Hong Kong are battling aggressively to attract more yuan deposits in a bid to boost their bottom lines amid a tough operating environment. Last week CITIC Bank International said it will offer annualized 2.8 per cent interest – the SAR’s highest – for new 12-month deposits of a minimum 1m yuan. (The [...]
A warm homecoming for Malaysian returnees
There is now good reason for overseas Malaysian financial professionals to return home to look for work. While there are still challenges in the job search, employment opportunities in Malaysia remain available and are improving across multiple areas within banking and finance. Benefits of returning The volume of opportunities in the Malaysian job market has [...]
Q&A: Mike Connarty, director of international investments at Standard Life, advocates learning Mandarin if you want to get ahead
Mike Connarty is based in Edinburgh but he’s an international figure in financial services. As director of international investments, Mike manages Standard Life’s fast-growing joint venture investments in India and China. If you want to work for him, you’ll need a genuinely international outlook – and ideally the capacity to speak Mandarin. Q: How long [...]
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