HK
Daily Dispatches: Wen wants to end the monopoly of mainland banks
Chinese Premiere Wen Jiabao publicly admonishes Chinese banks. “Let me be frank. Our banks earn profit too easily. Why? Because a small number of large banks have a monopoly. To break the monopoly, we must allow private capital to flow into the finance sector.” (The Australian) More capital is certainly coming China’s way. Regulators have [...]
Compliance: A bore no more – here’s why the sector is suddenly so sexy
Headhunters in Asia have repeatedly told us that compliance and anti-money laundering continue to experience hiring, in spite of the quieter employment market. Perhaps unsurprisingly then, there’s been a surge of interest from people, both in banking and in other industries, who want to obtain compliance qualifications. eFinancialCareers speaks to Andrew Glover, the managing director [...]
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 [...]
HSBC slashes staff in Singapore and Hong Kong: Some will struggle in their search for work
About a month after HSBC staunchly defended its commitment to Asia and reaffirmed its presence in core markets like Singapore and Hong Kong, we hear that both cities experienced wide-ranging job cuts last week. This is perhaps in line with the 30,000 positions the firm plans on eliminating globally by the end of 2013. No one’s [...]
Principal investments feels the pain as banks pull back in Hong Kong
Principal investments is not the most secure of jobs right now as banks in Hong Kong trim their teams. In general terms, firms are culling their distressed businesses, which typically lie within their special opportunities groups and make principal investments across the board in private equity, pre-IPO, mezzanine, special situations, real estate and other sectors. [...]
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) [...]
GUEST COMMENT: I’m going on a sabbatical until Q1 2013
I’ve worked in banking for nearly a decade, and its pleasures are starting to wear thin. Getting up stupidly early for the joy of being paid in over-valued stock doesn’t seem like a great deal. And I’m at the stage where the politicking and Russian roulette that have despatched so many of my colleagues over [...]
Fortunes of fixed income folk rise even as ECM bankers contemplate a less privileged fate
Being in debt is suddenly appealing again – when it come to the employment market that is. South East Asian debt deals have hit a new record high of US$36.1bn to date, nearly double that of the previous record level, reports The Business Times. Rejoice DCM bankers It’s unsurprising then that fixed income people are [...]
Daily Dispatches: Who the real muppets are; RBC wants to hire in Asia and everywhere else it seems
Here’s who Greg Smith was referring to, when he waxed lyrical about muppets. (the Guardian) Apart from its growth ambitions in Asia, RBC also plans on expanding in more established markets like the US and UK. (The Economic TImes) ICBC joins Bank of China in posting better-than-expected Q4 profits. (Bloomberg) Instead of boasting about their [...]
What Singapore’s great financial advisory revamp means for tens of thousands of employees
The Monetary Authority of Singapore announced earlier this week that the financial advisory sector will undergo wide-sweeping changes. Dubbed the Financial Advisory Industry Review, the proposals are geared at raising professional standards and better protecting consumers, and will affect large numbers of insurance agents and financial advisers. The shake-up will look into areas such as: [...]
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