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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 of wants. Keith Whitaker, an adviser to wealthy families says: “I don’t start with ‘Well, how much of your arm should we cut off?’ but ‘What are your beliefs, and are these things working for you?’” (The Wall Street Journal)

Investment banking in Asia is overcrowded and that’s competing fees away. (Financial Times)

OCBC’s Q4 revenue rose by 18 per cent, thanks to loan growth. (Bloomberg Buisnessweek)

ANZ’s Q1 profits increases by 4.1 per cent. (The Wall Street Journal)

Henri de Castries, chief executive of French insurance group Axa, remains vague about Axa’s possible purchase of ING’s Asian assets. “There are few financial services firms that have the ability to do things in this environment and we are among them. We won’t comment on individual cases but we are keen to develop our presence in Asia.” (The Telegraph)

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