SG
Sector: Credit
Do the richest bankers live in Singapore?
‘ Forget Hong Kong, is Singapore the best place to live if you’re wealthy in South East Asia? Measured in terms of the choices of wealthy residents, it looks like the answer will soon be yes. According to a report from Barclays Wealth, Hong Kong currently has the world’s highest density of households with wealth [...]
Banks freezing, not firing in Asia
Banks may be busy slashing staff in London and New York, but Asia looks set to avoid the worst of the cutbacks. Merrill Lynch, which last week announced an additional 3,000 redundancies globally, does not plan to make significant reductions in Hong Kong and Singapore, according to a spokeswoman. “While there may be some minor [...]
Want to leave? Pay back that bonus
Investment banks are coming up with innovative ways to keep some staff on their payrolls, even while they let go of others in the wake of the credit crunch. This inventiveness mostly takes the form of long-term stock grants, or measures that let banks defer cash expenses in hopes that revenue growth will pick up [...]
What will happen to Bear Stearns’ Asian staff?
Confusion and insecurity reign supreme among the beleaguered Bear Stearns teams in Asia, as cashed-up suitor JPMorgan continues to sift through the ashes of the failed bank. While the US giant continues to brickwall on its plans for the Bear Stearns teams, one Singapore recruiter says the bank has imposed a short-term headcount freeze on [...]
Salary survey: Asian credit pros earn the most
The latest salary survey from search firm Napier Scott suggests Asian MDs now earn more than anyone else. Napier Scott’s 2008 salary and bonus survey suggests managing directors working on exotic credit trading desks at tier one banks in Asia commanded average total compensation of 1.5m (US$3.0m) for 2007. This was 45% more than their [...]
For sale sign up at ABN AMRO Australia
Who’ll buy ABN AMRO’s Australian unit? And what will happen to its 700 local staff? With a reported AU$1bn price tag, and most banks struggling to find cash at the moment, sale advisers Lazard Carnegie Wylie certainly have their work cut out. Analysts regard ABN AMRO’s mergers and acquisition division as one of the key [...]
Lehman and Bear to draw blood in Asia?
Will the crisis at Bear Stearns, and Lehman’s plan to axe 5% of its global workforce, mean heads will roll in Asia? Lehman is making no formal comment on the plans but it’s understood that while cuts will be made across all businesses in all regions, the majority of the redundancies will bite in the [...]
Bleak future for ousted DCM bankers?
It’s been a rocky ride for people working in DCM. What are the prospects for those who’ve had the misfortune to be made redundant? Last month Reuters reported that Bank of America is scaling back its DCM business in Asia. Sources say the bank, a relatively small player in the Asian DCM arena, will no [...]
Distressed debt: the boom can wait a while
Demand for distressed debt professionals is creeping up in Asia, but a big surge hasn’t happened – at least not yet. James Rushworth, managing director of search firm Profile Search and Selection, says in bearish markets financial institutions naturally start thinking about distressed debt hires, although thinking is about all they have done so far [...]
Creaking demand for credit strategists
Credit strategists are enjoying the limelight as investors elicit their opinions on the credit squeeze. Shame their job prospects aren’t as bright. Andrew Price, director of banking at executive search firm PSD Group, says demand for credit strategists in Asia isn’t exactly booming, but recent market volatility has seen their skills very much in demand. [...]
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