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Daily Dispatches: HSBC starts its power transfer to Hong Kong

As most banks gear up for Davos week, HSBC is gearing up for Hong Kong week. At least that is what is preoccupying Mike Geoghegan, and his support staff, as the chief executive of Britain’s most international bank prepares to relocate his office half way across the world. (Financial Times)

Asian banking and metals stocks fell Monday, leading regional indexes lower, after Friday’s hefty losses on Wall Street. Still, it wasn’t all doom and gloom, with some markets coming off their early lows. “I think Friday’s fall [on Wall Street] was overdone, and I don’t think such a US bank restriction would stop economic recovery and earnings improvement in various emerging markets,” said Lee Jin-woo at Mirae Asset Securities in Seoul. (Wall Street Journal)

President Barack Obama’s call last week to curb bank risk-taking and crack down on “obscene” Wall Street bonuses may help boost those very payouts at Goldman Sachs. The biggest two-day drop since March in the bank’s stock price means employees will receive more shares than they would have earlier in the week, and have a greater opportunity to profit should the stock gain. (Bloomberg)

State Bank of India, the nation’s largest, posted its weakest pace of profit growth in three years following losses on surplus funds invested in government bonds. (Bloomberg)

A top official at a Temasek Holdings-linked Indonesian bank has quit. The president director of Indonesia’s PT Bank Danamon, Sebastian Paredes, has submitted his resignation. (938 Live)

Britain on Monday led a push for a global deal on reforming the banking sector that could include widespread agreement for an extraordinary tax on lenders amid concerns that the US may go it alone. (Channel News Asia)

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