Offshoring from Australia to lower-cost Asian countries is working well, but we’re not going to do any more of it this year: this is the latest, rather mixed, message from Gail Kelly, chief executive of Australian bank Westpac. Her firm offshored 565 jobs, mainly to India, in 2012 and a further 142 positions in the opening months of this year, according to figures from the Finance Sector Union in Australia. Most other large Aussie banks have also shifted roles abroad. But despite Westpac receiving an ”efficiency dividend” from its overseas operations, it will now concentrate on “embedding” its foreign workforce. So Aussie workers can rest easy, at least until 2014.
Corporate lending (Asian Banking & Finance)
Singapore and Hong Kong banks may refocus on corporate lending as personal mortgage lending becomes less attractive.
JPMorgan builds (Bloomberg)
JPMorgan is doing a little selective hiring in China.
Rich in politics (FT)
The Chinese parliament contains 83 billionaires.
No bonus (Guardian)
Executive bonuses are being withheld at Aviva.