Job cuts and offshoring have been common enough in Australian banking in the past year. Australia and New Zealand Banking Group, for example, has plans to layoff 1,000 staff by September.
But media reports from Australia now suggest that insurance giant QBE could be getting in on the act as it looks to save costs. A small group of protesters gathered outside its shareholder meeting in Sydney on Wednesday, worried that 700 Australia-based jobs may be transferred to the Philippines.
The insurer has yet to confirm how many jobs could be affected, but Finance Sector Union spokeswoman Leanne Shingles said QBE needed to stand by Australian employees. “Our message to them is if you really want to be an Australian company you have a responsibility to growing jobs and skills in Australia,” she told Australian media. Union pressure, however, may not be enough to stem the tide of jobs being offshored away from high-cost Australia.
Chinese Goldman (CNBC)
Wang Dongming, chairman of China’s biggest brokerage CITIC Securities, was so impressed by the Charles Ellis bestseller “The Making of Goldman Sachs” that he called for a Chinese translation and urged his employees to read it.
Singapore seal (Reuters)
UBS has filed an application to the Singapore High Court asking that two cases be sealed involving traders fired as part of the bank’s investigation into reference rate manipulation.
CIMB in Korea (Finance Asia)
Malaysia’s CIMB has opened a brokerage and corporate advisory businesses in Seoul, South Korea.
Growth falls (Shanghai Daily)
Agricultural Bank of China and the Bank of China both reported a slower increase in net profit in 2012 amid an economic slowdown.
Family head (Finews)
UBS has a new head of its family office group.
Buddy benefits (Asia One)
Seven ways to make your co-workers love you.
Quitting banking (eFinancialCareers)
Now is an opportune moment to quit banking and try for a more illustrious career in industry.