J.P. Morgan’s chairman of equity capital markets in Asia-Pacific, Kester Ng, is quitting after seven years at the US firm and almost 20 years in investment banking. But Ng hasn’t been poached by a rival; he’s given up on banking although and is reported to be devoting his time to a “life-style-focused real estate business”.
Ng, who is based in Hong Kong, has not revealed the reasons for the move, although it comes as banks in Asia have faced 12 to 18 months of falling fees in ECM. Although Ng is more experienced than many other career-change bankers, he is certainly not alone in wanting out.
In the wake of the financial crisis, plenty of bankers have shifted to sectors like education and technology or set up their own businesses. Bankers in Asia have also turned to teaching yoga and Pilates.
Thursby to Dubai (Reuters)
National Bank of Abu Dhabi has appointed former Australia and New Zealand Banking Group executive Alex Thursby as its new chief executive.
Yuan deal (Shanghai Daily)
HSBC has deepened cooperation with the Bank of Communications to tap growing cross-border yuan settlement.
HSBC sells (Straits Times)
HSBC is selling a part of its insurance business in Singapore to AXA Singapore.
Indian standards (Asian Banking & Finance)
India to impose new accounting standards on banks.
Not turning Japanese (FT)
Bank chiefs reluctant to follow Japan on monetary policy.
Strange questions (Asian One)
Quirky job interview questions you should be prepared for in Singapore.
Australia taxes (Sydney Morning Herald)
Australia imposes new tax rules on retirement savings for wealthy people.
Bad ads (Straits Times)
Two firms in Singapore have apologised online for discriminatory job advertisements looking for specific foreign nationalities.