Last month Ashish Malhotra was promoted by Bank of America Merrill Lynch to head of Asia debt capital markets. Just weeks after reaching these dizzying heights, Malhotra has left BofA.
But unlike another recent senior Asian job hopper, Kester Ng, J.P. Morgan’s chairman of equity capital markets in Asia-Pacific, Malhotra is not quitting banking. He is rumoured to be joining Standard Chartered, a sign of that bank’s continued pulling powering in Hong Kong and Singapore.
And while global banks in Asia are generally cutting costs (and jobs) in the front-office, they are still willing to spend money poaching experienced revenue generators like Malhotra. Other recent high-profile moves include Kate Richdale, Morgan Stanley’s head of Asia-Pacific investment banking, who has gone to Goldman Sachs.
Non union (Japan Times)
The “Goldman Sachs union” quietly sinks without a trace in Japan.
MUFJ buys in US (WSJ)
Mitsubishi UFJ Financial Group will buy a $3.7 billion US real-estate-lending portfolio and platform from Deutsche Bank.
BDO builds (Asian Banking & Finance)
BDO Unibank, the largest Philippine lender by assets, will add 50 more branches to its network this year.
Bond sale (WSJ)
Higher-risk Asian companies are rushing to sell long-term bonds, some for the first time, as they take advantage of strong demand and cheap borrowing costs.
China conversion (Straits Times)
China and Australia will begin direct conversion of their currencies in a sign of growing business links.
Slow success (Asia One)
Investment products that adhere to Islamic principles are slowly growing in popularity in Singapore.
Card fraud (Shanghai Daily)
China Merchants Bank comes under fire from customer in UK bank-card scam.