With recruitment in investment banking at low levels in the traditional Australia financial centres of Sydney and Melbourne, candidates Down Under might want to consider shifting to Perth.
Sumitomo Mitsui Banking Corporation is opening an office in Perth next month. And the Japanese firm is not alone its ambitions to expand in the Western Australian capital, the business hub for the state’s lucrative mining business.
Goldman Sachs now has an office in Perth, while UBS and Bank of America Merrill Lynch already have an established presence there.
SMBC has an office in Sydney, but in Perth it can provide better services to Japanese companies, who are among the biggest buyers of Australian resources like coal and iron ore.
More regulations (Shanghai Daily)
China will strengthen regulations on wealth management products to reduce financial risks.
Bond investigation (WSJ)
Chinese regulators are investigating certain bond-trading activities that could amplify risks.
Chinese reserve (Sydney Morning Herald )
The Reserve Bank of Australia has underlined its confidence in the Chinese yuan’s future role as a reserve currency for Asia.
More layoffs (Asia One)
A government report in Singapore has found that the number of workers laid off last year increased slightly compared with 2011.
Teen dreams (South China Morning Post)
Less than half of 15-year-olds in Hong Kong expect to complete a university education, compared with more than 80% of their peers in South Korea.