As Standard Chartered tries to calm investor fears over its performance and plans 100 global branch closures, there are as yet no signs that it’s trimming headcount in its core Asian markets of Singapore and Hong Kong.
The Business Times reports that the bank is not closing any of its Singapore branches. “We will continue to invest here and strengthen our presence to better serve our clients,” a spokesperson told the newspaper.
Banking recruiters in Singapore say although they have experienced a recent increase in enquiries from Stan Chart staff looking to potentially leave the bank of their own accord, they aren’t aware of any planned layoffs. They say the bank is continuing its business-as-usual recruitment – replacing staff in key revenue-generating and regulatory roles. As we’ve reported, Stan Chart is also adding new compliance headcount in Singapore and Hong Kong and recruiting “aggressively” in wholesale banking sales.
In Hong Kong, Stan Chart has announced a major hire: Woody Chan is joining from China Citic Bank International as head of financial markets for Hong Kong – another example of a Western Bank recruiting senior bankers with Chinese experience.
Hong Kong traders fret about paying Chinese taxes. (Wall Street Journal)
High-level shake-up at HSBC. (CNBC)
Hong Kong to scrap daily yuan conversion limit. (Reuters)
Jump in Asian applications to US graduate schools. (Wall Street Journal)
800,000 banking staff on strike in India. (India.com)