Banks in Singapore are fighting for both Indonesia clients and candidates from Indonesian banks to service them. But perhaps those bankers are better off staying where they are. According to research from Nomura, Indonesia boasts the most profitable banking system in Southeast Asia. Banks’ average return on assets there is expected to reach 2.7% this year, compared with an estimate of 1.6% across the region.
Profit dip (Asian Banking & Finance)
Despite the strong performance of China’s banking sector in 2012, profits and asset quality are likely to decline, according to BBVA.
SCB cuts bonuses (Sky)
Despite being fined £440m for dubious Iranian transactions, Standard Chartered is only cutting bonuses 10%.
No hope for headhunters? (FT)
Why LinkedIn and various other issues pose a serious threat to the survival of headhunters.
Religare opens (Finance Asia)
Religare, an Indian financial services group, has won a licence to set up an investment banking business in the Philippines.
Citi closes (MarketWatch)
Citigroup has closed its M&A business in the Middle East.
UBS fires in US (Reuters)
Andrea Orcel has cut 35 senior bankers from M&A and capital markets teams at UBS in America.