Chinese banks in Hong Kong have been trying to lure talent from their more battered Western rivals since the start of the financial crisis. But headhunters in the territory have always said that some of these job hoppers may not be able to handle the cultural change that comes with such a move (think: more bureaucracy, subordinates working fewer hours). Given enough time and a lucrative enough job offer, they’ll be back at the bulge bracket. Gary Chan might now be a case in point. He joined International and Commercial Bank of China in 2011 from Macquarie to head up the Chinese firm’s equities team. Now he’s quit, we await his next destination. Chances are, it won’t by Chinese.
China changes (Asian Banking & Finance)
Liu Shiyu, Deputy Governor of the People’s Bank of China, sets out three key financial reforms in next 10 years.
Aussie banker exit (Bloomberg)
Bank of America Merrill Lynch’s head of Australian equities in Sydney, Matthew Unsworth, has left and won’t be replaced.
MUFJ recruits (FT)
Mitsubishi UFJ Securities will be adding 100 people. Sixty of the new hires will reportedly be located in New York, with the remainder in Hong Kong, London and Singapore.