Jobs growth in Indian financial services looks set to be fuelled by retail banking as corporate and investment banking face headwinds.
Banks in India are focusing on retail credit. The Reserve Bank of India said retail loans rose by 13.5% this February compared with an increase of 12.2% in February 2012.
Meanwhile, corporate credit demand has slowed amid an economy growing at its slowest pace in a decade. And investment bankers in India face weak share-sale activity and a new regulatory requirement to sign an integrity pact.
Pramit Jhaveri, Citigroup’s India CEO, told Finance Asia recently that India was a difficult place to make money for institutions that are “one-dimensional”.
However, there is some good news for Indian hedge funds, reports the Economic Times. Local funds are eager to show off double-digit returns in the hope of drawing wealthy Indians and succeeding where overseas players have failed.
Banker retires (Straits Times)
Veteran Singapore banker Wee Cho Yaw has stepped down as chairman of United Overseas Bank.
Aussie profits (Sydney Morning Herald)
Analysts give their profit predictions for the Big Four Australian banks.
Big Bond (Finance Asia)
Mainland broker Citic Securities, which bought CLSA last year, issues an $800 million debut dollar bond.
Large layoffs (Reuters)
In first-quarter earnings announcements this month, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Morgan Stanley revealed that they have slashed more than 31,000 jobs.
Salary stagnation (Asia One)
Rising prices, more so than competition from foreigners, are to blame for starting salaries flatlining in Singapore in recent years.
Dimon’s reshuffle (FT)
Jamie Dimon, chief executive of JPMorgan Chase, reshuffled his executive team on Sunday, promoting Matt Zames to chief operating officer.