Any wishful thinking about a resurgence in hiring by UK banks has been dampened by news that by the end of this year, staff levels will have dropped by a quarter – or about 189,000 – by the end of this year since the peak in 2008. And while massive layoffs may be a thing of the past, some analysts expect job numbers to drift lower as banks struggle to grow the top line.
Another uncertain start to trading in Asia, with the MSCI Asia Pacific Index little changed in early trade in Tokyo, after falling for five days. The index fell amid concerns that the Federal Reserve might reduce its bond purchases on the back of a strengthening US economy and news that China manufacturing data had missed estimates.
HSBC Singapore has issued its first bond in the Singapore offshore renminbi (RMB) market, marking the the first RMB bond in Asean and coinciding with the start of yuan clearing by ICBC in Singapore.
Analysts say that Australia’s big four banks are overvalued, with one saying that CBA is the most expensive large bank in the world by nearly every measure.
Danny Chung and Peter Yeung have been appointed joint heads of Asian (non-China) financial institutions group coverage with immediate effect, taking over from Nicolo Salsano.