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Daily Dispatches – UK bank employment at nine-year low

No new jobs here  (Photo credit: Wikipedia)

No new jobs here (Photo credit: Wikipedia)

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.

Bated breath

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.

Singapore REIT
Singapore Press Holdings plans to raise about SgS$1 billion in net proceeds and return 18 cents per share to shareholders by spinning off its retail properties into a real estate investment trust that is expected to list in July.  

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.

Pricey banking

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.

New Credit Suisse hires

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.

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