The next few months may be an opportune time for elite bankers to try to join J.P. Morgan in Hong Kong. Carl Chien, J.P. Morgan’s co-head of Greater China, says the firm will be adding to its upper ranks in the city in the near future.
Chien told the Wall Street Journal that while the bank is “pretty well-positioned in Hong Kong and Taiwan” in terms of its investment banking headcount, he hopes to make a “handful” of senior hires in coming months. Expect these new recruits to come with mainland Chinese networks and vast experience in cross-border deal-making. And expect them to move at a (high) price – most other investment banks in Hong Kong are also searching for bankers who know the mainland.
J.P. Morgan has already been hiring in North Asia – it announced on Monday that it had poached Ling Zhang from Citi as managing director and head of China healthcare. Chien told the WSJ that healthcare and technology are two areas of focus for the firm in Greater China. The bank has also made a senior internal appointment: yesterday it named David Lau as head of global investment banking for Hong Kong, replacing Catherine Leung who left the firm amid an investigation into its hiring in Asia.
Asian stress test may force Standard Chartered’s incoming Chief Executive Bill Winters to cut the bank’s dividend. (Reuters)
Hong Kong can’t be complacent about its advantages as a global banking hub. (Asia One)
Hong Kong needs longer exclusive status in mutual-fund sales programme. (South China Morning Post)
Shares of Hong Kong investment bank Reorient Group surge as Jack Ma-backed fund agrees to invest in the firm. (Bloomberg)
Goldman Sachs is increasing paid parenting leave for non-primary parents. (Business Insider)
Former Westpac finance manager faces charges over A$2.5m fraud. (Sydney Morning Herald)