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Daily Dispatches: Gloomy news Down Under with predictions that 7,000 banking jobs will disappear

Australian banks will apparently cut 7,000 jobs over two years to offset its weakest credit growth since World War II, says UBS. (Bloomberg)

Bank of America Merrill Lynch continues to fire senior people. After retrenching Michael Cho, its Asian co-head of mergers and acquisitions last week, it laid off another two MDs from Australia on Monday. (The Wall Street Journal)

DBS beefs up its Greater China operations with three senior private banking hires including Yvonne Hsin, who will head the region’s private banking business. (TODAY)

Many firms are eagerly eyeing chunks of RBS’s Asian equities and advisory business that are now up for sale. Potential buyers include Agricultural Bank of China, ANZ, DBS Bank and Royal Bank of Canada. (The Economic Times)

Learn all about the fine and complex art of compensation consulting on Wall Street. “The misunderstanding many people have about this industry is that pay is whimsical. It’s not,” says Mr Alan Johnson, a consultant from Johnson Associates. (The New York Times)

Asia’s tough rules are paving the way for regulation in the West. “If you look at the capital and liquidity requirements across Asia it is pretty clear they are at the heart of Basel III,” notes Selwyn Blair Ford, global head of regulatory policy at Wolters Kluwer Financial Services. (Financial Times)

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