Top Headlines in the Last 7 Days
(23rd – 29th May 2016)
No. 1 JP Morgan Private Wealth Management Lays Off Staff
JP Morgan Private Wealth Management is reportedly slashing about 100 jobs as it focuses to a more condensed group of ultra high net worth clients.
The private bank, which boasts a host of wealthy clients, also recently cut as many as 30 staff from its Asia region. In the past few months, the division also made cuts of over 100 employees in New York, London, Washington, and Boston.
No. 2 MAS Directs BSI Bank to Shut Down in Singapore
The Monetary Authority of Singapore (MAS) has announced that it has served BSI Bank notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti money laundering requirements, poor management oversight of bank’s operations and gross misconduct by some of the bank staff.
In addition, MAS has referred the names of six members of BSI’s senior management and staff to Public Prosectuor to evaluate whether they have committed criminial offences.
No. 3 BSI CEO Resigns
The CEO of BSI Bank Stefano Conduri has resigned with immediate effect from his position. His successor has already been nominated and is the board member Roberto Isolani.
Roberto Isolani is a partner of Brazilian BTG Pactual Group, the former owner of BSI Bank and still a shareholder of the Swiss bank. Isolani served as Head and Chairman of International Client Coverage Area of BTG Pactual Group. Prior to joining BTG Pactual in April 2010, he worked from 1992 to 2008 at UBS.
No. 4 Ex HSBC Private Bank Co-Head Joins DBS
Rob Ioannou, HSBC former co head of global private banking for South East Asia has been appointed to oversee DBS Private Banking’s International client business. Rob Ioannou had parted with HSBC Private Bank after 13 years of service at the bank.
No. 5 Hang Seng Bank Names New Wealth Head
Hang Seng Bank has appointed Margaret Kwan as the Head of Retail Banking and Wealth Management. She will replace Nixon Chan, who is stepping down from the role.
Margaret Kwan has held several senior management positions at Hang Seng Bank and is currently leading the card, unsecured loan and mortgage business.
No. 6 BNY Mellon Appoints New Head for International Wealth
BNY Mellon Wealth Management has promoted from within a new head of International Wealth Management. Jeroen Kwist will take up the role with immediate effect. He will oversee BNY Mellon International Wealth Management’s offices.
Kwist has been with the company for almost nine years and was previous Managing Director of its International Wealth Management business in London. He has held roles of Head of Asia-Pacific and Director of Business Development and Strategy for the BNY Mellon International Wealth Management business.
No. 7 New Training and Development Programme for Bank of Singapore
Bank of Singapore has partnered with Wealth Management Institute (WMI) & Nanyang Technological University (NTU) to launch a new training and development programme, Advanced Diploma in Private Banking for its private bankers.
With this new Advanced Diploma Programme, Bank of Singapore will rank amongst the few private banks to offer their bankers a suite of training programmes that meet the full spectrum of Institute of Banking and Finance Singapore (IBF) Standards (Level 1 to 3).
No. 8 Head of Credit Suisse’s Shipping Finance Arm Resigns
Credit Suisse banker John Haelfelfinger is stepping down from his position as head of Corporate and Specialty lending arm. His unit is part of Credit Suisse’s International Wealth Management arm led by Iqbal Khan.
Credit Suisse’s activities in this area can be traced back to 1943, when it began offering shipping finance as Schweizerische Schiffshypothekenbank. The activities are noteworthy for Credit Suisse because of the additional potential for private banking business following corporate moves such as acquisitions of initial public offerings.
No. 9 Ex Citi Veteran Joins BNP Paribas
BNP Paribas has named a new Head of Financial Institutions Coverage for Asia Pacific. David Ratliff joins BNP Paribas from Citigroup. His career has spanned 26 years and his recent position was Head of Investor sales and Relationship Management, Asia Pacific.
He will manage a team of senior bankers across Asia Pacific and report regionally to Pierre Rousseau, Head of Global Markets, APAC and functionally to Jose Placido, Global Head of FIC.
No. 10 ANZ Appoints New Chief Financial Officer
ANZ has named Michelle Jablko as its new chief financial officer. Jablko joins on 18th July from investment bank Greenhill & Co, where she has been the co head of Australia since 2014.
She will have responsibility for all aspects of finance as well as treasury, mergers and acquistions and investor relations and will also be a member of the lender’s group executive committee. She was at UBS Group AG before Greenhill & Co and advised companies on M&A and capital raising at both firms.