Top Headlines in the Last 7 Days
(11th – 17th April 2016)
No. 1 JP Morgan trims Asian Private Banking Team
JP Morgan has cut 30 people from its Asian private banking operations. Most were front office staff and they included Edwin Lim, a market manager for high net worth clients in North Asia.
The departures are likely to come from the result of the bank’s efforts to concentrate on ultra high net worth Asian clients with a minimum of $10 million in investable assets, up from a $5 million threshold.
No. 2 HSBC Private Bank appoints New Head of Global Private Banking, South East Asia
HSBC Private Bank has announced the appointment of a new Head of Global Private Banking, South East Asia.
HSBC said in a press release that Sandeep Sharma will be responsible for driving and executing HSBC’s strategy for private banking across South East Asia.
Sandeep Sharma joined HSBC Group in 2010 as Business Head for the Indian Sub-Continent team.
No. 3 COO of RBC Wealth Management Emerging Markets leaves
After four years with RBC, Samir Dewan is leaving his Singapore-based post.
Dewan previously worked at ABN AMRO, where he was regional chief financial officer and COO for private banking in Asia. He has previously done stints with Bank of America and ANZ, working in India, Australia, Hong Kong and Singapore.
No. 4 J. Safra Sarasin hires New CEO in Singapore
Swiss private banking group J. Safra Sarasin has named Benedikt Maissen as chief executive officer of its Singapore branch with effect 1st April 2016.
He joins the bank from Societe General Private Banking (Suisse) SA, where has head of the Zurich branch since January 2014. He will report to the company’s Asia chief executive officer, Enid Yap.
No. 5 Julius Baer appoints New Head of Wealth and Tax planning for Asia
Julius Baer has appointed Eleanor Yuen as Asian head of its Wealth and Tax planning advisory business.
She will be based in Hong Kong and has previously worked at Credit Suisse Trust for 11 years. She has also held senior roles in trust administration and marketing at Citibank, Schroder Investment Management and HSBC International Trustee Ltd.
No. 6 UBP unveils Asia plans
The CEO of UBP mentioned that acquisition of Coutts was all about expanding their Asia presence. Speaking at a press briefing held in Singapore on Wednesday, Guy de Picciotto said that the attraction of Coutts for UBP was Asia.
Guy de Picciotto said the bank will be hiring in Asia and have already been receiving numerous unsolicited requests from senior private bankers looking to join the firm.
No. 7 ANZ names New CEO for Indonesia
ANZ has announced that Vishnu Shahaney who has been CEO of ANZ Singapore since 2010 will be appointed CEO for its Jakarta based business, PT Bank ANZ Indonesia.
Shahaney was instrumental in building ANZ’s Singapore business into a Qualified Full Bank and one of the Melbourne headquartered bank’s two regional business hubs in Asia.
He has held a number of senior management positions at ANZ across corporate, institutional, transaction banking and risk in Australia, Singapore and India.
One more headline this week:
No. 8 Asia Home to World’s Five Biggest Banks
According to a latest report on global bank rankings, the world’s five largest banks are all based in Asia. S&P Global Market Intelligence ranks the largest banks in the world by converting their total assets into US dollars using the exchange as of the end of the period measured.
China headquartered banks make up the top four, with a Japanese based lender taking fifth spot. The three largest banks in the world continue to be Beijing-based Industrial & Commercial Bank of China, China Construction Bank Corp. and Agricultural Bank of China.
Credits: Reuters, Finance Asia, Citywire