Top Headlines in the Last 7 Days
(26th Sep – 2nd Oct 2016)
No. 1 China’s Ultra Rich Leads the Rise in Global Wealth
China’s Ultra rich led the rise in global wealth in 2015. The Ultra High Net Worth (UHNW) individuals defined as those with $30 million and above in assets accumulated $175 billion of new wealth in 2015.
China has accounted for almost 75% of total wealth created by global UHNW individuals in 2015. Learn More …
No. 2 Julius Baer Singapore Ends Dispute on Share Accumulator
The High Court of Singapore has dismissed the case in which two former clients of Julius Baer were seeking a SGD 94 million & HKD 186 million claim for damages and losses incurred by the bank resulting from share accumulator transactions in 2007 & 2008. Learn More …
No. 3 Credit Suisse Recruits New Japan Private Banking Head
Credit Suisse has hired a new head of private banking for Japan. He now joins Credit Suisse as Managing Director and Head of Private Banking for Japan.
Tsuneaki Hirao was previously working in UBS for more than 10 years and he was the head of the ultra high net worth in Japan. Learn More …
No. 4 Standard Chartered Adds Two Senior Bankers to Private Banking Team
Standard Chartered announced that there will be two more senior bankers added to its Private Banking Team.
Andrew Ho will be the Managing Director and Market Head, Indonesia. Vishal Jain will be the Managing Director and Market Head, Global South Asia Community Asia. Both senior bankers will be based in Singapore. Learn More …
No. 5 Lombard Odier Recruits Senior Banker
Sandy Lim has joined Lombard Odier Singapore and he will focus on the Southeast Asian market. Sandy started with sovereign wealth fund GIC in 2001, moved to UBS in 2006 and progressed to a Director in 2013.
Later, he moved on to Goldman Sachs Private Wealth Management in Singapore. Learn More …
No. 6 ANZ Cut Jobs in Singapore
ANZ has engaged in a cost cutting measure by reducing the number of Singapore staff by around 20%.
This comes up to roughly 400 jobs. The job cutting exercise began last year and will likely end on the bank’s financial year end on 30th September. Learn More …
No. 7 Bank of China (Hong Kong) Named Strongest Bank in Asia Pacific and Hong Kong by The Asian Banker
Bank of China (Hong Kong) has been named as Strongest Bank in Asia Pacific and Hong Kong by The Asian Banker for three years in a row.
This to recognise the bank’s excellent financial performance and potential to increase profitability consistently and continuously. Learn More …
No. 8 Goldman Sachs to Cut About 30% of Investment Banking Jobs in Asia
Goldman Sachs is going to cut about 30% of their Asia investment banking jobs in Asia beside Japan. It will lower the number of bankers who are working on mergers and acquisitions. equity and debt capital markets.
The job cuts are most likely to occur around Hong Kong, Singapore and China. Learn More …
No. 9 Goldman Sachs Southeast Asia Investment Banker Set to Leave
The head of Goldman Sachs Investment banking division in Southeast Asia is set to leave the bank. Michael Smith who is in charge of the bank’s Asian real estate investment banking team will leave later this year.
He has been with the bank since 2006. Learn More …
No. 10 Bank Lending in Singapore Inches up 1.1% in August
Bank lending in Singapore expanded as the same pace in July. This is according to the latest data by Monetary Authority of Singapore which indicated that overall bank lending increase by 1.1% in August from $597 billion to $604 billion.
Consumer loans rose to S$246.5 billion in August, up by 2.6% from the same month last year. Learn More …
Credits: Finews Asia, Julius Baer Press Release, The Wealth Insider, Wealth-X, Wealth Briefing Asia, Reuters, Bank of China (Hong Kong) Press Release
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