Last week we reported that jobs in Standard Chartered’s corporate and institutional businesses in Asia were particularly at risk under the bank’s new plans to cut 15,000 jobs. The firm is refocusing away from investment banking under CEO Bill Winters’ new strategy to reduce costs and revive financial results. “Anyone working in an area related to institutional clients could potentially be in danger,” a Singapore-based headhunter told us.
Now it’s emerging that Stan Chart has indeed begun the process of restructuring its investment bank, according to Finance Asia, quoting anonymous sources close to the firm. And the publication also reveals that Carsten Stoehr, global head of financial markets sales, has left the bank for another financial firm in Hong Kong.
It’s unclear whether Stoehr left of his own accord, but headhunters we’ve spoken with recently say senior bankers are weighing up their options and some want to depart before the restructuring moves into overdrive. Peter Szekely, head of Hong Kong DCM and Tammy Leung, a director in high yield, have both recently left the bank, for example. Expect more senior departures – voluntary and otherwise – in the coming weeks and months.
Meanwhile:
James McMurdo named Deutsche Bank’s new head of corporate and investment banking for Asia Pacific. (Wall Street Journal)
And the latest bank to set up a fintech unit in Asia is…OCBC. (Business Times)
Singapore banks must keep up with new technology, says PM Lee. (Straits Times)
Nomura Asset Management is expanding in Taiwan. (Asian Investor)
Why Morgan Stanley is turning to boring banking. (Reuters)
What Credit Suisse thinks are the two biggest threats to the global economy next year. (Bloomberg)
NUS graduates ranked 17th most employable in the world. (Channel News Asia)
Are global regulators making Chinese banks less stable? (South China Morning Post)
Related articles:
Stan Chart rolls back to 2008 as Asia bears brunt of 15,000 job cutsStandard Chartered’s rapid Asian expansion over the past seven years is now suffering an ignominious reversal.
Here’s how Credit Suisse will hire hundreds of new bankers in AsiaCredit Suisse wants to recruit more than 270 private bankers in Asia. This will be challenging.
Citi to hire 750 grads and interns next year in boost to Asian intakeCiti’s campus recruitment head for Asia Pacific tells us about the firm's regional recruitment plans.