Standard Chartered, Barclays, Deutsche Bank and RBS may be cutting jobs in Asia right now, but some European banks are expanding – and not just in the evergreen wealth management sector.
If you’re looking for an investment banking job in Asia outside the bulge bracket and you don’t fancy a Chinese bank, you could try Natixis.
The French firm is targeting a 15% expansion in its Asian investment banking business in 2016, Chief Executive Laurent Mignon has told Reuters. This year its IBD income is expected to rise by almost 30% thanks to clients riding volatile mainland markets. Natixis hopes to generate most of its revenues outside its home market within two years.
Meanwhile, Credit Suisse is gearing up for more investment banking hiring in Asia as part of its plans to double its pre-tax income from the region by 2018. The Swiss firm, which has already announced a big recruitment drive in Asian wealth management, now wants to grow its Asian equity capital markets (ECM) business, reports Finance Asia. Newly promoted Asia Pacific ECM head Johnson Chui will be in charge of the expansion.
The news comes just days after Credit Suisse won regulatory approval for its mainland joint venture, Credit Suisse Founder Securities, to provide brokerage services in China – a move which will also trigger hiring next year.
Meanwhile:
HKMA bans staff from making job referrals to the banks it regulates after deputy pitched son’s CV to J.P. Morgan. (South China Morning Post)
Forget millennials – Goldman Sachs is keener on Gen-Z. (Business Insider)
Westpac chairman Lindsay Maxsted strikes back over executive pay. (AFR)
Forget training and flexible working – employees in Singapore want more holidays. (Straits Times)
Morgan Stanley investors pushed it to cut jobs. (Wall Street Journal)
J.P. Morgan is top in global M&A. (Reuters)
DBS starts recruiting for management associate programme in Taiwan. (China Post)
Hong Kong must do more as a yuan hub. (South China Morning Post)
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40-year-old banking MDs axed in Hong Kong as juniors take over teams Global banks in Hong Kong are increasingly culling MDs aged over 40 and putting younger people in their place.