JPMorgan faces regulatory requests over message preservation

(BLOOMBERG) – JPMorgan Chase & Co, which rattled employees earlier this year by ordering them to save work-related messages on their personal phones, said regulators have been asking questions about how it preserves records. The largest US bank has been responding to requests for information “concerning its compliance with records

Citi appoints five Singaporeans to senior roles across Asia

SINGAPORE (THE BUSINESS TIMES) – Citi Singapore on Tuesday said it has appointed five Singaporeans to senior roles in various business groups across Asia. Consumer banking veteran Chan San San has been appointed private banking high net worth (HNW) head for Asia-Pacific from July. In her new role based in

Banks involved in Archegos meltdown face US probe

NEW YORK (BLOOMBERG) – United States investigators who focus on corporate collusion are examining how global banks handled multibillion-dollar trades with Archegos Capital Management that sent stocks into a spiral and burned other shareholders. The Justice Department’s (DOJ) antitrust division is handling at least part of the probe into the

Barclays appoints former JP Morgan senior exec as head of its South-east Asia banking

SINGAPORE – Barclays has appointed investment banking veteran Ee-Ching Tay as its new head of South-east Asia banking. She will be in charge of further growing the bank’s franchise in the region, with a focus on driving mergers and acquisitions (M&A) advisory and financing. “In particular, she will lead and

HSBC exits loss-making US retail banking as part of Asia pivot

HONG KONG (REUTERS) – HSBC announced it is withdrawing from US mass market retail banking by selling some parts of the money-losing business and winding down others, a long-awaited move as the lender steps up a shift in focus to Asia, its biggest market. Europe’s biggest bank has for years

Six Credit Suisse bankers exit as post-Archegos defections mount

NEW YORK (BLOOMBERG) – A half-dozen senior Credit Suisse Group bankers have left the firm in recent weeks, the latest in a raft of defections following the implosion of Archegos Capital Management and uncertainty about future bonuses. Jason Wortendyke, global co-head of mobility and services, rejoined Citigroup to run diversified

Chinese students pay agents US$12,000 for shot at Wall Street internships

BEIJING (BLOOMBERG) – Getting a shot at a coveted investment banking or finance job is a cutthroat, and sometimes controversial, business in China. Career consulting firms have mushroomed in recent years, enlisting what they say are thousands of finance professionals to help open doors to students who can afford it.

Tokyo opens Hong Kong office to attract firms to financial hub

TOKYO (BLOOMBERG) – The Tokyo Metropolitan Government has set up an office in Hong Kong to consult with companies considering a move to the Japanese capital, part of its push to make the city a global financial centre. The Hong Kong office opened for online consultations on Friday (Oct 16),

StanChart Singapore investing $5 million over three years in traineeships and reskilling

SINGAPORE – Standard Chartered Singapore will invest $5 million into creating traineeships and skills upgrading opportunities over the next three years. StanChart said on Tuesday (June 23) that it will provide close to 350 traineeship places this year and intensify its SkillsFuture @ SC programme with the aim of upskilling its 10,000

HSBC, Standard Chartered and other bank bosses take pay cuts amid coronavirus fallout

LONDON (REUTERS) – Top executives at British lenders HSBC, Standard Chartered and NatWest said on Wednesday they would take salary cuts after pressure on bankers to show solidarity with customers struggling to make ends meet during the coronavirus crisis. Lloyds said all its executives – including chief executive officer (CEO)