JPMorgan Chase has cut around 30 jobs at its Asian wealth management businesses in Hong Kong and Singapore, as the US bank increases its focus on a smaller pool of wealthier clients.
Author Archives: Kirsten Hastings
Kirsten is editor for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry.
Kirsten has a Masters in Financial Journalism from the University of Stirling.
She can be contacted via kirsten.hastings@lastwordmedia.com
Document leak ‘biggest ever blow to the offshore world’
Around 11.5 million leaked documents from a Panama-based law firm have exposed the offshore holdings of politicians, sports stars and public officials around the world.
Credit Suisse to cut 2,000 more jobs, save another CHF800m
Credit Suisse is to eliminate another 2,000 jobs and make an additional CHF800m (£576.1m, $824m, €733.8m) in cost savings, as it accelerates the pace of its restructuring following disappointing results in the final quarter of 2015.
DBS front runner for Barclay’s HK and Singapore wealth units
Singapore’s DBS Group is reported to be the front runner to buy Barclay’s Hong Kong and Singapore private wealth units, reports the Straits Times.
Wealth management fees hit 5-year high in Singapore
Wealth management fees more than doubled between 2010 and 2015 at Singapore’s three banks, as Asia Pacific surpassed North America as home to the largest number of high net worth individuals.
China has a credit problem and it knows it
Anybody who says that China doesn’t have a credit problem is lying because when that much credit is pumped into the system there is no way that every single loan is a sound investment, according to Schroders’ head of Asian equities Singapore, Lee King Fuei.
Second property-backed Chinese asset manager defaults
Xin Qi, a Chinese asset management firm backed by property projects, has defaulted on CNY1.9bn (£203m, $291m, €261m) worth of investments, affecting thousands of retail investors across mainland China.
Banks file bids for Barclays Asia private wealth unit
DBS Group, OCBC and Julius Baer have reportedly submitted non-binding bids for Barclay’s Asian private wealth business.
Thailand’s SEC goes after two Brits
In separate incidents, Thailand’s Securities and Exchange Committee has filed criminal complaints against two British nationals accused of operating securities businesses without a licence.
Survey: Most HNWIs to invest more in 2016
The majority of high-net-worth individuals globally plan to increase contributions to their investment portfolios in the first half of 2016, according to a poll by the deVere Group.
