HSBC had both highs and lows in Asia this week.

It lost out to Oversea-Chinese Banking Group, Singapore's third-largest lender, in a bid for the Asian private banking assets of ING Group. OCBC shelled out $1.46 billion for the acquisition.

ING has been selling its assets left and right after being rescued by the Dutch government last year; it sold its Swiss private banking assets to Julius Baer just last week for $510 million.

OCBC agreed to keep on ING's management and support staff. Though the deal propels OCBC in the private banking industry, it is still shadowed by UBS and Citigroup.

HSBC was considered a strong contender but ultimately failed to snag the prize.

On the bright side, HSBC may speed up the launch of its prime brokerage business in Asia, after starting up in Europe in July. Like the rest of its plans, these ones aim high: HSBC wants to become one of the top three prime brokers in the region within two years. Where have we heard that before? (FT)

Ken vs. Ken
Ken Lewis will forgo both salary and bonus for 2009 to make Ken Feinberg happy. He'll still walk away with a potential $100 million in stock, but he does have to pay BofA one million back, so that's something. Cue the violins -- this might set a new precedent. (WSJ)

In the Interim
Steven J. Golub was named interim CEO of Lazard after Bruce Wasserstein's death. He's a well-respected banker, having risen through the ranks since 1984, but it's not certain he'll be chosen as a permanent replacement. (DealBook)

The Bank Who Cried Wolf
Contrary to Citigroup's claims of innocence amidst the whole predatory lending thing, the bank was actually taking big risks circa 2003. (Columbia Journalism Review)

MBAs With a Cause
MBAs, it turns out, don't just want to make money and trade O.T.C. derivative playing cards. There's greater demand for programs that help their students change the world -- one sustainable venture at a time. (WSJ)

Down with the SEC?
Realizing that suing Madoff won't result in much more than an invitation to the Palm Beach Country Club, two angry investors have sued the SEC instead, which makes a lot more sense seeing as the agency was basically out to lunch for ten years. (Reuters)

Finance Finesse
Finance jobs are still among the world's most desirable, surveys show. Six finance jobs made the top 50. (FINS)

Gimme More
Treasury officials decided that banks should raise more money and pay off the billions of taxpayer funds that kept them afloat last year. Banks, naturally, are not a fan of this suggestion and will probably resort to mailing in easy installments of $19.95. (NYT)

Going for the Gold
Ahead of the gigantic bonuses and resulting riots that will give IMF protesters a run for their money, Goldman is trying on a new, softer image, like letting kids rub Lloyd Blankfein's head. (WSJ)

Now Hiring
After losing most of its workforce this week in a mass resignation, RBS Coutts is trying to attract new talent. The bank is looking to hire 200 people in Asia over the next five years. (Bloomberg)

Bye Bye Broker
The rich are relying less on full-service brokers and more on independent financial planners. (Investment News)

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