Everyone knows about HSBC's bid for global domination, and recent expansion only further highlights that objective. First, the company plans to open 15 to 20 new branches in China next year, adding to the almost-100 it already has. Asia chief executive Sandy Flockhart told reporters that HSBC "will be the largest international bank in China." The dual headquarters the bank has in Hong Kong and London should help facilitate the expansion. (Reuters)
Further north, the bank has its eye on the Russian bear. Now that relations between Britain and Russia are finally better after that whole
throw-the-diplomats-out-of-the-country incident from several years ago, the bank is ready to capitalize on Russia's millionaires. It will spend $200 million on a retail and private banking network to ensure Russia's high-net-worth clients flock to the British lion. (
The Independent)
Power Broking (FINS)Broker hiring is up for the second half of 2009. Check out our roundup of all the firms that are hiring.
Still Eliminating (Bloomberg)Royal Bank of Scotland plans to shed 3,700 jobs at its U.K. branches. That will make almost 20,000 jobs cut since Stephen Hester came on as CEO almost one year ago.
Request Rejected (WSJ)In the latest wrinkle in the Find-Ken-Lewis'-Replacement saga,
BNY Mellon CEO Robert Kelly was approached to take over the job. His response? Thanks but no thanks. Friend request denied.
Jailhouse Rock (NYT)Bernie Madoff is upset that the auto-pilots at the SEC didn't find him out earlier. Probably the only thing he and the rest of the world have in common.
Soc it to Me (Bloomberg)SocGen plans to expand its Asia fixed-income team by more than 10% in the coming months.
Did You Forget about Us? (The Deal)Mid-tier banks are rising quickly by increasing market share and expanding regionally. The new super regionals could pose a whole new slew of problems.
A Happy Family (FT)The two largest U.S. and U.K. trade associations for bankers and brokers in the securities markets have joined forces to become the Association for Financial Markets in Europe. If the whole is greater than the sum of its parts, AFME could be set to influence policy better than either association could alone.
Sex Matters (The Glass Hammer)Especially in business. Women get the short end of the stick come bonus time, due to varying starting salaries, child-rearing ages, etc.
Raj Tales (NYT)Unlike the Greenwich hedge fund jerk most were expecting, Raj Rajaratnam is being touted as "gregarious and generous...a relatively straightforward man whose parents live with him and his wife, Asha, in Manhattan." Cue tugging of heartstrings. But don't forget that that shared accommodation on Sutton Place is worth $17.5 million; resume hating.
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