The new set-up of Deutsche Bank’s Asian investment bank is part of a sweeping restructuring unveiled by Chief Executive Officer Christian Sewing one month ago that includes 18,000 job cuts by the end of 2022 and will decrease the lender’s reli
Standard Chartered, one of the three banks that issue currency in Hong Kong, closed several branches in the afternoon, China Citic Bank International closed five out of its 30 branches, and Citibank closed two branches an hour earlier than usual.
The bank was reported to have let go of 10 investment bankers based in Hong Kong due to strong competition, leaving only one to oversee the transition, capital markets publication IFR reported.
The quarterly contribution to full year profit from its corporate asset finance, asset management, and banking services units were down from the first quarter last year, she said.
Macquarie AM closed the quarter with $552.7 billion in AUM, up 2% from the previous quarter. Its banking and financial service business saw total deposits down 1% at $53.1 billion - its funds on platform grew by 3% to $88.8 billion.
In Thailand and South Korea, one rate cut each is forecast from now through 2020, while China and Taiwan are unlikely to adjust policy rates, she said.
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