After Western banks and non-banking institutions brought the world economy to its knees through imprudent and indiscriminate lending corporate practices, there is widespread revulsion at the plus size pay their fatcats get.
The private bank bid from Asia for primary debt has become the most significant in global terms, dwarfing the European or US retail bid as the region’s growing band of high-net-worth individuals increasingly put their expanding coffers to work in As
According to a new industry analysis surveying 96 money managers worldwide that oversee approximately $21 trillion in assets, profit margins since the financial crisis have been managed by controlling compensation and benefits expense.
There are now 1,020,000 millionaires in China–a national record–and 63,500 “super-rich” Chinese.
As a share of total revenue, wealth management contributed 26%, unchanged year-on-year. OCBC’s private banking business continued to expand, with assets under management growing 20% year-on-year to US$36 billion (S$45 billion) as at 30 June 2012.
Standard Chartered said in its results statement that it has assisted clients in UK, Europe and the Americas, who are suffering with a debt crisis and government austerity measures, "to access the growth markets of Asia".