Asian C-Suite Reshuffle At J Safra Sarasin
Tom Burroughes, 21 February 2020
The banking group announces a number of changes, including a new CEO for its Asia business. One of the new figures was a top figure at BNP Paribas.
The banking group announces a number of changes, including a new CEO for its Asia business. One of the new figures was a top figure at BNP Paribas.
Lugano, Switzerland-born Sergio Ermotti is standing down after a decade at the world's largest wealth manager. He has been instrumental in reshaping the bank after what had been a testing period. The new CEO comes from ING, the Dutch group.
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Japanese shares remain relatively inexpensive versus certain other major developed markets. Although the economy has been improving, foreign investors still "under-allocate" to Japan, the author of this article says.
With millionaires being minted faster in Asia than anywhere else, Standard Chartered is setting its cap at this mid-tier wealth sector with a new plush private banking operation in Singapore.
The bank is cutting up to about 35,000 jobs across affected businesses over the next two years. Global private banking will enter a new wealth and personal banking arm as part of restructuring, cutting from four divisions to three. The lender is slashing exposures at its investment banking businesses in Europe and the US.
The growth forecast cut is sharp even on a "base case" scenario where the lockdown on Chinese cities eases by the end of February. In even harsher situations, the GDP drop will be even more severe.
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