Daily Dispatches: Goldman Sachs profit slump isn't actually that bad; J.P. Morgan hires new APAC head of ECDM
It could have been much worse for Goldman Sachs, which reported a 58 per cent drop in fourth-quarter profit amid a slump in trading and investment-banking revenue. But the fact that analysts and investors cheered the performance shows how much has changed since the financial crisis, even at the firm long envied as one of the mightiest and most clever on Wall Street. (Wall Street Journal)
David Hillman, spokesperson for the UK Robin Hood Tax campaign, says: "When even in a bad year each Goldman employee pockets an average of US$367k – nearly ten times the average UK salary – it's proof that banks live in a parallel universe to the rest of us.” (Channel 4 News)
J.P. Morgan has brought out Jeff Zajkowski from New York to take on the job as head of equity capital and derivatives markets (ECDM) for Asia Pacific, which includes Japan and Australia, sources say. Kester Ng and Doug Howland, who previously shared this job, have been given new roles, they say. (Finance Asia)
Westpac is expected to slash as many as 600 positions across its operations in Australia this year, adding to job losses for the industry. (Sydney Morning Herald)
China and the United Arab Emirates signed a multibillion-dollar currency swap deal in the latest indication of the growing political and economic links between Beijing and countries in the oil-rich Gulf region. (Financial Times)
