Morning Coffee: Private bankers prime CVs for DBS. Banker arrested for HK murders
Looking for a job at DBS? You might want to apply to its newly expanded private banking arm. The Singaporean firm completed its takeover of Societe Generale’s Asian wealth-management business last month and headhunters have been telling us throughout the year that the acquisition will drive more front-office hiring in late 2014 and into 2015.
The bank’s Q3 results now suggest that DBS has the financial clout to fuel an expansion in private banking and to attract elite bankers. While overall net income rose 17% to S$1 billion in the third quarter, in wealth management income shot up 39%.
In a talent-short labour market like Singaporean private banking, where several firms are expanding (including regional rivals Bank of Singapore and Maybank) but revenues are generally tight, these new numbers should help drive more relationship managers into DBS’ profitable arms.
They may also be wanting to work under the command of Tan Su Shan. DBS’ group head of consumer banking and wealth management was named the world's “best leader in private banking” at the PWM/The Banker Global Private Banking Awards last week – the first time a Singaporean has taken the accolade.
Separately, media reports say the banker arrested over the weekend in connection with the grisly murder of two women in Hong Kong is Rurik George Caton Jutting, a British national who worked for Bank of America Merrill Lynch. Jutting, a 29-year-old Cambridge University graduate, is accused of the American Psycho-style killing of sex workers in his Wan Chai apartment.
The Telegraph quotes a BAML co-worker as saying that Jutting “vanished” from his office about a week ago – other sources say that he resigned. The US bank has confirmed that it had previously employed a man by the same name but would not give more details.
Jutting worked at Barclays in London between 2008 and 2010, before joining Bank of America Merrill Lynch and transferring to the firm’s Hong Kong office in July 2013. He is reported to have worked in structured equity finance and trading.
An anonymous colleague of Jutting’s described him as someone who "talked very loud and made loads of money", according to The Telegraph. A police source quoted in the South China Morning Post said the murder scene was among the most horrific in the city since the so-called ‘milkshake murder’ of 2003 when American Nancy Kisel murdered her husband Robert, a Merrill Lynch investment banker, beating him to death after giving him a drug-laced milkshake.
HSBC board member regrets likening Hong Kong protestors to “freed salves”. (Bloomberg)
Blackstone targets graduates from Asian business schools. (Economic Times)
Singapore redundancies spike in the third quarter. (Business Times)
Big Four in Hong Kong “encouraged” not to back the Occupy movement. (WSJ)
OCBC appoints new head of human resources. (HR Online)
SGX voted derivatives exchange of the year. (ACN Newswire)
Why Asians feel rich and happy. (WSJ)