Sumeet Chatterjee
Sumeet Chatterjee
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Hong Kong bankers worry that new laws could lead to capital flight

Hong Kong bankers worry that new laws could lead to capital flight

United States HONG KONG (Reuters) - China’s plan to impose national security legislation in Hong Kong is expected to lead to the flight of capital and talent from the Asian financial hub, bankers and headhunters said on Friday. The proposed legislation, which prompted concerns over freedoms in the semi-autonomous city, comes after large-scale and often violent pro-democracy demonstrations last year, which had already pushed some wealthy individuals to scout for investment options elsewhere. “In some cases where clients had a bit of inertia and hoped things that happened last year will just...

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Sumeet Chatterjee
4d ago
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Axe falls as Deutsche Bank lays off 18,000 in $8.3 billion reinvention

Axe falls as Deutsche Bank lays off 18,000 in $8.3 billion reinvention

FRANKFURT/SYDNEY/HONG KONG/NEW YORK (Reuters) - Deutsche Bank laid-off staff from Sydney to New York on Monday as it began 18,000 job cuts in a 7.4 billion euro ($8.3 billion) “reinvention” which will lead to yet another annual loss and knocked its already battered shares. Germany’s largest lender said on Sunday it would scrap its global equities operations and cut some in fixed income in a retreat from a long-held ambition to make its struggling investment bank, with 38,000 staff, a force on Wall Street. Shares in Deutsche Bank, which has almost 91,500 staff around the world, erased...

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Paulina Duran
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Jul 8
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