Chinese bank valuations are looking gloomy – at lows near the depths of the 2008 financial crash
China's property market has been dealing with a bit of a crisis, and it continued to struggle in October, facing liquidity problems and enormous debts.
Banking giants
Despite the Ukraine war, omicron and inflation, Visa had a pretty decent quarter
Payments giant Visa said that despite the omicron variant of COVID, the war in Ukraine and rising inflation, it still had a pretty good fiscal quarter. Payment volumes grew 17% during the quarter, despite the company pulling out of Russia (as many companies did at the beginning of the war)
Australia’s Westpac will now let you openly talk about your salary at work
Curious about how much your colleague makes? Well, at Westpac, a major Australian bank, all you need to do is ask, and you shall receive. More specifically, though, the bank said that moving forward, there won’t be a pay confidentiality clause in employee contracts and the clause in existing
The talent war in Hong Kong’s banking sector continues
Banks are dangling the carrot to keep talent. Actually, it’s not really a “dangle,” it’s more of an in-your-face shake, because while bankers in Hong Kong would usually get a 15% pay hike for “walking across the street,” this number is now up to 20% to 30%. Why?
HSBC’s pay raise reflects the aggressive industry battle to keep talent
The backstory:
* Wall Street has been aggressively hiking pay, with The Goldman Sachs Group, Inc. paying 23% more per employee on average for the past year. This increase marks the biggest jump in over a decade. Morgan Stanley and JP Morgan Chase & Co. have also raised pay up to 50%
What you need to know about Blackstone’s US$11 billion bet on Asia
The backstory:
* The Chinese government started a crackdown spree last year, with arguably the most notable company and entrepreneur on the receiving end of this being Alibaba Group Holding Limited’s Jack Ma.
* Since then, the crackdown has ranged across multiple industries from technology to education and more.
* This is
Everything you need to know about China Huarong’s return after 9-month hiatus
In the end, state-owned companies including Citic Group Corp., China Insurance Investment Co. and China Life Asset Management Co., agreed to help Huarong out with a US$6.6 billion bailout, a bailout that would also shift the control of the company to Citic.
Who’s Huarong again?
* China Huarong