Daily Dispatches: "panic" recruitment at investment banks?

Investment banks have been forced to look offshore for quality staff after their operations were depleted during the global financial crisis. The number of bankers being lured back to Australia from overseas is rapidly increasing as domestic financial markets recover and the appetite for corporate transactions increases. Senior investment bankers told The Australian that banks were "panic buying" staff as competition to retain experienced executives intensified, driving up salaries. (The Australian)

Three of the nation's biggest banks are preparing to sign-off this week on their first-half accounts and, marking a sharp contrast to just a year ago, most are poised for a rapid rebound in earnings as the level of bad debts falls away. ANZ, National Australia Bank and Westpac will each rule off their interim accounts March 31 with most to follow with the release of their results towards the end of April. (The Age)

Bank of Queensland has signed an exclusitivity agreement to conduct due diligence for the potential purchase of CIT Group Australia and New Zealand's vendor finance business. (Business Day)