Dispatches: Basis Capital claim comes as blow to Goldman

The $1.2bn Basis Capital claim comes as a blow to the Australian business of Goldman Sachs, as it pares back its operations to run solely as an investment bank. (The Australian)

The private banking division of Westpac plans to double its revenues and staff in Southeast Asia in five years, riding on continuing strong growth in the region, a senior Westpac banker said. Westpac currently has 10 relationship managers and five other front-line staff serving more than 2,000 clients in Southeast Asia concentrated in Singapore, Malaysia and Indonesia. (Business Spectator )

ANZ moved yesterday to clear itself from claims of complicity with the Iran regime, which would put it at risk of being banned in the US. (The Australian)

Stress levels in the financial advice industry are rising as structural changes take place, according to Association of Financial Advisers (AFA) chief Richard Klipin. (Money Management)

Colonial First State Global Asset Management (CFSGAM) has appointed Andrew Cummins as its head of global projects and strategy, a newly created role. Cummins joins CFSGAM from Macquarie Bank's securities unit, of which he was a division director. (Investor Daily)