Morning Coffee: China May Hire Outside of China
With domestic margins waning, Industrial and Commercial Bank of China (ICBC) is expanding overseas, potentially creating finance jobs in areas like the Middle East, Europe, South America and Australia.
A state-controlled institution, ICBC is the world’s largest bank by market value, giving it plenty of resources to invest outside of China. The Beijing bank wants to be present in as many as 50 countries within the next two years, up from 28 in 2010, according to The Wall Street Journal.
The big push will be in emerging markets like Peru, Saudi Arabia and Kuwait, where competition is less robust, although sources told the Journal it will continue to look for acquisition targets in the U.S. and Europe.
How much hiring ICBC will do isn’t clear, but the bank is expanding at a near-record pace while rivals are tightening their belts. Get your resume ready. As eFC reported, Chinese banks are gradually becoming more attractive to foreigners.
Dimon in the Rough (Bloomberg)
If the U.S. sinks deeper into recession, JP Morgan Chase chief executive Jamie Dimon would be the best person to run the Treasury Department, according to Warren Buffett.
Empty Punishment (Financial News)
The actions taken by Swiss regulators to punish UBS for its rogue trading incident won’t be all that punitive considering UBS is actively shrinking the business.
The White House better act quickly in finding a permanent replacement for departing Securities and Exchange Commission chief Mary Schapiro, lest it leave several impending regulatory issues unsettled.
Stunning Foresight (Business Insider)
The British government surprised many by appointing Mark Carney the new Governor of the Bank of England. Perhaps the move shouldn’t have been all that surprising considering the shrewd moves he made as the Bank of Canada chief.
Golden Opportunity (eFinancialCareers)
Goldman Sachs is in the midst of a big asset management push. If you’ve got the resume, there are a number of good reasons to drop in an application.
A Language of Subtlety (eFinancialCareers)
There is a real science behind body language. Want to land your dream job? Try learning the “power pose.”
Falling Short (Financial News)
Portman Square Capital, the new hedge fund spearheaded by Sutesh Sharma, Citigroup's former global head of proprietary trading, is less than half way to its capital target despite being just a month away from its proposed launch date.
Bulk Payouts (Financial Times)
With taxes sure to go up next year, banks like Access National are planning to pay out big yearly dividends to their shareholders, many of whom are directors within the firm.
Buzz Around the Office
Eat Your Heart Out Channing Tatum (People’s Daily Online)
At least one Chinese newspaper doesn’t understand Western sarcasm. The spoof paper The Onion named North Korea’s Kim Jong Un the “Sexiest Man Alive for the Year 2012.” The People's Daily Online later reported it as fact.
List of the Day: Sudden Job Offer
Receiving a job offer on-the-spot is rare, but it does happen. If it ever happens to you, do this.
- Express gratitude.
- Tell them you’ll need some time to think about it.
- Ask for a formal written offer.