Latest News for: Singapore private banking

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Exodus of wealthy Chinese accelerates with end of Covid zero: Bloomberg

Hong Kong Standard 26 Jan 2023
As the wealthy look to invest abroad, private banks have been building their desks to deal with the flow of capital. They have been hiring in Singapore to serve wealthy Chinese that are investing in the city state. The flood of money has prompted sky-rocketing prices for everything from mansions and golf memberships to luxury car sales in Singapore.
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Taiwan economy sees biggest contraction since 2008 financial crisis 

Hong Kong Standard 18 Jan 2023
That was the first fall since the beginning of 2016, and the worst percentage decline since the third quarter of 2009 ... The drag on the economy was “clearly from exports,” said Ho Woei Chen, an economist at United Overseas Bank Ltd. in Singapore. By comparison, private consumption demand saw “respectable growth.”  ... .
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Goldman Sachs staff in Asia let go as global jobs cull begins

Al Jazeera 12 Jan 2023
The cuts began in Asia on Wednesday, where Goldman completed cutting back its private wealth management unit and let go of 11 private bank staff in its Hong Kong and Singapore offices, a source with knowledge of the matter said ... ongoing in the investment bank and other divisions.
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Goldman job cuts hit investment banking, global markets hard, says source

Financial Express 12 Jan 2023
At least 5,000 people are in the process of being cut from various banks ... Goldman’s layoffs began in Asia on Wednesday, where Goldman completed cutting back its private wealth management business and let go of 16 private banking staff across its Hong Kong, Singapore and China offices, a source with knowledge of the matter said.
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Goldman staff brace as global jobs cull begins

Reuters 11 Jan 2023
investment bank begins a sweeping cost-cutting drive that could see its 49,000-strong global workforce shrink by thousands ... The cuts began in Asia on Wednesday, where Goldman completed cutting back its private wealth management unit and let go 11 private bank staff in its Hong Kong and Singapore offices, a source with knowledge of the matter said.
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Goldman job cuts hit investment banking, global markets hard -source

Reuters 11 Jan 2023
At least 5,000 people are in the process of being cut from various banks ... Goldman's layoffs began in Asia on Wednesday, where Goldman completed cutting back its private wealth management business and let go of 16 private banking staff across its Hong Kong, Singapore and China offices, a source with knowledge of the matter said.
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Singapore economy grows more than expected in 2022

The Jordan Times 04 Jan 2023
SINGAPORE — Singapore's economy grew more than expected last year but much slower than in 2021, official data showed on Tuesday, as analysts warned of weaker growth ahead owing to an expected recession in key markets ... Song Seng Wun, a regional economist with CIMB Private Banking, told AFP.
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Netizens complain of BPI 'debit memo' but bank assures accounts 'safe, secure'

The Manila Times 04 Jan 2023
This was confirmed to The Manila Times by a bank executive who, in a Viber call, said that the matter was being fixed. "Rest assured that your account is safe and secure," the bank added ... BPI is owned by local conglomerate Ayala Corp., the Roman Catholic Archbishop of Manila, and Singapore's GIC Private Ltd.
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Complaints flood BPI following system glitch

The Manila Times 04 Jan 2023
(UPDATE) AYALA-LED Bank of the Philippine Islands (BPI) scrambled on Wednesday to reassure customers and regulators after a system glitch had clients complaining of duplicate transactions and unauthorized withdrawals ... BPI is owned by Ayala Corp., the Roman Catholic Archbishop of Manila and Singapore's GIC Private Ltd.
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Singaporean economy grew 3.8% in 2022

The Manila Times 03 Jan 2023
SINGAPORE. Singapore's economy expanded more than expected last year, but much slower than in 2021, official data showed on Tuesday, as analysts warned of weaker growth ahead, owing to an expected recession in key markets ... Song Seng Wun, a regional economist with CIMB Private Banking, told Agence France-Presse (AFP).
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Singapore says economy grew by 3.8% in 2022

Manila Standard 03 Jan 2023
Singapore’s economy grew more than expected last year, but much slower than in 2021, official data showed Tuesday, as analysts warned of weaker growth ahead owing to an expected recession in key markets ... Song Seng Wun, a regional economist with CIMB Private Banking, told AFP. “The Singapore economy, though faced headwinds, did well enough ... ....
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Singapore’s 2023 hinges on smooth China reopening

Asiatimes 23 Dec 2022
It boils down to confidence – if the Chinese themselves are confident to get out and get on with life as per normal after three years, then it will be a more significant boost to Singapore,” said Song Seng Wun, an economist with CIMB Private Banking.
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DBS cuts GDP forecast to 2.3 percent

Taipei Times 16 Dec 2022
Taiwan’s resilient performance during the pandemic would enable the government to increase spending, the Singapore-based bank said ... Private investment would decelerate amid a global economic slowdown, the bank said ... The bank raised its forecast for private consumption to 2.7 ...
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Nomura expands into Dubai for international wealth management

Reuters 13 Dec 2022
The business currently employs about 90 private bankers in Singapore and Hong Kong ... Nomura, which is outside the top-20 ranks of private banks in Asia, has been beefing up the number of its wealth advisers, and expanding its products, spearheaded by Singapore-based veteran private banker Ravi Raju, who joined the group in 2020.

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