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Hong Kong’s CLSA set to increase headcount by up to 10% in the U.S.

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Like other Asian firms, Hong Kong-based CLSA is focusing its expansion plans in the West, particularly in the U.S. The brokerage firm plans to increase headcount between 5% and 10% in the U.S. in 2015, on top of the roughly 180 staffers that it already employs in the region, Rick Gould, CEO of CLSA ...

China Banks’ Worst Year Since 2004 Seen as ICBC’s Bad Loans Jump

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Industrial & Commercial Bank of China Ltd. reported a 21 billion yuan ($3.4 billion) jump in soured credit in the first quarter, the biggest increase since at least 2008, in a filing on Wednesday.ICBC, China Construction Bank Corp., Agricultural Bank of China Ltd, Bank of China Ltd. and Bank of ...

Taiwan Applies to Join China-led AIIB

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Taiwan has applied to join Beijing’s newly created Asian Infrastructure Investment Bank, in a test of how China’s political priorities will influence the new bank’s operations.China, which views Taiwan as a renegade province, has limited its membership in many regional and internat...

Citibank Hong Kong calls for media agency review

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Citibank has kick started a global review of its media agency relations, with Hong Kong to be part of the tender process.Citibank’s incumbent media agency in Hong Kong is MEC, a partnership that has spanned more than 10 years.A spokesperson from MEC confirmed to Marketing that the Hong Kong of...

Agricultural Bank Profit Unexpectedly Falls as Economy Cools

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Agricultural Bank of China Ltd., the first of the nation’s biggest lenders to report fourth-quarter earnings, posted an unexpected decline in profit as net fee income fell and bad-loan provisions swelled.Profit was 27 billion yuan ($4.4 billion) in the three months ended Dec. 31, down from 28....

Bank reports prompt jitters for the indexes

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Both Hong Kong and mainland stocks at one stage fell yesterday as two major Chinese banks reported weaker first-quarter earnings. But both indexes recovered towards closing.The Hang Seng Index ended just 42 points lower at 28,400, while the Shanghai Composite Index closed flat at 4,476 points after ...