In Deutsche Bank AG Chief Executive Officer Christian Sewing’s push to get back into growth mode, there’s one specific business in which there are pretty much no hiring limits.
The private bank in Asia is still recruiting, even after bringing on board about 100 relationship managers and support staff in the first half, Lok Yim, who runs the Asia-Pacific wealth business, said in an interview. “I don’t think there’s a limit apart from what we can digest,” he said.
Few businesses offers such eye-watering opportunities for global banks right now as catering to Asia’s swelling millionaire class. While Sewing has cut thousands of jobs elsewhere, in Asia he’s locked in a battle with banks from Credit Suisse Group AG to Morgan Stanley for the bankers who can bring in wealthy clients — and generate revenue from them.
“We’ve been having strategy papers with Christian Sewing,” Yim said. “The discussion is about ‘how much more would you like to grow?’" he added.
Since taking over in April, Sewing has announced plans to cut at least 7,000 jobs and retrench in investment-banking areas such as prime finance and U.S. rates. More recently, however, the CEO has talked about the need to expand some operations. Wealth management in Asia, the Americas and Europe has been identified as among the bank’s most important areas for growth, according to its second-quarter earnings statement.
The size of wealth assets under management in Asia is second only to Deutsche Bank’s home market in Germany, though overall growth has been subdued in recent years. Total AUM was 216 billion euros ($251 billion) at the end of June, little changed from a year earlier.
Yim said the bank had a strong first half in Asia with “a lot of client activity in the first quarter that carried momentum into the second quarter." AUM in the region edged up to 51 billion euros at the end of June, from 47 billion euros a year earlier, which Yim said was due to both new money inflows and movement in the value of financial assets.
Yim expressed optimism that the recent hiring of relationship managers will bring more rich clients to the bank. “With new colleagues coming on board we are hopeful that we will, over a reasonable period of time, bring new clients onto the Deutsche platform," Yim said.
Despite recent market volatility, Deutsche Bank is advising its wealthy clients in the region to maintain their investments rather than move into safe havens like cash, Yim said. “We do not feel that this is a time to stay in cash. If anything, we remain fully invested but in a hedged environment."
Yim said he is looking to technology and a focus on certain countries and markets in order to contain costs and “sustain profitability" at a time when he is adding new bankers. For example, the bank has exited the wealth business in Australia and Japan in recent years, and no longer serves European clients from Asia, Yim said.
“We want to grow, but sustainably and safely," Yim said. “But we are not going to hire people for the sake of hiring."
U.S. millennials are quick to whip out their wallets for pricey avocado toast and craft beer. But when it comes to rewarding the waiters and bartenders who serve them, those wallets often stay closed.
Ten percent of millennials don’t tip at all when dining out compared with only three percent among the older generations, according to a study released Monday by CreditCards.com, an online credit card marketplace.
And those millennials who do tip at restaurants tend to leave a median gratuity of 15 percent, less than the overall average. Gen-Xers, baby boomers and the oldest Americans, the so-called Silent Generation, are more generous, leaving between 18 and 20 percent.
“It was interesting to see that millennials are the worst tippers—because the typical restaurant worker a millennial,” CreditCards.com senior industry analyst Matt Schulz said in an interview. “It’s self-defeating.”
The study was conducted for CreditCards.com by market-research firm GfK, which gathered data last month from 1,000 Americans aged 18 and older. Millennials were defined as between the ages of 18 and 37.
Beyond those poor waiters, taxi drivers and baristas fared even worse with their millennial customers. Apparently even the suggestion that a tip is expected puts some of these young people off. Eighteen percent of millennials surveyed said they typically decline to leave any amount when presented with pre-entered tipping options—say if they’re in a taxi or taking a Lyft or Uber.
Why are these American youth, many of whom work in tip-reliant industries, so cheap? The answer may be economic. “Millennials’ financial struggles are a big reason they tip less,” Schulz said.
But other data point to a more cynical explanation. Millennials do tend to spend more of their disposable income eating out, according to 2017 data from Merrill Lynch. After all, that tip can pay for dessert.
But twenty and thirty-somethings aren’t the only skinflint demographic. Men, southerners, westerners, parents with young children, lower earners and the less educated said they tip less in restaurants than the overall median of 18 percent, according to the study.
Who, then, leaves the largest tips?
The study found people who are college educated, over the age of 65, from the Northeast and Midwest, and women all reported leaving a median of 20 percent—an above average tip.
If you feel like the second quarter began badly, you’d be right.
U.S. stocks had their worst April start since 1929, according to data compiled by Bloomberg. The S&P 500 index slumped 2.2 percent, a rout exceeded only by its 2.5 percent decline 89 years ago, a prelude to the devastating crash later that year that brought on the Great Depression. (Back then, the index only comprised 90 stocks.)
China’s retaliatory trade tariffs combined with President Donald Trump’s criticism of Amazon.com Inc. to send equities into a tailspin Monday. Shares in the online retailer tumbled, encouraging a sell-off in consumer discretionary and technology stocks. The S&P 500 closed below its 200-day moving average — a key technical support — and volatility climbed.
The stock slide also looked pretty bad when compared to the beginning of other quarters. Equities lost more than on any other quarterly first day since October 2011, when stocks plummeted 2.8 percent, Bloomberg data show.
Snap Inc.’s flagship platform has lost some luster, at least according to one social-media influencer in the Kardashian-Jenner clan.
Shares of the Snapchat parent company sank 6.1 percent on Thursday, wiping out $1.3 billion in market value, on the heels of a tweet on Wednesday from Kylie Jenner, who said she doesn’t open the app anymore. Whether it’s the demands of her newfound motherhood, or the recent app redesign, the testament drew similar replies from her 24.5 million followers. Wall Street analysts too have begun to notice, citing recent user engagement trends noticed since the platform’s redesign.
sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.
Jenner’s tweet was followed late Thursday by one from Maybelline New York, asking its followers if it should stay on the Snapchat platform. The beauty-product brand owned by Paris-based L’Oreal SA said its “Snapchat views have dropped dramatically,” but it still wanted to connect with its followers.
Citigroup analyst Mark May downgraded the stock to sell from neutral earlier this week after seeing a “significant jump” in negative reviews of the app’s redesign. He expects the reviews could cause user engagement to fall, hurting financial results.
Meanwhile, as the app takes criticism, Chief Executive Evan Spiegel may become one of the highest paid executives in the U.S. After the company’s IPO last March, Spiegel got a $636.6 million stock grant that will be payable through 2020.
"Still love you tho snap," Jenner hedged in a later tweet.
Subscribers to AT&T Inc.’s DirecTV NFL Sunday Ticket who want to cancel the service because of football players’ national anthem protests can get refunds, according to customer service representatives.
The protests, which started with some players kneeling during the anthem to protest racial inequality, has expanded to teams and even owners linking arms in a show of unity. The issue has been magnified by tweets from President Donald Trump, who called the protests “disgraceful” and encouraged fans to boycott the NFL.
AT&T is the exclusive home of the Sunday Ticket, which offers the full slate of Sunday afternoon NFL games. The telecommunications company declined to comment.
The TV football package costs almost $300 a season, though AT&T offers various promotions and monthly pricing options.
DirecTV normally has a no-cancellation policy for Sunday Ticket. The Wall Street Journal reported the refunds earlier Tuesday.
Canada Day 2017 can also be the countrys 150th birthday. To mark this special day, we present this handy help guide to its greatest urban centres, as based in the CANADALAND Help guide to Canada
Welcome to Canada! Even though many people consider it as being an enormous expanse of snowy backwoods, 75% of Canadians really live within 1 hour 30 minutes of america border that they anxiously hang on to for warmth and tv shows.
Most Canadians live in a number of metropolitan areas that you might end up in because of layovers or random misfortune. It is not easy to inform one from another … this might help.
Rubi Ibarra celebrated her quinceneara on the ranch in Mexico having a crowd of thousands following a video invite for that party was seen all over the world
Searching at a loss for the interest, yet resplendent within an elaborate fuchsia dress and gleaming tiara, Rubi Ibarra celebrated her 15th birthday on Monday on the ranch in central Mexico following the invitation towards the event by her father went viral and made her the toast of the country.
Family people needed to open a way for that girl through a large number of reporters and photographers snapping her picture so she could achieve the Mass on her inside a field within the condition of San Luis Potosi. A sizable billboard saying Thanks for visiting my 15th birthday celebration with Rubis picture towered within the camping tents and tables full of food.
Lots of people originated from across Mexico for that quincenearacelebration, a conventional coming-of-age party much like American sweet 16 parties by which Mexican families frequently throw big, pricey bashes so their daughter could be princess for any day.
I came to find out if they’d produce an outfit in my daughter on her 15th birthday in May, stated Victoriano Obregon, who’d come completely in the northern condition of Coahuila.
Rubis party acquired national and worldwide prestige at the begining of December following a local event professional photographer published on his Facebook page a relevant video from the women father describing mothering sunday party filled with food, horse races and native bands. Within the video, cowboy hat-putting on Crescencio Ibarra haltingly but proudly describes the party and prizes, before announcing that everybody is cordially asked.
Canadian singer, songwriter, novelist and poet revered for works including the song Hallelujah
It is a remarkable testament to the scope of popular music that Leonard Cohen could ever have been filed under the headings of rock or pop. A poet and novelist as well as a songwriter, Cohen, who has died aged 82, was as much a literary figure as a musical one.