Tag Archives: Americas

Rich Asians Give Deutsche Bank Crazy Growth Potential

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.

Read about how not even fruit bowls are safe in Deutsche Bank’s cost clampdown

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.

Asian Assets

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.

Wealth Business

Deutsche Bank's Asia AUM is the largest after Germany (in billion euros)

Source: Deutsche Bank's second-quarter earnings presentation

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."

    Read more: https://www.bloomberg.com/news/articles/2018-08-09/deutsche-bank-has-one-area-where-sewing-sees-no-limits-to-growth

    When It Comes to Tipping, Millennials Are Cheapest

    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.

      Read more: https://www.bloomberg.com/news/articles/2018-06-18/when-it-comes-to-tipping-millennials-are-cheapest

      Stocks’ Second-Quarter Start Is the Worst Since the Great Depression

      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.

      Read more: http://www.bloomberg.com/news/articles/2018-04-02/stocks-second-quarter-start-is-worst-since-great-depression

      In One Tweet, Kylie Jenner Wiped Out $1.3 Billion of Snaps Market Value

      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. 


      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.

        Read more: http://www.bloomberg.com/news/articles/2018-02-22/snap-royalty-kylie-jenner-erased-a-billion-dollars-in-one-tweet

        AT&T’s DirecTV Is Giving Refunds on NFL Packages Due to Protests

        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.

          Read more: https://www.bloomberg.com/news/articles/2017-09-26/at-t-s-directv-is-giving-trump-supporters-refunds-on-nfl-package

          ‘Places you’ll only visit due to random misfortune’: an alt guide to Canada’s cities

          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.


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          Toronto: why so ugly? Illustration: Andrew Barr/Canadaland

          Toronto is a large North American city. Youll know youre here and not in Chicago, Philadelphia, Detroit, or a dozen other places, because of the very tall tower downtown.

          Why so ugly?

          Toronto was labelled a temporary city for the first years of British rule. As it grew in the 19th century, this protestant backwater turned to meatpacking as its primary industry. You actually needed a special license to buy liquor for personal use until 1969, and some neighbourhoods maintained prohibition until 1994.

          In the 60s and 70s, fear suddenly made Toronto the centre of Canadas universe, as companies terrified by the possibility of a sovereign Qubec moved their head offices from Montral to the next best option. They were soon followed by equally terrified Anglos (English-speaking Montralers).

          Seemingly overnight, Toronto boomed. Construction exploded at the exact ugliest moment in the history of architecture, with no regard for urban planning or aesthetics of any kind.

          How to fill the void?

          Ever had a kebab the size of your arm? Toronto has! How about poutine with pork 3 ways? You betcha! 14-day eco-friendly juice cleanse? Theyre right on the doorstep! The town includes a particular penchant for novelty baked goods, pretentious fusion, and also the needlessly wheat-less. Because the citys meals are the only real factor which has ever introduced residents any semblance of pleasure, they stuff chow mein burritos within their mouths like theyre not every around the slow, inevitable route to oblivion.

          Amalgamations revenge

          Toronto is really a composite of boroughs and cultures stitched together. After decades of unhindered suburban sprawl, its many communities were all of a sudden amalgamated into an incoherent and ungovernable behemoth in 1998. Wish to extend the subway system with a couple of stops? Not a problem. That’ll be completed in twenty years approximately.

          A progressive paradise?

          You’ve clearly forgotten Mayor Rob Ford.


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          Vancouver: A hermit kingdom, separated from reality by the Rocky Mountains to the east and the Pacific Ocean to the west. Illustration: Andrew Barr

          Vancouver is a hermit kingdom, separated from reality by the Rocky Mountains to the east and the Pacific Ocean to the west. In its isolation, Vancouver has gone insane and lost all frame of reference, and locals are consistently in one kind of fantasy stupor or another. Come for a visit soon, as a massive earthquake is expected to jolt Vancouverites to reality every day now.

          Who youll meet

          Junkies: Vancouvers downtown eastside hosts a sobering quantity of heroin addicts, and a trip to any Hastings alleyway will mortify the most hardened street-occupant. This really is terrible, remarked a scandalised Snoop Dogg inside a 2016 Instagram video as his Sports utility vehicle drove over piles of syringes. You have to clean this shit up.

          Teen millionaires: Wealthy Chinese (also Indians, Iranians, and Saudis) families frequently send their offspring to Vancouver, where they live in trendy homes (for tax-sheltering purposes) and drive costly cars.

          Teen millionaires 2.: Huffing the northward-drifting fumes of Plastic Valley, local gurus and thinkfluentials all wish to score big using the next Hootsuite or Lots of Fish. Understand what Retsly, Zeetl, Tingle, or Yiip do? Thats OK, neither do their workers.

          Sporty enlightened hippies: Other Vancouverites are fitness-crazed, eastern philosophy-loving, fleece-putting on, property-speculating hippies.

          What to do

          Kitsilano: A captivating middle-class neighbourhood, well-liked by youthful parents, full of parks, beaches, and delightful heritage homes all of which be easily wiped from the face of the world with a cataclysmic 8.+ megaquake.

          Yaletown: Formerly the citys rail yard, Yaletown has changed into a neighbourhood filled of stylish bars, parks, spas and boutiques, and it is set to change again when an earthquake rips our planet open just like a zipper, as you researcher place it.

          Gastown: The place to find a few of the citys most widely used historic sites, restaurants, profit-free tech startups, and least earthquake-resistant structures. It won’t be able to escape within the destruction.

          Opponents of Vancouver

          Vancouver has more destitute people than elsewhere in Canada additionally, it has more empty homes than elsewhere in Canada.


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          Ottawa: Winters are oppressive as a future overlord. Illustration: Andrew Barr/Canadaland

          Ottawa is the seat of political power in Canada, and it is ripe for the picking. Whether youre a French insurrectionist or simply a busload of teenagers protesting abortion, here is how to sack and occupy Canadas capital and thus, the entire nation.

          Climate challenges

          Ottawas winters are as oppressive as you are, future overlord. It has some of the countrys coldest, snowiest winters, with an average snowfall of 236cm. It also ranks in the top 10 for hottest, most humid summers in Canada. It is the worst of both worlds. Do yourself a favour and conquer Ottawa in the spring or fall, then holiday in Florida like everybody else.

          Canada Day

          Like any despot, you will need to adapt to local customs to maintain stability. Keep your iron grip by hiring the Barenaked Ladies or Avril Lavigne to experience a totally free public concert around the hill.

          Rewrite history

          Glorify yourself in Ottawas 14 national museums. Roughly 7.3 million people go to the capital region every year and millions more can come to worship at the altar. Pressure the Royal Canadian Mint to simply press coins together with your visage. The Canada Aviation and Space Museum should show the most recent in ballistic missile technology on loan out of your buddies in North Korea. The Nation’s Gallery of Canada should showcase only boring art which makes people feel at ease (so no changes needed there).


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          Montreal: The most charming and sexy city in North America. Illustration: Andrew Barr/Canadaland

          More than Canada, less than Europe. A city of cobblestones and potholes, wine in convenience stores, and unsettling levels of street clowning. If you like good food, civil unrest, high art, common-law marriage, beautiful architecture and endemic corruption: bienvenue!

          Where to go

          The Old Port: The citys historic port dates back to the early 1600s, when French fur traders used it as a trading post. Today you can catch an Imax flick there and weep at the citys neglect of the districts crumbling, ancient buildings.

          The Main: The beating heart of Montral, Boulevard Saint-Laurent the citys main strip was the historical dividing line separating the citys working-class French in the east from the working-class Anglos in the west.

          Park Ex: Follow the citys tearful trail of migration northwards to the borough of Villeray-Saint-Michel-Parc Extension, aka Park Ex. Ride the 80 bus for four hours until you arrive in the centre of Qubcois cool. Live like a local artist, weed dealer or grad student by dining on cheap Pakistani food and drinking overproof beer in Jarry Park.

          What to do

          Tam-Tams:Montralers gather every week in Mount Royal Park to fill the air with the beats and baps of amateur drumming. They also fill the air with the scent of stepped-on hash, beeswax candles and body odour.

          Nothing: The very fact that you are consulting a travel guide tells me youre a loathsome Anglo who likes to ruin everything by planning for it. Put down this guidebook and live your life for once.

          Get chided for speaking broken French:The look of contempt youll get from a Francophone say, when you ask for laddition at a restaurant when you want your bill, as one might in France is one of the citys most beautiful sights.

          Enjoy high culture:From cinema to comedy to music, to whatever FrancoFolies is on about, arts festivals are unavoidable throughout the couple of several weeks of the season when Montral isn’t frozen. If you like arranging for things or squeezing the body through densely packed mobs to look at jam bands noodle on free public stages, this is actually the spot for you.

          Leave: Montral is easily the most charming and sexy city in The United States. It’s sophisticated, civilised and economical. Following a weekend visit or perhaps a college degree, most attempt to stay. Remember: you might love Montral, but it’ll never adore you back. Au revoir!

          It is really an edited extract in the book The Canadaland Guide to Canada by Jesse Brown, printed by Touchstone

          Follow Protector Metropolitan areas on Twitter and Facebook to participate the discussion, and explore our archive here

          Find out more: https://www.theguardian.com/cities/2017/jun/30/canada-day-2017-150th-birthday-alternative-cities-guide-toronto-vancouver

          Thousands attend Mexican girl’s 15th birthday party after invite goes viral

          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.

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          Rubi Ibarra arrives at Mass surrounded by a horde of journalists. Photograph: Enric Marti/AP

          Rubis mother later explained that Crescencio had only been referring to everyone in the neighbouring communities, not the world, but by then the video had been picked up dozens of times on Youtube and had been seen by millions, sparking tributes by musical stars, jokes and offers of sponsorships by companies.

          Mexican airline Interjet published a promotion offering 30% discounts on flights to San Luis Potosi, under the slogan Are you going to Rubis party?

          Internet users printed mocked-up photos of troops of turkeys, backhoes stirring giant caldrons of soup and large crowds at risk of Rubis party.

          Actor Gael Garcia Bernal made a parody video of the invitation, and singer Luis Antonio Lopez El Mimoso composed a corrido song specifically for Rubi. The standard daughter of ranchers even got a deal to look around the soap opera The Rose of Guadalupe.

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          Rubi Ibarra looks at her mother Anaelda as photographers crowd around during a Mass part of Rubis 15th birthday party. Photograph: Enric Marti/AP

          Several hundred guests had arrived by Monday morning for the Mass, but the number swelled as the day progressed so that by evening there were thousands and the event resembled a rock concert. Cars blocked the access roads to the communities and state police and Red Cross workers monitored the situation.

          What happened with Rubi is an interesting example of how the internet amplifies and makes hyper-transparent peoples personal lives and how traditional media look for stories on social networks to bring in new audiences who they have been losing, said Sergio Octavio Contreras, a communications professor at Mexicos La Salle-Bajio University.

          Rubis neighbours say they hope all the attention will bring improvements to the poor community, where there is a mescal distillery but residents are pleading for mobile phone coverage.

          More than anything, this can bring attention to us … so people can see the unemployment, said local resident Rutilio Ibarra.

          Find out more: https://www.theguardian.com/world/2016/dec/27/rubi-ibarra-thousands-attend-mexican-girls-15th-birthday-party-invite-viral

          Leonard Cohen obituary

          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.

          Read more: https://www.theguardian.com/music/2016/nov/11/leonard-cohen-obituary