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THE VAULT GUIDE TO THE TOP

BAN KING 2009


ASIA PACIFIC EDITION
E M PLOYE RS
is made possible through the generous support of the following sponsors:
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Business School
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VAULT GUIDE TO THE Top


BANKING
E M P LOY E R S
2009 ASIA PACIFIC EDITION

BANKING
EMPLOYERS
JON BRAUN, DEREK LOOSVELT
and the staff of Vault
vault

© 2008 Vault.com Inc.


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Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

2009

© 2008 Vault.com Inc.


ASIA

and the staff of vault


VAULT GUIDE TO THE

PACIFIC
E M P LOY E R S
Top
BANKING
EDITION

EMPLOYERS
BANKING
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Copyright © 2008 by Vault.com Inc. All rights reserved.

All information in this book is subject to change without notice. Vault makes no claims as to
the accuracy and reliability of the information contained within and disclaims all warranties.
No part of this book may be reproduced or transmitted in any form or by any means,
electronic or mechanical, for any purpose, without the express written permission of
Vault.com Inc.

Vault, the Vault logo, and “The Most Trusted Name in Career InformationTM” are trademarks
of Vault.com Inc.

For information about permission to reproduce selections from this book, contact Vault.com
Inc., 75 Varick St, 8th Fl, New York, NY 10013, (212) 366-4212.

Library of Congress CIP Data is available.

ISBN 13 : 1-58131-659-3

ISBN 10 : 978-1-58131-659-9

Printed in India
ACKNOWLEDGMENTS

Along the way, numerous people helped out in all sorts of ways on this guide,
and we are deeply grateful to each and every one of them.

Thanks to everyone at Vault, Vault Asia, Vault India and Vault Europe for all of
their hard work in the editorial, production and marketing stages, as well as the
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journalists who helped write and compile the profiles. A special thank you goes
out to Robin Ngai, Evan Kelsay, Christy Wang, Nick Ober, Mary Sotomayor,
Asha Majithia and Preeti Singh.

We are also extremely grateful to all the staff members in graduate recruitment,
corporate communications, human resources and other departments at firms
around the world who contributed their input and feedback. We would like to
thank you for your patience during the editorial process and for getting back to
us promptly on all those tight deadlines.

Finally, we would like to thank the many financial professionals who took time
out of their busy schedules to complete our survey, as well as those who were
interviewed or answered questions we had.
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Table of Contents
INTRODUCTION 1
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EMPLOYER PROFILES 15

Agricultural Bank of China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16


ANZ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20
Bank of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
Bank of China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30
Barclays Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34
The Blackstone Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40
BNP Paribas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46
BOC International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53
CFETS-ICAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57
China Construction Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60
China Galaxy Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65
China International Capital Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . .69
China Merchants Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74
CIBC World Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .78
Citi Institutional Clients Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83
CITIC Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92
CLSA Asia-Pacific Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .97
Commonwealth Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102
Credit Suisse Investment Banking Division . . . . . . . . . . . . . . . . . . . . . . .107
Daiwa Securities Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .116
DBS Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120
Deutsche Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .126
Fortis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134
GF Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .139
Goldman Sachs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143
Guotai Junan Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .151

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Asia Pacific region.
Vault Guide to the Top Banking Employers • Asia Pacific Edition
Table of Contents

Haitong Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .155


HDFC Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .159
HSBC Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .163
Hyundai Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .170
ICICI Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174
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Industrial and Commercial Bank of China . . . . . . . . . . . . . . . . . . . . . . . .179


ING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .184
J.P. Morgan Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .190
Kookmin Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .200
Korea Development Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204
Kotak Mahindra Capital Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .209
Lehman Brothers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213
Macquarie Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .223
Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228
Mitsubishi UFJ Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .237
Mizuho Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .241
Morgan Stanley (Investment Banking) . . . . . . . . . . . . . . . . . . . . . . . . . . .245
National Australia Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .251
Nomura Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .256
OCBC Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260
Ping An Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .264
RBC Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .267
Rothschild . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .271
Royal Bank of Scotland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .275
Samsung Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .280
Société Générale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .284
Standard Chartered Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .289
State Bank of India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .294
Sumitomo Mitsui Banking Corporation . . . . . . . . . . . . . . . . . . . . . . . . . .299
Sun Hung Kai Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .303
Taifook Securities Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .306
UBS Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .309
United Overseas Bank Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .319
Westpac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .323

CAREER
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Introduction

As China and India have emerged as economic powerhouses in the past


decade, the banking industry in the region has been at the forefront of the
boom.
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Perhaps no events better symbolize the importance of banking in the Asia


Pacific region than the headline-grabbing IPOs of Chinese state-owned
banks in 2005 and 2006, when China Construction Bank, the Bank of China
and Industrial and Commercial Bank of China all went public in three of the
largest IPOs in history. The IPOs not only served to solidify the importance
and size of the banking industry in China, but also enabled the investment
banks that managed the IPOs to pocket handsome fees. Of course, there
have been plenty of other large deals in the region that investment bankers
have worked on, including large cross-border M&A deals such as India-
based Tata Steel’s acquisition of the U.K.’s Corus Steel and China-based
Lenovo’s acquisition of IBM’s personal computer business.

Other developments in the region have also led banks to focus on the Asia
Pacific region. In Japan, gradual deregulation has led many North
American and European-based banks to invest in operations in Japan with
the hope of winning market share from the historically dominant Japanese
firms. Because the boom in the region has created a new class of
homegrown millionaires and billionaires, many of the world’s leading
banks have scrambled to build their private banking operations in the Asia
Pacific region in order to be able to better serve these potential clients.

All of this frenzied banking activity in the region means that while banks
affected by the meltdown of the subprime markets in 2007 are laying off
employees or issuing hiring freezes in Europe and North America, those
same banks are still investing in growth in the Asia Pacific region.
Opportunities for success in a banking career have never been higher in the
region than they are now.

We are pleased to present this first edition of the Vault Guide to the Top
Banking Employers (Asia Pacific Edition), covering both Asia Pacific-
based banking firms and the Asia Pacific operations of global banks
headquartered in North America and Europe. For the purposes of this
guide, we have defined Asia Pacific as the (very large) region of the world
stretching from India to Australasia, including Southeast Asia, China, Japan
and South Korea.

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advice articles, employee surveys and other information on top careers in the LIBRARY 1
Asia Pacific region.
Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

Vault has profiled 60 of the top banking employers throughout Asia Pacific.
The profiles in our guide are based on research and extensive feedback from
hundreds of working banking professionals—talking about everything from
company culture to compensation, and travel schedules to community
service. The guide covers a range of employers, from bulge bracket
investment banks to regional retail-focused banks.
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Established in 1996, Vault is the leading global career information


publisher. Vault is headquartered in New York, with offices in London,
Hong Kong and Mumbai. The Vault Guide to the Top 50 Banking
Employers (North American Edition) is now in its 11th edition and the Vault
Guide to the Top 25 Banking Employers (European Edition) is now in its
third edition. Graduates and young professionals have used our guides and
network of web sites to find employee surveys and insider information on
more than 5,000 employers and 4,500 universities, including the world’s
top business schools and hundreds of industries and professions.

In spring 2007, Vault established its first Asian office in Hong Kong, with
an office in Mumbai, India, which followed in 2008. We have also
launched several region-specific web sites: Vault India (www.vault.co.in),
Vault China (www.vault.com.cn), Vault Australia (au.vault.com) and an
umbrella Vault Asia site (asia.vault.com). These sites are dedicated to
providing objective, insider information about top employers and career
paths in each region.

We are excited about this first annual edition of the Vault Guide to the Top
Banking Employers (Asia Pacific Edition), and hope it will be of great value
to current and future banking professionals in Asia Pacific.

Vault Editors

E-mail: editors@vault.com

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

A Guide to this Guide

If you’re wondering how our entries are organized, read on. Here’s a handy
guide to the information you’ll find packed into each firm profile in this
book.
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Firm Facts
Locations:

A listing of the firm’s offices in the Asia Pacific region. For some firms,
cities are included. Countries are typically not specified unless the location
is uncommon, or unless there are many offices located in a particular
country.

Departments/Businesses:

Official departments and/or business lines that employ a significant portion


of the firm’s employees, regardless of their size and prominence.

Pluses and Minuses:

Good points and, shall we say, less positive points of the firm, as derived
from employee interviews and surveys, as well as other research. Pluses
and minuses are perceptions based on surveys, research and interviews, and
are not based on statistics.

Employment Contact:

The person, address or web site that the firm identifies as the best place to
send resumes, or the appropriate contact to answer questions about the
recruitment process. Sometimes more than one contact is given.

The Stats
Employer Type:

The firm’s classification as a publicly traded company, privately held


company, subsidiary, or government-owned company.

Ticker Symbol:

The stock ticker symbol for a public company, as well as the exchange on
which the company’s stock is traded.

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advice articles, employee surveys and other information on top careers in the LIBRARY 3
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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

Chairman, CEO, etc.:

The name and title of the leader(s) of the firm, or of the firm’s banking
business.

Employees:
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When disclosed, the total number of employees at a firm in all offices


(unless otherwise specified). Some firms do not disclose this information;
figures from the most recent year (if available) are included.

Revenue/Financial Statistics:

The revenue the firm generated in the specified fiscal year, as well as any
other financial data such as total assets. Some firms do not disclose this
information; numbers from the most recent year (if available) are included.

The Profiles
The profiles are divided into three sections: The Scoop, Getting Hired and
Our Survey Says.

The Scoop:

The firm’s history, operations, recent developments and other points of


interest.

Getting Hired:

Qualifications the firm looks for in new employees, tips on getting hired
and other notable aspects of the hiring process, as well as information on
applying for positions or internships.

Our Survey Says:

Actual quotes from surveys and interviews with current employees of the
firm on topics such as firm culture, feedback, hours, travel requirements,
pay, training and more. Profiles of some firms do not include an Our
Survey Says section.

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

Investment Banking Turns East

Investment banks have in recent years focused primarily in participating in


the growth of China and India. Recently, there has also been increasing
activity in some other growing markets in the region, but in the sections
below, we’ll focus on the largest Asian markets of China, India and Japan.
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Capital raising
China

In recent years, investment banking in China has been very lucrative as


large state-owned enterprises (SOEs) have been tapping into capital
markets, especially for equity underwriting. Since Chinese SOEs and joint
stock financial companies with national business licenses have some scale
and market potential, many of these deals have been oversubscribed and
have performed well in the market. Attention from investment banks for
these deals has been intense, to say the least.

Consider the fight for the right to handle the IPO of one Chinese state-
owned bank, China Construction Bank (CCB) in 2005. While pitching for
a piece of the CCB offering pie, J.P. Morgan invited former U.S. Secretary
of State Henry Kissinger to accompany William Harrison, Jr., the chairman
of the board at JPMorgan Chase, to meet with the then-president of CCB,
Zhang Enzhao. Deutsche Bank recruited German Chancellor Gerhard
Schröder to write a letter to Chinese Premier Wen Jiabao in support of the
bank’s bid. Henry Paulson of Goldman Sachs and Stanley O’Neal of
Merrill Lynch (CEOs at the time), as well as CEO John Mack of Morgan
Stanley, each made trips to China to help close the deal. As for Citigroup,
the bank employed their chairman and former U.S. Treasury Secretary
Robert Rubin, then-CEO Charles Prince, and then-Vice Chairman Stanley
Fischer (a former International Monetary Fund official) to pitch in.

Despite the use of heavy hitters, Goldman Sachs, Merrill Lynch, Citigroup,
J.P. Morgan and Deutsche Bank were left out of the lead bookrunner
positions. The winners of this financial beauty pageant were Morgan
Stanley, Credit Suisse and China International Capital Corp. (CICC), who
shared the grand prize: USD$175 million in IPO fees, based on a standard
3.5 percent commission. Considering the large number of SOEs who have
yet to file for an IPO, this market really is a goldmine for investment
bankers—and probably for investors as well.

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

Many of the record-breaking IPOs in the last few years have been those of
Asian firms tapping the global financial markets for capital. The most
spectacular and newsworthy IPOs involved public offerings of state-owned
banks in China. In October 2005, CCB, the country’s third-largest bank,
raised USD$8 billion on the Hong Kong market. The IPO was China’s
largest in history at the time. In May 2006, Bank of China went public in
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Hong Kong, raising USD$9.7 billion. Not to be outdone, China’s largest


bank, Industrial and Commercial Bank of China (ICBC) raised USD$19
billion in an IPO in October 2006—the offering was largest IPO in history.
On the first day of trading, the stock rose 17 percent and was heavily
oversubscribed, resulting in ICBC being valued as a top-five bank globally
in terms of market capitalization.

The headlines in Asian equity markets have in recent years been dominated
by the hugely successful IPOs of Chinese SOEs. One must realize that
currently only the very largest, most well known and most well connected
firms (almost always SOEs) have been listed on the Shanghai and Shenzhen
exchanges. For investment bankers, this is the place where big
underwriting fees will be made, since many of these massive SOEs choose
to list both domestically and internationally. The vast majority of profitable
mid-sized and highly promising small enterprises do not so far have access
to the capital markets in China. Many instead opt to use offshore structures
to list in Hong Kong, Singapore or New York to access equity capital. For
the medium- to long-term, China offers a wealth of opportunities for
investment bankers to market their services.

India

Investment banking in India has shown tremendous growth in deal flow,


especially in mergers & acquisitions. Among the leaders in this market has
been Kotak Investment Banking, a joint venture between Kotak Mahindra
Bank and Goldman Sachs. Other foreign-funded investment banks such as
UBS, DSP Merrill Lynch and Morgan Stanley are currently dominating the
wholesale banking sector because of an absence of strong domestic players.
At the Indian economic centers of Mumbai and New Delhi, global banks
have been adding professional staff for regional client coverage.

Global banks have also seen rapid growth in non-front office service centers
located in tech centers like Hyderabad and Bangalore. These service centers
support both the firms’ Asia operations in Hong Kong and Singapore and
the operations in New York and London. However, as Indian banks
transform into competitive institutions and invest more money into hiring

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

Western-trained Indian bankers, local domestic players should be able to


reap market share from Western securities houses.

India has also had its share of giant IPOs. The Indian real estate company
DLF Limited went public in July 2007 on the National Stock Exchange of
India and the Bombay Stock Exchange, raising USD$2.25 billion—the
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largest IPO in Indian stock market history.

Japan

Japan’s corporate reforms, which began during deflationary times in the


1990s, have resulted in significant consolidation in the financial services
industry and reform of a few government-owned companies. This has
resulted in the formation of three very large financial institutions: the
Mizuho Financial Group (formed from the April 2002 merger of Dai-Ichi
Kangyo Bank, Fuji Bank and the Industrial Bank of Japan), the Mitsubishi
UFJ Financial Group (from the October 2005 merger of Mitsubishi Tokyo
Financial Group and UFJ Holdings) and the Sumitomo Mitsui Financial
Group.

When it comes to equity underwriting, Japanese securities houses such as


Nomura Holdings, Daiwa Securities and Mizuho Financial Group are the
market leaders for large established companies listed on the “First Section”
of the Japanese stock exchanges. Foreign investment banks can find
themselves at a distinct disadvantage when competing with local firms for
equity underwriting business because they often lack the strong distribution
network among Japanese investors that Japan’s large domestic securities
houses can offer. Foreign investment banks have generally been more
successful in the second tier market or the clients who are listed on the
“Second Section” of the Tokyo and Osaka stock exchanges.

However, global banks have found some success in equity underwriting in


recent years. Two banks with foreign ownership that have in particular
gained significant equity underwriting market share in Japan are UBS and
Nikko Citigroup, a financial services firm formed by a joint venture
between Nikko Cordial Corporation and Citigroup. UBS was co-lead
manager, alongside Nomura, for the JPY 374 billion IPO of J-Power, an
electric utility company, in 2004. Another notable successful deal for a
global bank was Deutsche Bank’s co-lead on the JPY 111.5 billion IPO of
Elpida Memory, a Japanese memory chip maker, in November 2005. Nikko
Citigroup and Goldman Sachs lead-managed the 2005 international
offering for Jupiter Telecommunications (also known as J:COM), Japan’s
largest cable TV company. When bidding for deals at this level, foreign

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

securities houses are able to tap foreign institutional investors to fill the
orders. Additional opportunities for U.S. and European securities firms in
Japan can be found in their existing client base of private equity and venture
capital firms, which have led restructuring deals and funded early-stage
companies.
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M&A: Reaching out to the world


With many Asian companies raising large sums of money in public markets,
these firms have been increasing outward direct investments. Many large
Asian firms are cash-rich as they have been able to obtain strategic foreign
investment, increase operational efficiency, achieve economies of scale and
raise capital in the public markets. Armed with these cash reserves, many
successful Asian firms are looking outside of Asia for acquisitions.

This outward direct investment has been most prominent among Chinese
companies. China’s outward direct investment increased from USD$3
billion in 2003 to USD$16 billion in 2006. Many Chinese firms are using
their deep pockets to secure supply agreements and acquire sources for raw
materials and commodities, and to purchase global brands, international
distribution networks and technology. A large part of the drive is to find
sources of hydrocarbons and metals to help fuel the growth of the Chinese
economic engine for the long haul. Many of China’s well known brand-
name companies, such as Lenovo, China Mobile, Sinopec, CNOOC,
PetroChina, BaoSteel, TCL Corporation, Huawei, Nanjing Auto and
Chalco, have been aggressive in acquisitions to increase their global
footprints. Since many of these brands are not known to consumers
internationally, Chinese firms have purchased or attempted to buy
companies with global brand names, including IBM, Maytag, Siemens, MG
Rover and Thomson/RCA. In perhaps the biggest announcement, Lenovo
announced its intention to purchase Packard Bell in 2007. Taiwanese firm
BenQ also used its acquisition of Siemens’ mobile phone business to break
into the European market.

Indian firms are becoming major M&A players as well. While in China,
large IPOs have been the biggest headlines, in India, large M&A deals have
grabbed the attention as cash-rich Indian firms look for ways to invest their
capital. Because of India’s incredible size and scale, as well as several
years of strong profits in the services and steel industries, many Indian
companies are on acquisition sprees. Topping the list is Lakshmi Mittal’s
USD$33 billion acquisition of Luxembourg-based steel company Arcelor.
After the 2006 merger, Arcelor Mittal became the world’s biggest steel
company. Another significant deal involved Hindalco, a large Indian

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

aluminum producer that took over Canada’s Novelis for around USD$6
billion in 2007. The Tata Group has been another active buyer in the
outbound M&A market. Major Tata Group deals include Tata Steel’s
USD$12.2 billion takeover of Anglo-Dutch group Corus in 2006, Tata
Steel’s USD$289 million acquisition of Singapore’s NatSteel in 2005, and
Tata Coffee’s 2006 acquisition of U.S.-based Eight O’Clock Coffee
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Company for USD$220 million.

M&A activity related to India’s USD$16 billion technology outsourcing


industry, built around the southern city of Bangalore, has also picked up.
An example of this is India’s Aditya Birla Group, which completed a
USD$125 million deal in 2006 for Minacs Worldwide, a leading Canadian
business process outsourcing firm. As Indian companies which provide
low-cost services continue to generate big business, M&A and investment
banking activity should continue to grow in the service outsourcing sector.

The results of these acquisitions and mergers with North American and
European-branded firms have not always been successful. However,
investing and global expansion for Asian companies is a growing trend, and
this trend is expected to continue.

Seeking a foothold in Asia


Not only are Asia-based companies providing investment banks with
increased business, but many Western multinational companies (MNCs) are
also eager to tap into the large markets in Asia and are scouring the
competitive landscape for potential joint venture partners or acquisition
candidates. These European and North American companies also face
pressures from overseas competitors that threaten their competitive edge in
labor-intensive industries.

The asset acquirers are becoming more global in scale and international in
scope. Large private equity and hedge fund investors are scouring the globe
looking for opportunities in India, China, Japan and South Korea and
elsewhere in Asia. Global companies such as ExxonMobil, Citigroup,
HSBC, Microsoft, Cisco Systems, IBM, Oracle, Google, Motorola,
Hewlett-Packard, Ericsson and many more are all proactive acquirers
globally.

When it comes to acquisitions, however, governments of Asian countries


are generally more protective of their economies with respect to foreign
firms than their counterparts in North America and Europe. Protective
measures to keep market share in domestic hands are usually unilateral and

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

unpredictable. For example, as foreign private equity funds report record


returns on their Japanese investments, Japan’s Ministry of Finance in 2004
proposed a 20 percent tax on capital gains made by private equity firms. In
South Korea, the government reacted to perceived high foreign investment
in banks with a new law in 2004 that restricts foreign investment in banks.
U.S. buyout firm Lone Star’s USD$1.2 billion purchase of Korea Exchange
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Bank (KEB) in 2003 continues to be in regulatory limbo. This resulted in


the stall of Lone Star’s plan to sell KEB to Kookmin Bank for USD$6.7
billion, as well as deadlock in a 2007 deal with HSBC for USD$6.3 billion.
Temasek Holdings, a Singapore government investment arm, purchased
Shin Corporation from the family of Thailand’s then-prime minister for
THB 73.3 billion (USD$1.9 billion). Nationalistic critics attacked the fact
that the prime minister’s family was selling a national asset to a foreign
country, was escaping capital gains tax and abused his power by changing
a law allowing foreign entities to own up to 49 percent just days before the
announcement of the sale. In China, private equity giant Carlyle Group’s
agreement to acquire a controlling 85 percent stake in a major Chinese
heavy equipment manufacturer, Xugong Group Construction Machinery
Co., was vetoed by the Chinese government. The deal raised concern
among government officials that China might lose control of strategic
industries. Throughout Asia, deals that have binding contracts and
agreement from the companies themselves may turn into stalled or nullified
deals because of political and regulatory fervor.

This environment of regulatory protection has been especially notable in


Japan, which, unlike other developed economies, still does not have a fully
developed market for M&A because the country has had a regulatory
framework that has hindered development. Change in takeover laws has
been slow but steady. In 1999, the Commercial Code in Japan was
amended to allow compulsory and tax-deferred stock-for-stock exchanges.
In 2003, another law permitted use of a non-Japanese company stock in
stock-for-stock exchanges with Japanese companies that are under
bankruptcy protection. Following that, in 2007, a law allowing foreign
companies to buy Japanese companies through stock-for-stock exchanges
took effect. In addition, takeover laws have lowered thresholds for
permitting mergers without formal shareholder approvals. It is likely that
with these regulatory changes and inflow of foreign buyers, M&A
investment banking activity in Japan will grow significantly in the coming
years.

Another example of the relatively immaturity of the M&A market in Japan


is the fact that hostile takeovers in Japan are very rare because of what some

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

refer to as a club-like business environment, in which many companies are


connected to each other and keep mutually beneficial long-term
relationships. Most Japanese investment banks with an extensive network
of clients and cross shareholdings would prefer not to advise companies on
unsolicited takeover bids.
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Growth in private banking


Asia has traditionally been a cash-based area, but as the general economy
has been on the rise in recent years across much of the region, the extremely
wealthy have been turning to professional management of their assets. In
the Asia Pacific region, private banking and wealth management for high
net-worth individuals is still in its infancy, but it has been growing at an
astounding pace—this once-exclusive club has a growing member base. A
report released by Merrill Lynch and Capgemini in October 2007 stated that
the assets of high-net worth individuals in the Asia Pacific region rose to
USD$8.4 trillion. Particularly in Singapore and Hong Kong, banks are
aggressively courting people with loads of money in Asia and beyond.

Over the last few years, private banks and private banking arms of global
banks have expanded frenetically, looking to capitalize on the growth
potential of Asia. Some of the largest firms offering private banking
services in Asia include Citigroup, Credit Suisse, Goldman Sachs, J.P.
Morgan and UBS, and many others are getting in on the act. However, as
concerns about write-downs from exposure to subprime have many
investors understandably nervous, private banks have been trying to soothe
the anxieties of their clients. Still, for those sitting comfortably in the lap
of luxury and those recently joining the ranks across Asia, private banking
continues to reach out.

Commercial and Retail Banking in Asia

The global economy has been hit hard by a clear downswing over the past
couple of years, but things seem to be looking up in the Asia Pacific region,
particularly in commercial and retail banking. According to a 2008 report
from global industry observer Research and Markets, “the crisis in the inter-
bank market as well as the soaring prices of oil and other raw materials has
tended to obscure several other important trends.” Across much of Asia,
commercial banks have been booming, particularly in terms of lending and
credit.

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

China
In Mainland China, things are still tightly controlled by the “big four” state-
owned commercial banks: the Bank of China (BOC), China Construction
Bank (CCB), Industrial and Commercial Bank of China (ICBC) and
Agricultural Bank of China (ABC). Cited in a recent joint study conducted
by KPMG and Reuters, the China Regulatory Banking Commission
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reported that the big four controlled more than half of China’s total banking
assets as of late 2006. However, despite heavy regulations, a number of
foreign banks have made inroads into China over the years, applying to
incorporate locally and increasing their foothold in the country as China
begins to open its arms to financial outsiders.

Although the actual percentage rate of growth appears to be slowing down


a bit, China continues to grow at a cheetah’s pace. As local wallets grow,
so too do the banks. According to an August 2008 analysis of Chinese
commercial banking by Research and Markets, “the excess savings within
greater China and Japan remain enormous and are likely to grow. One
expression of this will be the continuing growth in bank deposits that is, in
absolute terms, considerably greater than the growth in lending.” However,
“central banks have, in much of the region, been moving to tighten
monetary policy. This has already had an impact on the behavior of the
banks.”

India
Public-sector (government-owned) banks still rule the roost in India,
dominating the market with around 75 percent of assets. However, foreign
banks and private Indian banks are beginning to grab a bigger piece of the
pie—though there are a number of hoops to jump through, as Reserve Bank
of India (RBI, the Indian government’s central bank) approval must be
granted for all foreign investment in the banking and financial services
industry. According to March 2007 figures from RBI, foreign banks still
only accounted for 8 percent of total commercial banking assets. This
figure is expected to rise rapidly if India decides to allow further foreign
acquisition of local banks. Global banks are pouncing on opportunities in
India, including Citigroup, Standard Chartered Bank, HSBC, Bank of
America, BNP Paribas and DBS Bank, among others. Current regulations
are to be reviewed and reevaluated by RBI in April 2009 under the second
phase of a process started in 2005, and many global commercial and retail
banks are eagerly awaiting word.

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

Japan
Though the subprime crisis has slammed banks worldwide, the three largest
banks in Japan—Mitsubishi UFJ, Mizuho and Sumitomo Mitsui—have
appeared to be less affected by subprime losses compared to the rest of the
world’s financial institutions. Japanese banks certainly booked losses in
2007 (losses for the top four totaled around JPY 819 billion for the fiscal
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

year ending March 31, 2008), but the impact wasn’t nearly as severe as
most of their global contemporaries. For local banks, Japan continues to
keep itself somewhat segregated from the rest of the financial world by
resisting foreign takeovers of its domestic firms, and this doesn’t appear
likely to change anytime soon.

Australia
Australian banking has undergone a bit of a shake-up in 2008. Though
there are a number of competitors, the banking industry is still largely
controlled by the “big four” banks—Commonwealth Bank, National
Australia Bank, Westpac and ANZ. The big four are not allowed to take
each other over or merge with each other under the “four pillars”
government policy. However, a significant buyout took place in 2008 as
Westpac took over Australia’s No. 5 bank, St.George Bank, in a deal valued
at AUD$18.5 billion. The deal, which would make Westpac Australia’s
largest lender by market value, is still awaiting approval by shareholders,
competitors, regulators and the Australian government. If approved, the
Australian banking landscape will certainly be reshaped.

Southeast Asia
In Singapore, commercial banking is one of the country’s driving forces.
The top three Singaporean-based banks are DBS Bank, Oversea-Chinese
Banking Corporation (OCBC) and United Overseas Bank (UOB).
However, Singapore also has a load of competition in the banking sector,
with more than 100 foreign commercial banks operating. Vietnam is
another rapidly growing region for global banks. Banking is still heavily
state-controlled, but as the government is opening to more foreign
investment in firms, banks such as HSBC are rushing in to grab a piece of
the pie.

Another rising area in Southeast Asia is Islamic banking, which strictly


adheres to the principles of Islamic law and Islamic economics. The
collection and payment of interest is forbidden, as is any investment in
businesses that are considered unlawful or that produce goods which

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Introduction

oppose Islamic values. Indonesia and Malaysia, two countries with large
Muslim populations, have rapidly developing Islamic banking industries—
and much of Southeast Asia is following suit.
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CAREER
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Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

PR OFILES
E M PLOYE R

EMPLOYERS
BANKING
Agricultural Bank of China

69 Jianguomennei Ave.
THE STATS
Doncheng District
Beijing, 100005 Employer Type: Government-owned
China Company
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Phone: +86-10-6821-6807 President: Xiang Junbo


Fax: +86-10-6829-7160 Net Operating Profit: RMB 96.13
www.abchina.com billion (FYE 12/07)
No. of Employees: 447,519
No. of Offices: 31,000 branches
DEPARTMENTS
Financing Services
KEY COMPETITORS
Personal Banking
Corporate Banking Bank of China
Foreign Exchange Services China Construction Bank
E-Banking Industrial and Commercial Bank of
Wealth Management China

LOCATIONS IN EMPLOYMENT CONTACT


ASIA PACIFIC job.abchina.com
China
Singapore
Hong Kong
Tokyo (representative office)

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Agricultural Bank of China

THE SCOOP

Farmers market
The Agricultural Bank of China (ABC) was established in 1979 as a
resource to serve the farming population of China, nearly 800 million
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people at the time. Over the past 30 years, the rural bank has grown to
become one of the “big four” Chinese banks along with the Bank of China,
China Construction Bank, and the Industrial and Commercial Bank of
China. ABC is the only one of the four state-owned banks that is not
publicly traded, but with assets of approximately RMB 600 billion and
447,519 employees, it ranks second in size among the four giants. It also
ranks No. 223 on the 2008 list of Fortune’s Global 500.

Recently, the company has come across harder times and had to rely on
wealth funds to bail them out of bad loans totaling nearly USD$100 billion.
The Chinese government has spent USD$500 billion recapitalizing banks
altogether. In January 2008, rumors circulated that the China Investment
Corporation (CIC), a state-owned investment firm, would pump USD$47
billion into ABC in the coming year. Federal banking regulators placed a
loan cap on the bank in order to limit its descent into debt in 2008. The
bank needed a cash infusion to offset its loan baggage before debuting its
public stock, which could hit the markets at any time over the next few
years. In August 2008, a subsidiary of CIC came through with a USD$20
billion capital injection.

Despite fears about its debt, ABC’s profits have been rising year by year. In
2007, operating profit rose over 65 percent to more than RMB 96 billion,
backed by rapidly increasing intermediary business, net interest, and fee
and commission incomes.

Helping farmers, hurting the bottom line


Rural finance is ABC’s specialty. The bank is known for its microfinance
program, which started in the 1990s and allots loans of USD$250 or less to
small farmers to boost their business. However, in recent years, these loans
have severely hurt the bank’s bottom line, as they have little chance of
being paid back by farmers in remote areas. In 2007, ABC had to own up
to its possession of approximately RMB 818 billion of non-performing
loans (NPLs) in total. The 2007 figures mark an increase of more than RMB
82 billion from 2006.

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Agricultural Bank of China

Even if the loans were paid back in full, the interest collected would
generally not be high enough to cover the cost of traveling to the small
villages that the bank services. However, higher interest rates would seem
to be a further detractor to sign up for the loans in the first place. The
bank’s agricultural loans were originally meant to stimulate the farming
economy, not to boost the coffers of the bank. With the debut of an IPO
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looming on the horizon, ABC will have to make some tough decisions on
how it will conduct these loans in the future.

French allies
Though ABC may have earned a bad rap due to its NPLs, it still has the
cachet to attract power investors like French banking giant Crédit Agricole.
In late March 2007, Crédit Agricole announced that it planned to expand its
business into Asia by launching a fund management joint venture with
ABC. The joint venture will be divided equally into thirds, with the
portions owned by ABC, Crédit Agricole and the Aluminum Corporation of
China (Chalco). Investing in money management in China was a big trend
in international banking in 2007, driven by historic rises in assets under
management (approximately USD$110.7 billion) and a 130 percent
increase on the Shanghai Composite Index.

An inside job
ABC received a great deal of unwanted attention in 2007 as it became the
victim of the largest bank robbery in the history of China. Nearly RMB 51
million was stolen by bank insiders—vault managers who were supposed to
be protecting the money that they stole. The perpetrators, Ren Xiaofeng
and Ma Xiangjing, stole the money with the hopes of eventually returning
it after they had made a profit by playing the Chinese lottery. However, the
two managed to squander nearly the entirety of the money, only winning
back about RMB 98,000.

The money was discovered to be missing on April 16, 2007 and the unlucky
bank robbers immediately fled for the coast with the remaining cash. But
with reward money at stake and “Most Wanted” status from China’s Public
Security Ministry, they were apprehended within three days. In August
2007, the two men were sentenced to death by a court in the city of Handan
in Hebei Province.

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Agricultural Bank of China

Rosy futures
Though ABC still has its share of problems, things may be looking up for
the rural lender in the coming years. In February 2008, ABC petitioned the
government for funds to repay its loans (40 percent of which were state-
directed). In August, ABC’s wishes came true as Central Huijin Investment
Company (a subsidiary of China Investment Corporation) provided the
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bank with a cash injection of USD $20 billion. In the meantime, aside from
debt, the bank’s numbers are looking good. ABC held 18 percent of the
bank branches in China in 2007 and thus was the top bank for deposit
assets, with savings increasing by 17.3 percent (RMB 700 billion)
throughout the year. Though bad loans still remain, the bank has been able
to eliminate RMB 4.2 billion of debt off its books, boosting profits by 37
percent. The percentage of loans that were unpaid went down a modest 2.7
percent, signaling that there may be the chance of healthy growth for ABC
yet.

GETTING HIRED

Banking with the big boys


Despite its rather rural moniker, the Agricultural Bank of China is hardly a
small fish in a big pond; in fact, quite the contrary. The firm—also known
commonly as AgBank or ABC—is one of the Big Four banks in China,
boasting almost 450,000 employees.

Getting in the door to actually become one of those employees may take a little
finesse. For hiring information in Simplified Chinese, go to job.abchina.com.
The firm’s official English site doesn’t include a careers area for prospective
workers.

The bank’s Hong Kong site, however, does have a designated “job
opportunity” section at www.abchina.com.hk/main/job-eng.html with
English listings of open positions. If you’d like to apply, send a resume and
cover letter with salary expectations to recruit@abchina.com.hk.
Alternately, you can send on your information to the bank’s physical
address: Head of Corporate Affairs, Agricultural Bank of China, H.K.
Branch, 23/F, Tower 1, Admiralty Centre, 18 Harcourt Road, Hong Kong.

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ANZ

Level 6, 100 Queen St.


THE STATS
Melbourne, 3000
Australia Employer Type: Public Company
Phone: +61-3-9273-5555 Ticker Symbol: ANZBY (Pink Sheets)
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Fax: +61-3-9273-6142 ANZ (ASX)


www.anz.com Chairman: Charles B. Goode
CEO: Mike Smith
Net Operating Profit: AUD$4.2 billion
DEPARTMENTS (FYE 09/07)
Personal Banking Net Income: AUD$7.3 billion
Investment Management (FYE 09/07)
Investment Banking No. of Employees: 34,000
Corporate Finance No. of Offices: 2,046
Structured Debt
Debt Capital Markets
KEY COMPETITORS
Mergers & Acquisitions
Finance Solutions Commonwealth Bank of Australia
Asset Management National Australia Bank
Private Banking Westpac Banking Corporation

LOCATIONS IN EMPLOYMENT CONTACT


ASIA PACIFIC www.anz.com/aus/careers/default.asp
Cambodia
China
Hong Kong
Indonesia
Japan
Laos
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
ANZ

THE SCOOP

Oceania and beyond


The Australia and New Zealand Banking Group (ANZ) may be
headquartered in Melbourne, but the bank has operations worldwide with
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major ports of commerce spread across the South Pacific islands, China,
East and Southeast Asia, the Middle East, Germany, the U.K. and the U.S.
With assets of AUD$438 billion as of April 2008 and more than six million
personal, private banking, small business, corporate, institutional and asset
finance accounts, ANZ is one of the four largest banks in Australia.

Australasian acquisition spree


ANZ traces its roots back to harder times in Australia’s history. The bank
was first established by British royal charter in 1835 as the Bank of
Australasia. More than a century passed before the firm merged with the
Union Bank of Australia in 1951 to form ANZ Bank. In 1970, ANZ Bank
returned to its Anglo roots when it merged with the English, Scottish and
Australian Bank Limited to form the bank in its current form. At the time,
it was the largest merger in Australian banking history. The name was
changed to Australia and New Zealand Banking Limited Group.

Already having established a presence in the Solomon Islands, New York


and Tokyo, the newly merged company expanded its presence to include
offices in Malaysia and Vanuatu. Over the next thirty years, the company
grew exponentially with an acquisition spree that included the Bank of
Adelaide in 1979, Grindlays Bank in 1984 and PostBank in 1989. In 1990,
ANZ went on a spree, scooping up the National Mutual Royal Bank
Limited, Lloyds Bank’s operations in Papua New Guinea, the Bank of New
Zealand’s operations in Fiji and the Town and Country Building Society in
Western Australia.

During this flourishing era in ANZ’s history, it also launched offices and
branches all over the world—in Paris, France; Frankfurt, Germany;
Singapore; Manila, the Philippines; Bangkok, Thailand; Hanoi and Ho Chi
Minh City, Vietnam; Beijing, Shanghai and Guangzhou, China; Tonga; and
the Cook Islands.

Today, all these acquisitions and growth have led ANZ to achieve the
worldly status it had been seeking. In 2007, following the acquisition of
financial services giant E*Trade Australia, the bank achieved a leading
global bank ranking on the Dow Jones Sustainability Index.

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ANZ

Hello, Mr. Smith


In 2007, ANZ brought in a veteran from The Hongkong and Shanghai
Banking Corporation (HSBC), Mike Smith, who was president and CEO of
HSBC’s Hong Kong operations as well as chairman for HSBC banking
enterprises in the region including Hang Seng Bank and HSBC Bank
Malaysia Berhad. He became ANZ’s new chief executive, indicating plans
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to continue expansion in the Asia Pacific region in both the short- and long-
term future. Smith had been with HSBC for 29 years and formally took
over for former CEO John McFarlane in October 2007. Smith’s base salary
at ANZ is reported to be AUD$9 million, giving him the distinction of being
the most highly paid executive among Australia’s commercial lenders.

Exploring foreign soil


With Smith on board, ANZ extended its plans to expand in Asia. This
strategy was already taking shape in 2006 with the USD$252 million
purchase of a 19.9 percent stake in China’s Shanghai Rural Commercial
Bank (SRCB), the largest rural commercial bank in mainland China. SRCB
has approximately 330 branches, 5,000 employees, 2.5 million customers
and RMB 137 billion in assets as of mid-2006. In the massive world of
Chinese finance, however, that only places SRCB as the 17th-largest among
all mainland banks.

Also in 2006, ANZ purchased approximately 20 percent of Tianjin City


Commercial Bank for a price of approximately USD$112 million. ANZ
hopes that the expansion into China will put it amongst the big foreign
players like Citigroup, Bank of America and HSBC, who all made
investments in Chinese banks in anticipation of the World Trade
Organization regulations adopted by the Chinese banking industry in
December 2006. In 2007, ANZ also acquired a 25 percent stake in AMMB
Holdings Berhad, the fifth-largest financial institution in Malaysia.

Taking over E*Trade


ANZ completed its acquisition of E*Trade Australia in June 2007 in an
attempt to fully take advantage of the increase of equity trading in Australia
over the past several years. In February 2007, when the deal was first
announced, Australia’s stock market was booming.

The following month, the acquisition of E*Trade hit a snag when an


independent report by Grant Samuel & Associates found ANZ’s offer for
the online brokerage to be “neither fair nor reasonable.” ANZ was offering
AUD$4.05 per share for the firm, while Grant Samuel estimated that its

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
ANZ

worth was between AUD$4.22 to AUD$4.74 per share. The companies


eventually settled on a price of AUD$4.30 per share.

ANZ appointed John Daley, who was formerly serving as ANZ’s head of
margin lending, as the managing director of E*Trade Australia. Daley
replaced Brett Spork, who had served as chief executive of E*Trade
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Australia for four years prior to the acquisition.

Playing in its league


ANZ climbed to the top of the Reuters Loan Pricing Corporation tables in
2007, jumping from the No. 3 spot to the No. 1 spot in the category of Asia
Pacific mandated arrangers of finance loans by value, with 103 deals valued
at over USD$21 billion. On the Thomson Financial mid-market merger and
acquisition league tables, ANZ competed fairly well on its home turf,
ranking No. 12 in all deals up to USD$100 million involving Australia and
New Zealand based on value of deals. The company also scored 12th place
for deals up to USD$100 million in neighboring Singapore based on
number of deals, where the firm worked on two deals worth USD$93.9
million.

GETTING HIRED

Break out of the mold


ANZ has a careers site at www.anz.com/aus/careers/default.asp which
covers a wide range of opportunities. Looking for a job? Browse a wide
variety of worldwide opportunities for permanent (full-time and part-time),
contract or temporary positions. Jobs are searchable by country, region,
division and position. To apply online, you will need to set up an account.

An eight-week summer internship program is available for students in


Australia and New Zealand, with the possibility of landing an early
graduate offer straight out of school. In Australia, roles are available in a
range of areas including accounting and finance, operations, technology,
human resources and group strategic development. A longer-term industry-
based learning (IBL) program in Melbourne is also available at ANZ for
students in their final year. The program lasts 12 months and gives
participants some real-life experience at the firm, with the chance to get
hired upon completion. ANZ also offers various graduate programs in
Australia and New Zealand.

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Asia Pacific region.
Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
ANZ

For information and requirements on internships, the IBL program and


graduate programs in Australia, go to www.anzgraduates.com.au. For New
Zealand, check out www.anzgraduates.co.nz. Alternatively, ANZ operates
a graduate recruitment helpline in Australia (1800 000 075) and New
Zealand (0800 007 456), with direct e-mail contact at anzgrad@anz.com.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Indigenous employment in Australia is also an issue of high importance for


ANZ. The company has a specific target of 300 Indigenous Australian trainees
over the next three years, with at least one-third ultimately offered full-time
positions. This boost in hiring also targets a 3 percent Indigenous Australian
staff by the conclusion of 2011, with management promotion targets following
that. Applications for the traineeship are available at on the careers web site,
and ANZ’s Indigenous Employment and Training department can be contacted
by e-mail at indigenousemployment@anz.com.

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Bank of America

Asia Regional Headquarters:


THE STATS
Singapore
#18-00 Republic Plaza Employer Type: Public Company
Tower 1 Ticker Symbol: BAC (NYSE)
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9 Raffles Place Chairman, President and CEO:


Singapore 048619 Kenneth D. Lewis
Tel: +65 6239 3888 Revenue: USD$119 billion (FYE 12/07)
Fax: +65 6239 3137 Net Income: USD$14.9 billion
(FYE 12/07)
Asia Regional Headquarters: Hong
No. of Employees: Over 200,000
Kong
worldwide
42nd Floor, Two International
No. of Offices in Asia Pacific: 20
Finance Centre
8 Finance Street
Central KEY COMPETITORS
Hong Kong Citigroup
Tel: +852 2847 5222 Deutsche Bank
Fax: +852 2847 5232 J.P. Morgan
www.bankofamerica.com

EMPLOYMENT CONTACT
LOCATIONS IN www.bankofamerica.com/asiacareers
ASIA PACIFIC or www.bankofamerica.com/careers
Australia • China • Hong Kong •
India • Indonesia • Japan •
Malaysia • Philippines • Singapore
• South Korea • Taiwan • Thailand

LINES OF BUSINESS
Corporate Investment Banking
Global Markets
Global Product Solutions
Global Consumer & Small Business
Banking
Global Technology & Operations
Global Wealth & Investment
Management

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advice articles, employee surveys and other information on top careers in the LIBRARY 25
Asia Pacific region.
Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Bank of America

THE SCOOP

Editor's note: Tumultuous events in the world financial markets related to


the ongoing global credit crisis took place just prior to the printing of this
guide, making a brief update necessary. On September 14, 2008, after a 48-
hour period of negotiation, Bank of America reached an agreement to buy
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Merrill Lynch at USD$29 per share, bringing the sale to a total of


approximately USD$50 billion. The sale is still pending approval by U.S.
federal regulators and the shareholders of both companies.

America and beyond


Now known by its tagline “Bank of Opportunity,” Bank of America’s roots
go back to 1784 when Massachusetts governor John Hancock signed a
charter for the Massachusetts Bank, one of the first three commercial banks
in the U.S. More than 50 predecessor banks were eventually folded into the
Bank of America behemoth. The company adopted the Bank of America
name in 1998 when NationsBank acquired California-based Bank of
America. Major recent mergers in the U.S. include the USD$47 billion
FleetBoston deal in 2004, the USD$35 billion acquisition in 2006 of credit
card giant MBNA (which boasted more than 40 million accounts and made
Bank of America the largest credit card issuer in the U.S.) and the 2007
acquisition of LaSalle Bank from ABN AMRO for a net cost of USD$16
billion.

Bank of America serves clients in 150 countries, and as of early 2008, the
firm’s client list included 99 percent of the U.S. Fortune 500 and 83 percent
of the Global Fortune 500. In February 2008, Bank of America was added
to the Dow Jones Industrial Average, the first change to the Dow’s
composition since 2004. The bank’s corporate headquarters is in Charlotte,
North Carolina, but most of its investment banking operations is centered
in its offices in New York City.

Bank of America has had a leading presence throughout Asia for over 60
years, primarily serving U.S. and European multinational corporations with
business interests in Asia, as well as top-tier Asia corporations, financial
institutions and institutional investors. The company’s operations in Asia
are headquartered in Singapore and Hong Kong.

The bank also offers a variety of services in Asia Pacific, including treasury
management (international payments, liquidity management, vendor
financing and multi-currency account services), capital raising (loan
syndications, private placements and asset securitizations) and M&A

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Bank of America

advisory, risk management (foreign exchange, interest rate derivatives,


credit derivatives and structured products embedded with rates, currencies,
credits or commodities) and investment management (fixed income,
fundamental and quantitative equity and liquidity solutions).

Constructing a bridge to China


Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

In June 2005, Bank of America became a 9 percent shareholder of China


Construction Bank (CCB), one of China’s “Big Four” state-owned banks,
with the option to increase its stake to 19.9 percent over time. In May 2008,
it exercised a bit of this option, increasing its stake to 10.75 percent. In
total, Bank of America has invested nearly USD$4.9 billion into CCB so
far. The company also began providing strategic advice and assistance to
CCB in such areas as consumer banking, treasury services, governance and
risk management designed to enhance the Chinese bank’s performance.
The relationship with CCB reflects Bank of America’s retail strategy in
China.

The two companies have also jointly launched four customer programs
including a successful launch of their free ATM withdrawal, remittance
services, a joint credit card venture and a joint leasing venture.

Breaking into India


The bank has had a presence in India since the 1960s. Currently, there are
five Bank of America branches in India—in Mumbai, Delhi, Kolkata,
Chennai and Bangalore. Since 2005, Bank of America has made two
capital injections into its India operations—USD$175 million in 2005 and
USD$83 million in October 2007. Aimed at positioning the bank for
further growth in India, these infusions have boosted the bank’s Tier 1
capital to USD$466 million and increased its total capital base to USD$510
million.

Bank of America was named India’s Best Foreign Bank for 2007, moving
up from second place a year before in a poll conducted by Indian financial
publication The Financial Express in conjunction with Ernst & Young.

Movin’ on up
As Asia’s role has become increasingly more crucial, there has been a
shuffle in top management representing the company on the continent. In
June 2007, the global markets division in Asia got a new leader when Kim
Hong was appointed regional head of the business. Originally from South

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Asia Pacific region.
Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Bank of America

Korea, Hong has 25 years of prior experience for a wide variety of


American firms in investment banking including J.P. Morgan, Citibank, and
Bankers Trust. Hong has continued to move up the ladder, as he was named
the firm’s president for the Asia region in June 2008. Scott Lampard,
previously the head of international debt capital markets, took over as head
of Global Markets for Asia and relocated to Hong Kong.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Bank of America also made another recent shift when it appointed Ian
Wong as country executive for China. Wong is situated on the mainland,
primarily in Shanghai, but his new role extends his jurisdiction to Beijing
and Guangzhou. Before his move to Shanghai, Wong was based in
Singapore for Bank of America.

Credit collapse and restructuring


In the third quarter of 2007, the financial market took a severe downturn.
Like many other banks, Bank of America was hit hard. The bank had a net
income decline of 32 percent to USD$3.70 billion from USD$5.42 billion
a year earlier. The company took its biggest hit in its global corporate and
investment banking division, which reported a 93 percent decrease in net
income from USD$1.43 billion last year to only USD$100 million, due
mainly to write-downs in its global markets business.

Bank of America moved quickly in response to changes in the market to


reduce its investment banking capabilities. The company eliminated 3,000
banking positions, mostly within the business lending, treasury services,
capital markets and advisory services and support services divisions.

A strategic review of the capital markets and investment business


concluded in January 2008, with Bank of America saying it would focus the
division’s operations “on areas of traditional strength.” That meant
reducing activities in structured products, especially risky collateralized
debt obligations (CDOs); realigning overseas businesses to build on debt,
cash management and trading; and selling off the equity prime brokerage
business.

Following this review, the bank underwent further employment reductions


of 650 in the global markets and global investment banking groups.
Approximately 12 percent of Bank of America’s capital markets and
investment banking staff were affected.

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Bank of America

Still, in the second quarter of 2008, the investment banking income in


Capital Markets and Advisory Services, a unit of the firm’s Global
Corporate & Investment Banking divison, was USD$765 million, the
second-highest result ever.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

GETTING HIRED

Not just in the States


On its web site, Bank of America maintains a campus careers page at
www.bankofamerica.com/careers. From here you can review vacancies at the
undergraduate and graduate level across Asia. All of the campus opportunities
can be viewed in the “Campus Recruitment” section of the company’s web
site.

Campus opportunities occur mainly in Hong Kong, India, Japan and


Singapore for which you’ll need a 2:1 degree or equivalent. Common
locations where analyst programs take place are in Hong Kong, Singapore
and Tokyo. For those with an MBA, common locations where analyst
programs take place are in Mumbai and New Delhi. You can select from
the following lines of business: Global Markets, Corporate Investment
Banking, Corporate Debt Products and Global Technology & Operations.

If you would like to apply for experienced positions in Australia, China, Hong
Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South
Korea, Taiwan and Thailand, check out www.bankofamerica.com/asiacareers.

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Asia Pacific region.
Bank of China

1 Fuxingmennei Dajie
THE STATS
Beijing, 100818
China Employer Type: Public Company
Phone: +86-10-6659-6688 Ticker Symbol: BOC (HKSE)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Fax: +86-10-6659-3777 Chairman: Xiao Gang


www.boc.cn/en/static/index.html Operating Income: RMB 182.7 billion
(FYE 12/07)
Operating Profit: RMB 89.4 billion
DEPARTMENTS (FYE 12/07)
Personal Banking No. of Employees: 232,632
Investment Banking (through BOCI No. of Offices: 10,000
subsidiary)
Equities Sales and Trading
KEY COMPETITORS
Fixed Income
Asset Management Agricultural Bank of China
Investment Research China Construction Bank
Foreign Exchange and Settlement Industrial and Commercial Bank of
China

LOCATIONS IN
ASIA PACIFIC EMPLOYMENT CONTACT

China www.boc.cn/en/static/index.html
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Bank of China

THE SCOOP

Chinese champion
When Bank of China (BOC) went public on the Hong Kong stock exchange in
June 2006, it raised USD$9.7 billion, the biggest global offering since the debut
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

of AT&T Wireless in 2000. The massive numbers far eclipsed many of the
most hyped U.S. IPOs of recent years and increased the already significant buzz
about the rise of China’s financial prominence in the world. Some estimates
showed that at the time BOC went public, approximately one in every six
residents of Hong Kong bought shares of the bank.

Bank of China has roots all the way back to 1912 when Sun Yat-sen, the
provisional president of China, decided that Da Qing Bank should change its
status to a central bank. BOC was established with headquarters in Shanghai.
Only four years later, the government of the northern warlords threatened BOC
to stop redeeming bank notes for silver, but the bank rejected the order, boosting
its credibility as a credit-worthy bank. In 1929, the bank opened its first
overseas branch in London and over the next 20 years greatly expanded its
international presence.

The Bank of China endured many difficult years of political turmoil. On


November 6, 1984, BOC issued the first overseas bond in the history of modern
China—JPY 20 billion of Samurai bonds from Japan. The bank quickly
became an established issuer of bonds, raising over USD$5 billion by 2001.

Service center
BOC serves retail and corporate customers, as well as providing treasury
services for financial institutions and individuals which include currency
trading and investment, wealth management, value-secured debt business and
financing services. For its retail customers, the bank offers standard banking
services such as savings deposits and wealth management. It also offers credit
card services with the “Great Wall” card. The bank’s international financial
services include inter-bank lending, insurance, and agent and custodian
services.

Restructuring moves
BOC incorporated its subsidiary, BOC International Holdings, Ltd. (BOCI) in
1998. BOCI was the first state-owned investment bank in China’s history.
BOCI is headquartered in Hong Kong, but in June 2000, it expanded into the
Chinese mainland, opening a representative office in Beijing. BOCI handles

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Bank of China

all of BOC’s investment banking along with equities sales and trading, fixed
income, asset management and investment research. In 2001, Bank of China
merged 10 of its member banks into a subsidiary named Bank of China Hong
Kong Ltd. BOC Hong Kong went public in July 2002, raising USD$2.8
billion.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Concern over CDOs


BOC continues to be a force to be reckoned with both at home and abroad,
with about RMB 6 trillion in total assets at the conclusion of 2007, an increase
of more than 12 percent over the previous year. The surging Chinese economy
has been a steady force, driving BOC’s revenues and profits consistently
upward. In 2007, BOC increased its net interest income by about 26 percent
to RMB 152.75 billion over the previous year. By enriching its wealth
management and fee-based businesses, BOC managed to increase its net fee
and commission income by an impressive 92 percent in 2007.

However, much of the good news was overshadowed by the admission


earlier in the year that the state-owned bank held USD$9.65 billion worth
of subprime bonds and collateralized debt obligations (CDOs), the largest
revealed by any Chinese bank. BOC planned for contingencies in the third
quarter by booking USD$643 million in provisions and reserves, but this
hardly helped to secure the fears of a market deeply on edge.

In 2008, the January 21 sell-off in the Asian and European markets may
have been a watershed moment in the continuing debate about whether the
U.S. was slowly sinking into a recession. In one day, the Hong Kong Stock
Exchange dropped by 5.4 percent of its total value, proving that Asia was
not at all insulated from the trouble that was quickly spreading in the U.S.
The inevitability of write-downs was said to be largely due to BOC’s CDOs
driving the panic in the Asian markets.

Michael Jordan, Yao Ming, and Mickey Mouse


Due to the success of Yao Ming, the seven-foot-six basketball superstar
from Shanghai, the National Basketball Association (NBA) has recently
welcomed legions of new fans in China. As a result, NBA China was
recently incorporated with former Microsoft executive Timothy Chen as its
CEO. In January 2008, it was announced that BOC would be partnering
with China Merchants Bank, Legend Holdings and the Walt Disney
Company to buy approximately 11 percent of the new company. The NBA
hopes to raise the bar for the sport in China, reserving the right to create
new teams to be broadcast and merchandised at its discretion. The buzz

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Bank of China

around basketball in China is only expected to grow when the Olympic


team, led by Yao Ming, was the hometown favorite at the Beijing 2008
Summer Olympics.

Winning over the Brits


Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

BOC has been making waves abroad as well as on its home turf. In 2007,
the bank was named by Liverpool-based organization Chinalink as
“Business of the Year.” Chinalink is a U.K. entity that works to support
trade between Britain and China. Chinalink cited BOC’s exemplary service
in aiding Chinese businesses in the U.K. and praised the company for its
involvement in a GBP 867 million financing deal for British Airways in
which it worked with an 11-bank consortium. The award was given out in
February 2008 to coincide with the Chinese New Year.

Loan leaders
BOC is a leader in lending in Asia, ranking second on the Thomson Financial
league tables in the category of mandated loan arrangers in Asia (excluding
Japan and Australia). The only bank to beat BOC as a loan arranger on the
tables was the State Bank of India, reflecting a surge in loan activity from the
Indian market. However, BOC posted strong results, with 60 issues
comprising 5.87 percent of the market share. The bank also ranked fourth on
Thomson’s league tables for Asian bookrunning (excluding Japan and
Australia), working on approximately USD$9 billion worth of deals.

GETTING HIRED

Use your resources


Although the bank’s main site in China at www.boc.cn/en/static/index.html
doesn’t offer a section with job listings, that doesn’t mean that it’s
impossible to snag a job with the bank. Direct contacts for branches in
China are listed under the “Contact BOC” link from the main page. The
English page of BOC’s Hong Kong site at www.bochk.com has a careers
section that lists positions from financial analysts to audit managers. A link
for their summer internship program is also available, though there is no
information provided. To apply for a position, pass on your CV or resume
and cover letter to hr_recruit@bochk.com. Be aware that “applicants who
do not hear from us within eight weeks may consider their application
unsuccessful,” according to the bank.

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Asia Pacific region.
Barclays Capital

Hong Kong regional headquarters


THE STATS
42/F Citibank Tower
3 Garden Road Employer Type: Public Company
Central, Hong Kong Ticker Symbol: BARC (LSE), BCS
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Phone: +852-2903-2000 (NYSE). TYO (8642)


Fax: +852-2903-2999 Barclays PLC Chief Executive:
www.barcap.com John Varley
Barclays PLC President:
Robert Diamond Jr.
DEPARTMENTS Barclays Asia Chairman & CEO:
Global Markets Robert Morrice
Global Distribution Barclays Capital Profit Before Tax:
Investment Banking & Debt Capital GBP 2.33 billion (FYE 12/07)
Markets No. of Employees: 16,200
Research Offices: In 29 countries
Private Equity
KEY COMPETITORS
LOCATIONS IN Deutsche Bank
ASIA PACIFIC Goldman Sachs
Australia JP Morgan
China UBS
Hong Kong
Japan EMPLOYMENT CONTACT
India
Indonesia www.barcap.com/campusrecruitment
Malaysia
Singapore
South Korea
Taiwan
Thailand

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Barclays Capital

THE SCOOP

Global reach
Barclays Capital is the investment banking arm of Barclays Bank PLC, a
parent company with more than GBP 1.2 trillion on its balance sheet as of
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

the end of fiscal year 2007. (Other Barclays units include: Barclays Global
Investors, the asset management division; and Barclays Wealth, the wealth
management arm.) Globally, Barclays Capital has offices in 29 countries
and over 16,200 employees; resources it devotes to debt capital market
financing and risk management for sovereign, corporate and institutional
clients. In Asia Pacific, Barclays Capital employs more than 3,500—a
headcount that has grown over 50 percent in the last three years. Offering
global corporations, government organizations and financial institutions
advice in undertaking financing opportunities, Barclays Capital offers
service to both issuer and investor clients, with a focus on the cash and
derivatives markets.

While Barclays Bank PLC traces its roots to 17th-century London, Barclays
Capital grew out of its parent company’s continuing global expansion in the
1980s, and the founding of an investment capital division in 1986 called
BZW Investment Management. Today, Barclays Capital is one of the
world’s leading investment banks, and in recent years has increased the
range of its investment banking activities to taking income from mortgage-
backed securities, equity products, commodities and derivative products
across all asset classes.

In Asia Pacific, Barclays Capital handles investment banking, financing and


risk management. Its product suite includes equity, credit and fixed income
derivatives, foreign exchange, commodities and liability management.

Growth spurt
Barclays Capital was created in 1997 to provide financing and risk
management solutions to corporate, government and institutional clients
around the world. Although it’s younger than many of its peers, Barclays
Capital’s relationship with its parent allowed it to grow at an astonishing
rate: today it has offices in 29 countries and over 16,200 employees.

Barclays Capital has received a number of awards in recent years in Asia


Pacific as well. AsiaRisk named it “Interest Rate Derivatives House of the
Year” for 2007, and in the same year, Structured Products magazine named
the firm “Structured Products House of the Year—Asia.” The firm was also

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Barclays Capital

chosen as “Best FX and Commodities House” at FinanceAsia’s Structured


Products Awards. In January 2008, Barclays Capital won five “Deal of the
Year” awards at the Islamic Finance News awards, recognizing its
contribution to increasing accessibility in the Islamic market for global
investors.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

The power of the Orc


Barclays Capital made a significant investment in its prime services
business in February 2007 when it signed a partnership agreement with Orc
Software, the world’s foremost provider of technology for advanced
trading, market making and brokerage. Under the terms of the agreement,
Orc clients (including global hedge funds, broker dealers and corporates)
will be able to trade securities directly with Barclays Capital via the Orc
ExNet platform. The initial system will allow trading of Asia-listed
equities, but Barclays says it will soon grow to include all exchange-traded
products, including futures and options. The project is overseen by the
firm’s 150 prime services professionals in New York, London, Hong Kong,
Singapore and Tokyo.

ABN AMRO a no-go, China Development a go-go!


One of the biggest stories of 2007 in the financial world was the bidding
war that ensued between Barclays PLC and a consortium of banks led by
the Royal Bank of Scotland to acquire the Dutch banking giant ABN
AMRO—ultimately, Barclays PLC didn’t win the battle. However, the
bidding war wasn’t a useless endeavor. Two of the long-term benefits that
Barclays Capital gained were a strategic partnership with China
Development Bank (CDB), and consolidating its relationship with
Temasek, the investment vehicle of the Singaporean government, as a major
shareholder. Both CDB and Temasek committed significant investments
into Barclays PLC, helping to fund Barclays’ largely share-based bid for
ABN AMRO.

CDB and Temasek had additional Barclays investments conditional on the


success of its bid for ABN Amro, which never came to fruition. However,
after the unsuccessful bid in October 2007, CDB and Barclays launched a
commodities strategic alliance initially focused on developing business in
energy, metals and emissions trading. The two banks have committed to a
five-year period of collaboration, with the option to extend for a further
period agreed by both parties.

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Barclays Capital

Partnering in India
One of Barclays’ Indian partners is the Mumbai-based bank HDFC
(Housing Development Financing Corporation). The two owned an
outsourcing firm called Intelenet Global Services, which was launched in
2004. Both firms had equal ownership of Intelenet until June 2007 when
they sold the BPO services provider to SKR BPO, a joint venture between
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Intelenet and Blackstone GVP Capital Partners Mauritius V-B. Details of


the deal were undisclosed, but Intelenet had gross assets of USD$107
million at the time of the sale. Representatives from both HDFC and
Barclays announced that they were very pleased with the profits made from
the endeavor.

High on tables
Globally a perennial fixed income underwriting powerhouse, Barclays
Capital ranked No. 4 in terms of market share on the global all debt league
tables for the fourth year in a row, according to Dealogic Bondware,
Loanware, MTNWare and Euromoney in July 2008. In addition, the firm
ranked No. 8 in debt, equity and equity-related offering volume for the
second year in a row in 2007, according to Thomson Financial (now
Thomson Reuters).

Barclays Capital also topped the Thomson Financial charts in international


securitizations, staying strong at No. 1 for the second year in a row.
Additionally, it jumped a spot to No. 2 in Euro bond underwriting, kept its
No. 3 ranking in international bonds, and jumped two spots to No. 8 in
global asset-backed securities. On top of that, the firm ranked No. 3 in the
Euromoney FX Poll in 2008.

In Asia, the firm fell a few spots to No. 9 in Asia convertible deal volume,
and ranked No. 8 in the issuance of Japanese Samurai bonds (bonds in yen
issued by non-Japanese companies). The firm’s appearance was due to its
work on just two Samurai deals, worth a total of USD$1.2 billion and 7.1
percent of the market share.

Barclays Capital also snagged a spot on Thomson Financial’s M&A


advisory charts for the Chinese region in 2007. The firm tied for No. 10 in
completed deal volume, closing one deal valued at USD$2.9 billion, which
represented a 6.8 percent share of the market.

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Barclays Capital

GETTING HIRED

Three tracks
Along with internship programs, Barclays Capital offers three levels of
entry to graduates—analyst, associate and quantitative associate.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Analyst positions require at least an undergraduate degree and “possibly” a


Master’s degree. The firm’s web site lists intelligence, numeracy and
communication skills among its sought after qualities for this role, and
notes fluency in more than one language as a definite asset. Barclays
Capital lists a number of specific functions available in the analyst role,
including: finance, global financial risk management, human resources,
investment banking and debt capital markets, legal, operations, quantitative
analytics, research, sales, structuring, technology and trading. Barclays
Wealth also recruits at the analyst level in the Asia Pacific region.

The associate role is more specialized, calling for applicants either to be


graduated or working towards a Master’s degree in Finance or an MBA,
along with prior professional work experience. Positions at this level are
available in the areas of investment banking and debt capital markets,
research, sales, strategy and planning, and structuring and trading.

If you’re more interested in a cutting edge technical role developing


mathematical models for trading and risk management activities, then you
might want to take a look at the quantitative associate position. Candidates
for these positions should have gained or be studying towards a PhD (or
equivalent) in a highly technical discipline. If you’re not at the doctorate
level, you still have a shot if you’re studying at a post-graduate level and
can demonstrate a good understanding of at least two of the following:
probability and stochastic calculus, analysis, numerical methods, and
coding. Positions include the areas of global financial risk management,
quantitative analytics, research, structuring and trading.

Capital interns
For information about graduate recruitment and internship opportunities at
Barclays Capital, check out the campus recruitment section of the firm’s
web site at www.barcap.com/campusrecruitment.

Internships generally last about 10 weeks at both the analyst and associate
levels. To apply for internships, complete the online application form on
the campus recruitment page. The deadline for all summer internships is

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Barclays Capital

December 31, 2008, but Barclays Capital begins screening applications as


early as September.

Once you’ve completed the online application form, there are also online
reasoning tests. First, you’ll be given a numerical reasoning test. Within 24
hours, you should receive an e-mail letting you know the results. If you
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

passed, you’ll be invited to complete the firm’s verbal reasoning test. If you
pass screening and successfully complete both tests within five days, you
will proceed to the next part of the recruitment process: a phone interview.
If you impress, you’ll be asked along to a final-round assessment, where
you’ll meet senior management and show off your strengths and skills
though individual and team exercises.

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Asia Pacific region.
The Blackstone Group

Suite 901, 9th Floor


THE STATS
Two International Finance Centre
8 Finance Street Employer Type: Public Company
Central, Hong Kong Ticker Symbol: BX (NYSE)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Phone: +852-3656-8600 Chairman & CEO: Stephen A.


Fax: +852-3656-8601 Schwarzman
www.blackstone.com Revenue: USD$3.05 billion (FYE 12/07)
Net Income: USD$1.82 billion
(FYE 12/07)
DEPARTMENTS No. of Employees: 839
Corporate Advisory Services No. of Offices: 14
Corporate Debt
Distressed Securities Advisors
KEY COMPETITORS
India/Asia Closed-End Funds
Long/Short Equity Investments Bain Capital
Marketable Alternative Investments The Carlyle Group
Private Equity Goldman Sachs
Real Estate KKR
Restructuring & Reorganizing Lazard
Advisory Services Morgan Stanley

LOCATIONS IN EMPLOYMENT CONTACT


ASIA PACIFIC www.blackstone.com/careers
Hong Kong
Mumbai
Tokyo

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
The Blackstone Group

THE SCOOP

King of Wall Street


In 1985, two top Lehman Brothers executives, Peter G. Peterson and
Stephen A. Schwarzman, invested USD$400,000 to launch a boutique
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

M&A firm they called The Blackstone Group. Their first office operated
with a staff of four, but Peterson and Schwarzman were convinced their
singular approach would become a force in the business world. First of all,
they decided to invest only in friendly mergers and acquisitions—a bold
decision in the hostile takeover-happy environment of the 1980s. They also
insisted that their own firm always invest large chunks of its own funds in
the investments it made, and that their firm would strive to remain free of
conflicts of interest, especially those born of competing business divisions
within larger companies.

As Blackstone grew, its founders gained reputations for holding its reins a
little too closely—several partners departed under bitter clouds. But it’s
clear that Peterson and Schwarzman (who has earned the nickname “The
King of Wall Street”) have built a strong business. Today, Blackstone has
839 employees in 14 offices around the world. It has also expanded its
work beyond M&A advisory to include restructuring and reorganization
advisory, fund placement services, private equity, real estate, corporate debt
and marketable alternative investments, as well as closed-end funds in India
and Asia. In 1998, American International Group (AIG) purchased a 7
percent non-voting stake in Blackstone; it paid USD$150 million for its
share, and has invested over USD$1.2 billion in Blackstone-sponsored
funds. In addition to AIG, Blackstone has formed strategic alliances with
several international financial institutions, including Roland Berger
Strategy Consultants, Kissinger Associates, Alfaro Asesores Financieros
and Scandinaviska Enskilda Banken.

In June 2007, Blackstone put forward its long awaited and much-hyped
initial public offering, issuing 133.3 million units priced at USD$31 apiece.
The USD$4.13 billion IPO, the largest U.S.-based IPO in five years, gave
the public a 12.3 percent stake in Blackstone. After the IPO, the firm as a
whole was valued around USD$33 billion.

Diverse financial advisory


The firm’s financial advisory group includes corporate mergers and
acquisitions, restructuring and reorganization advisory, and fund placement

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Asia Pacific region.
Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
The Blackstone Group

services. The M&A group has a focus in several industry areas such as
consumer products, energy, financial services, media and entertainment,
and health care, among others. It also has an expertise in several product
areas, including private company transactions, fairness opinions, structured
products, demutualizations and conversions, and financial advisory.
Blackstone has had its hand in many big M&A deals since its inception.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Blackstone’s restructuring group has been equally active on large deals,


advising on more than 150 distressed deals involving more than USD$575
billion in total liabilities since its inception. In June 2007, the group opened
an office in London—it already had outposts in Europe, as well as the U.S.
Clients have included Delta Air Lines, Enron and Global Crossing, among
others.

Fund placement services for Blackstone are handled by its subsidiary, the
Park Hill Group, which services private equity funds, real estate funds,
venture capital funds and hedge funds. Park Hill has been a solid
contributor to Blackstone since its inception in 2005, raising approximately
USD$65.9 billion in capital for 44 different clients.

China pays the price


Though Blackstone’s IPO initially rocketed to success, quickly shooting up
to USD$38 per share, it’s hit some hard times since, as tightening credit
conditions have hurt Blackstone’s bottom line. As of August 2008, the
stock was languishing in the teens, more than 50 percent of its original
value.

The biggest loser in Blackstone’s short-term stock decline may be the


Chinese sovereign wealth fund, China Investment Corporation, which
bought a 9.4 percent stake in the company before it went public. The
investment was supposed to be a strategic bid to deepen Blackstone’s
relationship with China in order to gain footing in the difficult to access
markets there. But so far China’s USD$3 billion investment in the private
equity firm has plummeted to a value of USD$1.4 billion. Under the terms
of the agreement, CIC must hold on to Blackstone’s stock for at least four
years.

Indian infrastructure
In the Asia Pacific region, recent moves have shown that Blackstone has set
its sights on India as a major market for expansion. In March 2007,
Blackstone appointed Amit Dixit, a Harvard grad and Indian entrepreneur,

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
The Blackstone Group

to join its Indian private equity team. Blackstone has had a steady presence
in India since opening an office in Mumbai in 2005. Two of its major
funds, the Asia Tigers Fund and the India Fund, have made significant
investments totaling nearly USD$2 billion in a myriad of Indian companies.
The India Fund comprises the majority of these investments, with holdings
in notable Indian firms such as Tata Motors, ICICI Bank, Reliance
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Industries, and Infosys. The fund is the largest U.S.-listed fund which has
India as its focal point.

Blackstone has also entered into the private equity game in India with two
modest investments in large Indian firms. In August 2006, the firm invested
USD$366 million in the Pune-based pharmaceutical company Emcure
Pharmaceuticals. Blackstone hopes to capitalize on Emcure’s potential to
become a global manufacturer of generic drugs. The company also made
the foray into the field of Indian media when it invested USD$465 in
Ushodaya Enterprises Limited, a firm which owns the country’s third-
largest newspaper and its fourth-largest private television station. The deal
was approved by Ushodaya’s board of directors in January 2007.

In November 2007, Blackstone funneled USD$65 million in funds into an


engineering firm based in Hyderabad called MTAR Technologies Private
Limited. MTAR manufactures parts for nuclear power reactors, and
structural components for aerospace and defense applications.

Chinese equity
Blackstone also invested private equity funds in a Chinese partner recently.
In September 2007, the firm announced that it would be acquiring a 19.9
percent stake in China National Bluestar Group, a wholly-owned subsidiary
of China National Chemical Corporation. The stake will cost Blackstone
up to USD$600 million, but will give it key access to the chemical industry
in China. Blackstone insiders Antony Leung and Ben Jenkins will become
members of Bluestar’s board.

Taming the Tiger


One of Blackstone’s key investments in the Asian region is its publicly
traded Asia Tigers Fund, which was started in 2005 and trades under the
symbol GRR on the New York Stock Exchange. Altogether the fund has
USD$105 million in assets invested in a wide range of Asian sectors and
countries. Investing in Asia has proved successful for this particular fund
which saw an 85.8 percent increase in its net asset value for the whole of
fiscal 2007. In a letter to shareholders with assets in the Asia Tigers Fund,

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
The Blackstone Group

its director and president, Prakash Melwani, warned that volatility in the
U.S. markets and an over-heated Chinese market may cause a slight
slowdown for the fund in 2008.

The Asia Tigers Fund’s main investments are in Hong Kong, South Korea,
and China with 21.0, 19.8 and 9.6 percent invested in each country,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

respectively. It also has an 11 percent stake in both India and Singapore.


The fund’s top ten holdings are China Mobile, Samsung Electronics,
POSCO, Hon Hai Precision Industry, Taiwan Semiconductor
Manufacturing, Industrial & Commercial Bank of China, PT Bumi
Resources TBK, Reliance Industries, KNM Group BHD and Ezra
Holdings.

Asian M&A
Blackstone’s investment banking arm is more than proficient in M&A and
proved it in 2007 by workings its way up the Thomson Financial (now
Thomson Reuters) tables in two major categories. On the table reflecting
completed M&A deal volume for all of the Americas, Blackstone ranked
No. 16, with 21 deals worth a total of USD$83.5 billion. On the Asian
charts, Blackstone found itself ranked on China’s completed M&A deal
volume table, with a No. 10 ranking. The firm’s one deal in China had a
value of USD$2.98 billion and represented 6.8 percent of the total market
share.

Red for the quarter, black for the year


Although Blackstone took quite a hit in the fourth quarter of 2007, the
firm’s numbers for the year weren’t bad. The firm booked a USD$170
million loss in the fourth quarter, contrasted with USD$1.18 billion in net
income it booked for the same period a year earlier. According to
Blackstone, causes for the 89 percent slide in income included its Financial
Guaranty Insurance investment and compensation costs related to its IPO.
For the full year, however, total revenue rose to USD$3.05 billion from
USD$2.6 billion in 2006, and net income increased to USD$1.82 billion
from USD$1.42 billion. Blackstone attributed the healthy full-year
numbers to growth in three groups: real estate, marketable alternative asset
management and financial advisory.

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
The Blackstone Group

GETTING HIRED

Get with the program


Blackstone’s central careers page is located at www.blackstone.com/careers.
The firm offers opportunities in areas of asset management including
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

corporate private equity, real estate and marketable alternative asset


management funds including hedge funds, debt funds, proprietary hedge
funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual
funds. Opportunities are also available in advisory, including corporate
advisory, mergers and acquisitions advisory, restructuring and reorganization
advisory, and fund placement advisory. According to the site, candidates
“should have excellent interpersonal and communication skills and should be
strong group facilitators as well as capable leaders and successful team
players.” Prior financial services experience is “preferred, but not required.”
Current openings are listed on the site, but at the time of writing, no Asia
Pacific positions were up and only positions in New York and London were
posted.

An internship program is available, lasting 10 weeks and typically only


during the summer months. There are three classifications of positions—
summer analysts (for university seniors), summer associates (for second-
year MBA students or those with one year remaining in an advanced
degree) and summer interns. Employment for these positions generally
commences in early June. First-round interviews typically begin in late
January or early February and applications are available on the site. On the
online application form, candidates can mark location preferences including
Hong Kong, Mumbai and Tokyo.

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Asia Pacific region.
BNP Paribas

Hong Kong Branch


THE STATS
59-63/F
Two International Finance Centre Employer Type: Public Company
8 Finance Street Ticker Symbol: BNP (Euronext)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Central, Hong Kong President, CEO & Director: Baudouin Prot


Phone: +852-2909-8888 Revenue: USD$116.16 billion
Fax: +852-2865-2523 (FYE 12/07)
www.bnpparibas.com Net Income: USD$10.71 billion
(FYE 12/07)
No. of Employees: 169,800
DEPARTMENTS No. of offices: 2,200
Corporate & Investment Banking
International Retail Services
KEY COMPETITORS
Asset Management & Services
Crédit Agricole
HSBC Holdings
LOCATIONS IN Société Générale
ASIA PACIFIC
Australia EMPLOYMENT CONTACT
Brunei
China careers.bnpparibas.com
Hong Kong graduates.bnpparibas.com
India
Indonesia
Japan
Macau
Malaysia
New Zealand
Pacific Islands
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
BNP Paribas

THE SCOOP

BNP meets Paribas


BNP Paribas was born in 2000 when two French banks, Banque Nationale de
Paris (BNP) and Paribas, merged to form the most profitable bank in the
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Eurozone as well as one of the largest banks in the world. Today, the company
has more than 169,800 employees operating in 85 countries around the world.
The bank’s presence in Asia is substantial, with operations including China,
Japan, South Korea, Taiwan, Hong Kong, the Philippines, Vietnam, Thailand,
Malaysia, Singapore, Indonesia and India.

Worldwide, BNP Paribas has five major areas of business: French retail
banking, international retail services, asset management and services,
operations of BNL (Italy's Banco Nazionale del Lavoro, which BNP Paribas
took over in 2006) and corporate and investment banking.

In Asia, BNP Paribas’ business is divided into two core areas: Corporate and
Investment Banking (CIB), and Asset Management and Services. The CIB
activities are balanced between advisory and capital markets and specialized
financing. Within CIB, the client coverage organization manages the bank's
client portfolio along with financial institutions and large corporations. Asset
Management handles the asset-gathering arm of the group, including Private
Banking and BNP Paribas Investment Partners.

In July 2008, BNP Paribas Corporate and Investment (CIB) established a


centralized worldwide entity. Two new business lines were created: Global
Structured Finance (which now includes the structured finance activities of
origination, structuring, execution and syndication for all business sectors) and
the Corporate & Transaction Group.

A foothold in the mainland


Like most of the big international banks, BNP Paribas has partnered with a
Chinese bank to give it a foothold on the mainland. In October 2005, the firm
joined forces with Bank of Nanjing, the eighth-largest commercial city bank in
China with 60 branches and 1,500 employees. Bank of Nanjing was previously
named Nanjing City Commercial Bank, but renamed in 2007. Unlike many
other Sino-foreign bank relationships, Bank of Nanjing is not one of the one
major state-owned banks but a relatively small regional retail bank in the
province of Jiiangsu in eastern China. At the time of its deal with BNP Paribas,
Bank of Nanjing had an impressive USD$5.3 billion of total assets.

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
BNP Paribas

Under the terms of the agreement, BNP Paribas originally purchased a 19.2
percent stake in the Chinese bank, close to the regulatory cap of 19.9 percent.
However, this stake was diluted to 12.6 percent following Bank of Nanjing's
IPO in July 2007. The two banks are collaborating in the retail banking area
while also offering services such as credit cards, wealth management and
corporate banking.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

In June 2008, BNP Paribas announced the completion of its conversion


project in China, a prerequisite for the bank to conduct expanded services
in China. BNP Paribas had secured approval in April by China’s banking
regulator, the China Banking Regulatory Commission, to convert the
branches of BNP Paribas in Beijing, Tianjin and Guangzhou into branches
of BNP Paribas (China) Limited, a wholly owned subsidiary of the bank.
The Shanghai branch of BNP will be retained as a wholesale foreign
currency branch under the BNP Paribas Group.

On the Orient express


BNP Paribas also teamed up with another bank in Asia in 2007 when it
purchased a share of Orient Commercial Joint-Stock Bank (OCB), a Vietnam-
based financial services company. The move will give the country key
representation in a market that is still largely untapped. The bank announced
in 2006 that it would purchase an initial 10 percent stake in OCB at an
undisclosed sum. The finalization of these plans was signed in Paris in
October 2007 and an inauguration ceremony was held in Ho Chi Minh City
(where the bank is headquartered) in early 2008. In February 2008, things
were going so well between the two banks that BNP Paribas announced that it
would seek the Vietnamese government’s approval to double its stake in OCB
to 20 percent. OCB had an impressive year in 2007, with its total assets
shooting up 82 percent to VND 11.8 trillion (USD$737 million).

Private riches
One of BNP Paribas’ main Asian businesses is its private banking division,
which has operations in Singapore, Hong Kong, China, India and Taiwan. With
wealth skyrocketing in these regions, the competition is high to get in on the
action. In 2006, the world’s percentage of high-net-worth individuals increased
8.3 percent to 9.5 million. That same year, there were 345,000 people in China
with investable assets of USD$1 million or more. In India and Singapore, the
high-net worth population grew by 21.2 and 20.5 percent, respectively, the
largest increase of all the nations in the world. The clients that use BNP Paribas’

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BNP Paribas

private banking services usually have about USD$5 million or more in


investable assets.

The CEO of BNP’s Asian private banking operations, Michel Longhini,


recently said that he expects total assets in the private banking sector in Asia to
grow by 20 percent each year for the next several years.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Currently, the bank has six offices in India and two in Taiwan, employing about
100 people combined. The operations in Singapore and Hong Kong are the two
key regional hubs in Asia, with about 550 total employees. As of June 2008,
BNP Paribas Private Bank had about USD$32 billion in assets under
management in Asia.

Debt dynamics
BNP Paribas has always long been a stalwart of the Thomson Financial
(now Thomson Reuters) investment banking league tables for Europe. But
in 2007, the bank branched out and found itself on a number of tables for
its involvement in Asian deals, particularly Asian debt deals. BNP Paribas
ranked No. 5 in Asian securitized bond underwriting, working on just two
deals during the year. These deals had proceeds of USD$567 million and
represented approximately 5.4 percent of the market share.

In the category of Asian G3 currency bonds, BNP Paribas ranked No. 14 in 2006
with deals that represented a market share of 1.6 percent. In 2007, the bank
managed to jump to No. 8 in the same category, working on 15 deals with total
proceeds of USD$2 billion. BNP Paribas also shot up in Asia Pacific emerging
markets bonds underwriting, leaping from No. 18 in 2006 to No. 8 in 2007. In
total, the company’s deals in that category had proceeds of USD$698.7 billion.

Though BNP didn’t appear on any equity capital markets tables in 2007, it
was all over the M&A transaction charts. Worldwide, the company ranked
No. 12 in announced deals, working on 199 transactions worth a total of
USD$384.6 billion and jumping one place from its position in 2006. In
European announced M&A, the firm held steady at No. 10, and in Asia
(excluding Japan) announced M&A volume, BNP Paribas moved up four
spots to take the No. 18 ranking, advising on 24 deals worth USD$7 billion.

In 2007, the firm’s corporate and investment bank (CIB) reported EUR 8.29
billion in revenue, a 2.5 percent increase versus 2006. Though CIB was
profitable in every quarter of 2007, its fourth quarter pre-tax net income of
EUR 343 million was 65 percent less than the same period in the previous
year. Overall, CIB brought in 28 percent of BNP Paribas’ total revenue in
2007 and 35 percent of its pre-tax net income.

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
BNP Paribas

Overflowing trophy case


For its CIB business in Asia, BNP Paribas has won a number of accolades.
The firm was given top honors in AsiaRisk’s 2007 awards, winning three
categories: Derivatives House of the Year, Credit Derivatives House of the
Year and Deal of the Year. In the annual fixed income poll conducted by
Asiamoney magazine in 2008 (which is voted on by financial institutions),
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

BNP Paribas was named the Best Overall Provider of FX Services for the
third year in a row. In 2008, The Asset magazine singled BNP Paribas out
for its derivatives operations, naming it Derivatives House of the Year and
Best Equity Derivatives House, as well as Best Derivatives House for both
Japan and Taiwan. In addition, the firm was named 2008's Japan House of
the Year and Asia House of the Year by Structured Product magazine.

Worldwide, BNP Paribas has been recognized as well. Most notably, in


April 2008 the firm placed No. 13 on Forbes’ annual Global 2000, a
ranking of the largest companies in the world based on sales, profits, assets
and market value. The company came in at No. 14 in all categories
combined. In the banking category, BNP Paribas came in at No. 6, behind
Citi, Bank of America, JPMorgan Chase, HSBC and Royal Bank of
Scotland.

GETTING HIRED

Get your foot in the door


Graduates interested in corporate and investment banking in Asia Pacific get
their own campus recruitment page at graduates.bnpparibas.com. (A separate
Japanese-language recruitment site for Japan is operated at
www.bnpp.jp/recruit/index.html.) The site is organized into four sections:
business area, route, role and location. Locations in Asia Pacific include Ho Chi
Minh City, Hong Kong, Jakarta, Mumbai, Seoul, Shanghai, Singapore and
Sydney. Analyst and associate positions are offered throughout these cities—
check each city's details on the recruitment site for further information. Summer
internships are also available in Hong Kong to students from their second year
of a bachelor's degree up to PhD or MBA level.

BNP Paribas has a number of different career paths, but recruits heavily in
corporate and investment banking (corporate banking, corporate finance
and capital markets activities), retail banking, asset management and
services (including private banking and securities), and support functions.
More details on these opportunities are available on the firm's careers page

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BNP Paribas

at careers.bnpparibas.com or at graduates.bnpparibas.com, and a degree is


the minimum requirement for these positions.

For Asia Pacific, the firm's careers page also has links to local pages and contact
information for its human resource departments at offices in Hong Kong, India,
Japan and Singapore. Just click “Other countries” under the country list and
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

you'll be directed to the right place to apply. You can also apply for an internship
directly by submitting an application to the location of your choice.

In Hong Kong and Singapore, BNP Paribas offers opportunities in corporate and
investment banking, private banking and asset management. For Hong Kong,
you can e-mail your CV and cover letter to careers.hk@asia.bnpparibas.com,
and for Singapore, you can send them to sing.careers@asia.bnpparibas.com.
India can be reached at questwith.bnpp@asia.bnpparibas.com for corporate and
institutional banking, private banking and individual banking opportunities.
Japan offers corporate and institutional banking, and can be contacted at
hrjpn@japan.bnpparibas.com.

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Asia Pacific region.
BOC International

26/F, Bank of China Tower


THE STATS
1 Garden Road
Central, Hong Kong Employer Type: Subsidiary of
Phone: +852-2230-8888 Bank of China
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Fax: +852-2147-9065 CEO: Wang Yan


www.bocigroup.com No. of Employees: 100
No. of Offices: 4

DEPARTMENTS
KEY COMPETITORS
Investment Banking
Fixed Income China Galaxy Securities
Securities Sales and Trading China Merchants Securities
Asset Management GF Securities
Investment Research Guotai Junan Securities
M&A Haitong Securities
Ping An Securities

LOCATIONS IN
ASIA PACIFIC EMPLOYMENT CONTACT

Beijing www.bocigroup.com/pub/en
Hong Kong
Shanghai
Singapore

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
BOC International

THE SCOOP

Established investment banking


Bank of China International Holdings Limited (BOC International or
BOCI) is a wholly owned subsidiary of Bank of China, one of the big four
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

state-owned commercial banks in China. The first fully dedicated


investment bank in China, the BOCI name is held in high esteem, as the
bank has been in business for nearly 30 years. As the country continues to
grow financially, BOCI hopes to take advantage of its position as the oldest
state-owned investment bank to turn a handsome profit.

BOCI’s business services include a variety of traditional investment


banking operations including the issuance of stocks and bonds, syndicated
loan arrangements, securities sales and trading, and asset management.

Hong Kong history


BOCI originated in Hong Kong on March 2, 1979, when its predecessor, the
China Development Finance Company, opened for business, offering
services of corporate finance, M&A and other financial advisory services.
Shortly after, in 1983, one of Bank of China’s divisions, BOC Group
Securities Limited, was operating in the Hong Kong stock and futures
trading business. In 1998, both banks were under the ownership of Bank of
China when a company-wide restructuring was conducted to incorporate
the two banks as one united investment bank.

The investment bank has since expanded into its presence into Beijing, now
representing both mainland China and Hong Kong. In 2002, the Bank of
China International China (BOCI China) was established with the
cooperation of mainland corporations such as China National Petroleum
Corporation, State Development & Investment Corporation, China General
Technology (Group) Holdings, Shanghai State-Owned Assets Operation
Co. and Yuxi Hongta Tobacco (Group) Co.

Making the grade


Over the years, BOCI has proved itself as not just an important investment
banking presence in China, but also in international deals which have made
headlines around the world. BOCI acted as underwriter on the listing of the
first H-shares (shares of mainland Chinese companies listed on the Hong
Kong stock exchange) for Tsingtao Brewery in 2001. The company was

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BOC International

also involved in the IPOs of government-owned companies such as China


Mobile, PetroChina and China Unicom.

The company aided in the financing of a USD$12 billion syndicated loan


made to Hong Kong telecommunications giant Pacific Century Cyberworks
(PCCW) in 2001, which allowed it to acquire Cable & Wireless HKT. The
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

deal marked one of the biggest corporate takeovers in the history of Asia.
BOCI’s financing won the company kudos in the press, with Finance Asia
naming the deal “Best Loan” of the year.

In 2007, BOCI ranked No. 6 on the Thomson Financial (now Thomson


Reuters) league tables for Asian debt markets in the category of all Asian
currencies including CDs and CPs, earning approximately USD$6 billion
throughout the fiscal year. This represents a jump of 0.8 percent of the
market share from 2006. In M&A, it ranked No. 18 in deals with Hong
Kong involvement up to USD$100 million with seven deals bringing in
approximately USD$88.2 million.

Big deals
Domestically, BOCI has been involved in many big deals as well, including
the privatization of the Hong Kong Mass Transit Railways Corporation,
which sold its share capital through a public offering in 2000. BOCI has
also served as underwriter on key technology offerings including the debuts
of Growth Enterprise Market, Phoenix Satellite Television, Shanghai Fudan
Microelectronics and Tong Ren Tang Technologies.

The debut of China National Offshore Oil Corporation (CNOOC) on the


Hong Kong Stock Exchange in 2001 was one of BOCI’s largest deals to
date. The bank acted as joint global coordinator, bookrunner, sponsor and
lead underwriter on the public offering, winning awards from Asiamoney
and IFR for “Equity Fundraising Deal of the Year” and “China Equity
Issue,” respectively.

GETTING HIRED

Join the group


Check out BOCI’s careers site by clicking on the “Career” link from the
English page at www.bocigroup.com. The bank’s job listings are separated
into categories ranging from experienced hires and entry-level candidates to
management trainees and internships. BOCI offers these opportunities across

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BOC International

all of its sectors, too—applicants can check out the site and find out whether
they possess the right skills for a job in investment banking, financial products,
equity sales and research, asset management or private equity. If you see a
position that matches your qualifications, send your resume along with your
“current and expected salaries” to bocihrd@bocigroup.com.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

If there’s nothing listed that specifically complements your background,


you can also pass on your information “if you believe you are the right
person who can make contribution to our company,” BOCI explains on its
site. If that’s the case, just send along a personal profile with career interest
and a detailed resume. You can also send your application materials to the
above e-mail address or to the Human Resources Division, BOC
International Holdings Limited, 26/F, Bank of China Tower, 1 Garden
Road, Hong Kong.

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CFETS-ICAP

Unit 205-1206 AZIA Center


THE STATS
1233 Lujiazui Ring Road
Shanghai, 200120 Employer Type: Private Company
China CEO: Danny Cheung
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Phone: +86-21-3861-7888 No. of Offices: 20


Fax: +86-21-5047-2092
www.cfets-icap.com.cn/en KEY COMPETITORS
Ping An Trust
DEPARTMENTS Tullett Prebon SITICO
RMB Lending & Bond Trading
Wholesale Broker EMPLOYMENT CONTACT
Energy Derivatives
Equity Derivatives www.cfets-icap.com.cn/en/
Fixed Income company_recru.html
Foreign Exchange
Money Markets
OTC Derivatives

SELECTED LOCATIONS
IN ASIA PACIFIC
Beijing
Shanghai
Other major cities in China

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CFETS-ICAP

THE SCOOP

Just a baby
As far as financial entities go, Shanghai CFETS-ICAP International Money
Broking Co., Ltd. (or just CFETS-ICAP) is barely out of its infancy. The unit
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

first came about in September 2007, when U.K.-based ICAP PLC (an inter-
dealer money broker) and the China Foreign Exchange Trading System
(CFETS) & National Interbank Funding Center announced the launch of a joint
venture. With the birth of Shanghai CFETS-ICAP, broking services and services
related to money, bond and derivative markets were able to be provided to
consumers. The venture is only the second money broking company of its kind
to receive approval from the by the China Banking Regulatory Commission—
another joint venture between a U.K. firm and a Chinese firm, Tullett Prebon
SITICO, was the first to be approved back in November 2005.

Clearly, CFETS-ICAP isn’t a venture that just arose out of thin air—its dual
components are what make it run. ICAP acts as a go-between for
investment banks and institutions who want to get involved in monetary
markets. ICAP, which came about from the 1999 merger between the
companies Garban and Intercapital, appears financially secure, bringing in
GBP 121.3 million in net profit in 2007, up from the GBP 117.2 million it
reaped in 2006. ICAP also owns a 33 percent stake of CFETS-ICAP.

Meanwhile, CFETS is certainly its own big man on campus. Originating


from a set of foreign exchange reforms, CFETS came about in 1994 as a
subsidiary of the People’s Bank of China. The group is responsible for a
host of functions related to foreign exchange trading. These tasks include
managing bank-to-bank trading, supplying information regarding foreign
exchange trading and putting systems in place to ensure smooth trading, as
well as RMB lending and bond trading. CFETS has its head office in
Shanghai (with a staff of 30), a backup headquarters in Beijing and 18 other
centers across China. In terms of ownership, CFETS has a majority share
in CFETS-ICAP, holding a 67 percent stake in the joint venture.

Another challenger?
Just a few months after its inception, CFETS-ICAP faced a little friendly
competition in its niche market when the China-based Ping An Group and
the Switzerland-based Compagnie Financière Tradition launched a similar
money broking venture, Ping An Tradition International Money Broking
Co. Ltd., in January 2008. The joint venture—the third-largest of its kind

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CFETS-ICAP

in China—will be 67 percent held by Ping An Trust while the remaining 33


percent will be owned by Compagnie Financière Tradition. The venture,
based out of Shenzhen, has registered capital of RMB 50 million and is
expected to be fully operational by the end of 2008.

A temporary halt
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

In February 2008, CFETS-ICAP—along with Tullet Prebon SITICO—


announced that it would be discontinuing its practice of providing quotes for
onshore foreign exchange forward contracts and swaps. The move was
attributed mostly to demands from the State Administration of Foreign
Exchange (SAFE), which regulates China’s foreign exchange system.
Although SAFE did not give a public reason for its decision, CFETS-ICAP
reassured investors that effects of the decision would be minimal, adding that
foreign exchange forwards and swaps only constituted a small portion of its
services.

Expansion plans
Parent company CFETS announced in May 2008 that China will keep
expanding its currency derivatives through the year to keep up with market
demand. The hope is that having an assortment of derivative products might
assist China’s exporters and importers in deciding which currency risks are
safe (or at least safer) bets. However, the new derivative menu might not be
coming to fruition in the immediate future. New types of derivatives won’t
necessarily be added in 2008, according to Xie Duo, president of CFETS.

GETTING HIRED

Pretty vacancies
CFETS-ICAP’s English-language careers page at www.cfets-
icap.com.cn/en/company_recru.html lists job vacancies, along with the
specific roles the prospective applicant can expect to play in their position.
In addition, the firm lists its requirements for jobs—“good communication
skills,” “self-motivation and self-discipline” and the ability to work as part
of a team all seem to be recurrent themes. There’s no formal application
process on the site, but if you find a job that fits your experience, just email
hr@cfets-icap.com.cn. Openings range from entry-level trainee positions
to full-fledged broker positions.

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China Construction Bank

25 Finance St.
THE STATS
Xicheng District
Beijing, 100032 Employer Type: Public Company
China Ticker Symbol: 0939 (HKSE);
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Phone: +86-10-6759-7114 601939 (SSE)


Fax: +86-10-6360-3194 Chairman: Shuqing Guo
www.ccb.cn/portal/en/home/index. President: Zhang Jianguo
html Net Operating Profit: RMB 69.1 billion
(FYE 12/07)
Net Income: RMB 100.8 billion
DEPARTMENTS (FYE 12/07)
Personal Banking No. of Employees: 297,506
Corporate Banking No. of Offices: 13,629
Treasury Operations
KEY COMPETITORS
LOCATIONS IN Agricultural Bank of China
ASIA PACIFIC Bank of China
China Industrial and Commercial Bank of
Hong Kong China
Japan
Macau EMPLOYMENT CONTACT
Singapore
South Korea www.ccb.cn/portal/en/home/index.html

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
China Construction Bank

THE SCOOP

Free market success


China Construction Bank’s origins stretch back to 1954 when it was
established, as People’s Construction Bank of China by Mao Zedong’s
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

government, primarily as a source for disbursing government funds to build


up the infrastructure of the nation. As the political landscape in China
developed, the state-owned bank gradually took on the roles of a
commercial bank. In 1996, the People’s Construction Bank of China
officially adopted the name China Construction Bank.

China Construction Bank (CCB) made its debut in the market when it
launched its IPO on the Hong Kong stock exchange in November 2005.
The share price rose approximately 50 percent in the first year of trading,
setting the stage for an even bigger offering on the Chinese mainland in
September 2007. CCB launched the second-largest IPO in the history of
China, raising approximately USD$7.7 billion, when the bank entered into
trading on the Shanghai Stock Exchange.

The bank’s future looks bright in capitalist markets, but it still keeps a tight
rein on its employees. On the company website, CCB warns its employees
that they must be vigilant to avoid mistakes, with the following motto: “My
minor negligence may cause great trouble for the client. My trivial mistake
may cause great loss for the CCB. Greed, depravation, and corruption will
bring shame to myself, my family, and my CCB.”

Organization charts
Three main business segments make up CCB’s main operations: corporate
banking, personal banking and treasury operations. With 13,629 branches
stretched throughout the country, CCB is one of the largest banks offering
services for infrastructure loans, residential mortgages, and savings and
deposits. The bank’s corporate services include institutional e-banking,
credit services, fund settlement and custody, and international financing.
The bank services its international clients from overseas offices in
Frankfurt, Germany; Johannesburg, South Africa; Singapore; Seoul; and
Tokyo. Its asset management and wealth management services are handled
through its subsidiary, China Construction Bank Principal Asset
Management.

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China Construction Bank

Greed and corruption


Though today things appear to be on the up and up for CCB, the bank
recently went through times it would surely rather forget. Former chairman
Zhang Enzhao left the firm amidst charges of corruption and accepting
bribes. Zhang left the company in March 2005, citing “personal reasons”
as his motivation, but a government crackdown on dirty dealings in banking
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

soon exposed him for having accepted bribes worth approximately RMB
4.18 million. In September 2006, the former leader of the state-owned bank
was sentenced to 15 years in prison at the Qincheng facilities outside of
Beijing.

Banking buddies
In 2005, CCB entered into a strategic alliance with U.S. superpower Bank
of America, when Bank of America purchased a 9 percent stake in the
Chinese entity. The alliance gives CCB the prestige of being associated
with an American banking giant while simultaneously giving Bank of
America access to key markets in China. Just one short year after Bank of
America bought the stake, CCB purchased Bank of America Asia, a Hong
Kong firm with a subsidiary in Macau. Bank of America Asia is now
known as China Construction Bank Asia.

Bank of America is not the only foreign bank that CCB has partnered with.
The Chinese lender is a member of the Global ATM Alliance, a service
which allows costumers from a wide range of international banks to use
each other’s ATMs without fees. The Alliance consists of nine banks
including CCB. The other banks in the consortium are ABSA, Barclays,
Bank of America, BNP Paribas, Deutsche Bank, Santander Serfin,
Scotiabank and Westpac.

Taking a place of honor


In addition to the stunning debut of its Shanghai stock, China Construction
Bank has also managed to win awards given by the financial media in the
past several years, boosting its worldwide respectability. In the
international media, CCB was named “Best Bank in China 2007” in the
category of best emerging market banks in Asia by Global Finance
magazine, and “Best Corporate Governance Enterprise” by The Asset.
Research organization The Asian Banker gave CCB its award for
“Excellence in the Chinese Mortgage Business”, while the Shanghai
Securities News dubbed the bank the “2006 Most Influential Chinese
Company Listed Overseas” in its issue exploring the impact China has on

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China Construction Bank

the world. The company was also recognized by a host of different sources
for its outstanding customer service, winning the title of “Best Customer
Service in China” in a program run by the China Information Industry
Association and the Asia Customer Service Association.

Oversubscribed and overjoyed


Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

The debut of CCB on the Shanghai stock market could be taken as an


indication of the strides the company had made in just two short years from
its initial debut on the Hong Kong stock market in 2005. CCB’s IPO in
Shanghai more than proved it was one of the leading power players in the
flourishing Chinese economy by raising RMB 58 billion. The orders for the
listing showed that it was an impressive 40 times oversubscribed among
retail investors and 24 times oversubscribed by institutional investors,
drawing over USD$300 billion in funds.

Part of the reason for CCB’s overwhelming success is that it one of the most
reliable of the “big four” state-owned banks of China. It has none of the
subprime debt of Bank of China and far less non-performing loans (NPLs)
than the Agricultural Bank of China and its returns keep swelling, even as
the market is slowing. In 2007, CCB’s net profit was RMB 69.14 million,
a 49.2 percent increase from the previous year. Though the bank does have
some NPLs, the value is negligible compared to the reported USD$100
billion of Agricultural Bank of China. In the first half of 2007, CCB wrote
off about RMB 90.7 million of NPLs, or about USD$12 million.

CCB’s underwriting activities also took a jump in 2007. The firm found
itself ranked No. 21 on the Thomson Financial league tables for mandated
arrangers or syndicated loans, working on 32 different issues worth
USD$2.6 billion. In 2006, CCB did not appear on the league tables for
loans.

GETTING HIRED

Keep your hat off


Hop on the hiring wagon at www.ccb.com/portal/en/home/index.html—just
understand that they do things a little differently at CCB. When the bank is
in its recruiting season, it posts a “positions vacant” notice in its
announcements section. From there, prospective employees need to
download and fill out a recruitment application form, attach a recent color
photo of themselves (which should be “hatless”) and include testimonials

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China Construction Bank

on recent work experience. Applicants should then mail everything in to


the Human Resources Department, China Construction Bank Corporation,
25 Jinrong Street, Xicheng District Beijing, 100032, China. Alternately,
candidates can email zhaopin.zh@ccb.com. The firm informs candidates
that “all application documents will be kept confidential but not returned.”
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Candidates who successfully apply will be notified by mail regarding


interviews. As far as the interview process goes, the firm provides some
handy tips on its site for the candidates that pass its written test and get to
the next level. Prospective employees should arrive “15 minutes before the
interview,” dress formally and have their best manners at hand—
interviewees are “required to cooperate with our staff and to behave
properly.”

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China Galaxy Securities

No. 35, Jinrong Avenue


THE STATS
Xicheng District
Beijing 100032 Employer Type: Private Company
China President: Zhu Li
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

www.chinastock.com.cn No. of Employees: 5,000


No. of Offices: 167

DEPARTMENTS
KEY COMPETITORS
Securities Brokerage
Investment Banking BOC International
Underwriting and IPO China International Capital Corporation
Recommendation China Merchants Securities
Mergers and Acquisitions CITIC Securities
Financial Consulting Guotai Junan Securities
Asset Management Ping An Securities
Portfolio Investment
Fund Management EMPLOYMENT CONTACT
Market Research
“Contact us” link on
www.chinastock.com.cn
LOCATIONS IN CHINA (in Simplified Chinese)
Beijing
Guangzhou
Shanghai
Shenzhen
Other major cities in China

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
China Galaxy Securities

THE SCOOP

Come together
China Galaxy Securities Company Limited was officially founded in
August 2000 with start-up capital of RMB 4.5 billion. Though China
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Galaxy may seem like the new kid on the block, it actually draws from the
experience of five of China’s most established companies. China Galaxy is
comprised of the integration of trust and investment companies drawn from
China Construction Bank, Industrial and Commercial Bank of China, Bank
of China, Agricultural Bank of China and China Life Insurance Company.
Today, this joint effort is the third-largest underwriter in China with 14
percent of the market share, behind only CITIC Securities and China
International Capital Corporation (CICC).

China Galaxy provides high-end investment banking services to


corporations, financial institutions, governments and high-net worth
individuals. The firm’s divisions include a full securities brokerage, IPO
underwriting and recommendation, mergers and acquisitions (M&A),
financial consulting, asset management, portfolio investment, fund
management and market research.

China Galaxy also has a series of indexes which launched in March 2001.
These indexes include the Galaxy 500, the Galaxy Fund Index, the Galaxy
T-bond index and the Galaxy Corporate Bond Index.

Mining for coal


China Galaxy has scored big on energy deals recently, specifically by
advising China’s two largest coal producers on their public debuts. China
Galaxy co-advised China Coal Energy Co., the second-largest coal
producer in China, on its entrance into the Shanghai stock market in
February 2008. Though the market was increasingly volatile in the months
before China Coal’s debut, the firm still was able to raise RMB 3.12 trillion
in orders, a share sale that was approximately 121 times oversubscribed.
On February 1, 2008, its first official day of trading, China Coal opened at
RMB 24 per share, up 42.6 percent from its IPO price of RMB 16.83 per
share.

The debut of China Coal Energy’s stock would have been even more
impressive if it had not been eclipsed by the October 2007 debut of China
Shenhua Energy, the largest coal miner in the country. Shenhua’s IPO
raised a record RMB 66.6 billion, the largest sum ever raised by a mainland

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China Galaxy Securities

Chinese company. The stock was priced at RMB 36.99 per share and sold
approximately 1.8 billion shares. Shenhua’s stock was also massively
oversubscribed, raising RMB 2.67 trillion, a record number of
subscriptions.

Playing with the big boys


Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

China Galaxy’s deals in 2007 placed it in the company of some of the


biggest investment banks in the world, as the bank earned itself prime
rankings on the Thomson Financial (now Thomson Reuters) league tables.
China Galaxy was ranked No. 10 on the equity capital markets chart for
Asia (excluding Japan and Australia) behind global banking giants UBS,
Morgan Stanley and Citi, as well as domestic competitor CITIC Securities.
The bank’s percentage of the market share actually went down 0.3 percent
from 2006 to 3.5 percent. However, it moved up one spot in the rankings,
placing it in the all-important top ten with USD$7.7 billion raised on its
four issues.

It was a record year for Asian equity markets, with a 120 percent surge from
the previous year in follow-on issuance. Total equity and equity-related
issuance for 2007 was also at a record USD$232.2 billion. A-shares (shares
traded in RMB on the Shanghai and Shenzhen stock exchanges) also were
at their highest ever, with USD$60 billion raised from the debut of 115
companies.

Bocom blossoms
In China, 2007 was a year of IPO fever, as hot stocks hitting the market
seemed to set new records each day. China Galaxy was involved in one of
the earliest record-setting IPOs of the year in April, when it helped to
arrange the sale of Bank of Communications Ltd. (BoComm), China’s
sixth-largest bank. BoComm managed to raise RMB 1.45 trillion in
subscriptions prior to its Shanghai stock exchange debut. Shares were
priced at RMB 7.9 each. In total, the firm earned about USD$3.3 billion on
the sale.

GETTING HIRED

Best of luck
How to go about finding a gig at China Galaxy Securities appears to be
anybody’s guess. The bank doesn’t list employment opportunities on its

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
China Galaxy Securities

web site and listings for the firm are absent from most China-based job
sites. If you can read Simplified Chinese, you can log on to its affiliate site,
www.chinastock.com.cn, and try the “contact us” section for full
information. But China Galaxy seems to be like many securities firms in
China—jobs and positions available within the company aren’t often
widely publicized. So if you have a contact within the company, milk it—
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

he or she may be a better way in than the traditional application process.

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China International Capital
Corporation
28th Floor, China World Tower 2
THE STATS
No. 1 Jianguomenwai Ave.
Beijing 100004 Employer Type: Private Company
China Chairman: Jesse Wang
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Phone: +86-10 6505-1166 CEO: Levin Zhu


Fax: +86-10 6505-1156 No. of Offices: 7
www.cicc.com.cn/CICC/english/
index.htm KEY COMPETITORS
CITIC Securities
DEPARTMENTS China Galaxy Securities
Investment Banking Guotai Junan Securities Co.
Capital Market Development
Sales & Trading EMPLOYMENT CONTACT
Research
Fixed Income “Joining CICC” link at
Asset Management www.cicc.com.cn

LOCATIONS IN
ASIA PACIFIC
Beijing
Hong Kong
Shanghai
Shenzhen

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
China International Capital Corporation

THE SCOOP

Wall Street meets China


China International Capital Corporation Limited (CICC) was the first major
collaboration between a U.S. investment bank and a Chinese investment
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

bank. Founded in 1995, long before the buzz about China turned into a
roar, CICC was a way for banking giant Morgan Stanley to test the financial
waters in the blossoming Asian nation. Partnering with four other Asian
firms (China Jianyin Investment Limited, China National Investment &
Guaranty Co., Government of Singapore Investment Corporation and
Mingly Corporation), Morgan Stanley bought a 34.3 percent stake in CICC
at the time of its incorporation, marking the first time a Wall Street
company had made such a significant investment in China.

Over the past 13 years, Morgan Stanley’s investment gamble has more than
paid off. CICC is currently one of the lead underwriters in the country,
working on some of the biggest deals in history, including the IPO of China
Construction Bank (USD$9.2 billion) in 2005 and the IPO of Industrial and
Commercial Bank of China (ICBC) in 2006 (USD$19.1 billion). In 2007,
CICC underwrote USD$17.7 billion in public offerings, according to
Thomson Financial (now Thomson Reuters).

CICC’s main offices are located in Beijing, but the company also has
locations in Shanghai, Hong Kong and Shenzhen.

More than just IPOs


CICC’s cash cow is its underwriting business. Throughout its brief tenure
as an investment bank in China, it has consistently ranked among the top
firms in the country on the Thomson Financial (now Thomson Reuters)
league tables. But the company also houses other divisions such as sales
and trading, research, fixed income, asset management and capital market
development. CICC is a licensed brokerage which is authorized to engage
in domestic and foreign stock and bond trading (brokerage, proprietary and
underwriting), advice on corporate restructuring, mergers and acquisitions
(M&A), financing transactions and investments, foreign currency trading
and asset management, and inter-bank lending and borrowing.

History in the making


The past few years have been historic in the exponential growth of both the
Hong Kong Stock Exchange and the Shanghai Stock Exchange. The

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China International Capital Corporation

international market has been hot for Chinese IPOs, and CICC has been
lucky enough to be involved in some of the most lucrative deals. One of
the most notable of these was the debut of China’s CITIC Bank in April
2007, which hit both stock exchanges in one day, raising a total of
USD$5.95 billion. CICC acted as joint global coordinator, bookrunner,
sponsor, lead underwriter and financial advisor for the H-share (mainland
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Chinese stocks listed on the Hong Kong exchange) offering, and sole
financial advisor for the A-share (mainland Chinese stocks traded in RMB
on the Shanghai and Shenzhen exchanges) offering in Shanghai.

The firm also acted as joint coordinator, bookrunner and sponsor for the
double-exchange public offering of Industrial and Commercial Bank of
China (ICBC) in October 2006, which was the largest IPO in global history,
raising an unprecedented USD$19.1 billion.

Morgan looking to bow out


Though Morgan Stanley was on board with CICC from its inception, things
haven’t always been amicable between the two investment banking firms.
Morgan Stanley reportedly wanted more control over its Chinese
investment than those in charge of CICC were willing to concede, making
the partnership increasingly tense. In early 2008, Morgan Stanley decided
to cash out. Chinese government regulations only allow foreign investment
companies to have joint partnerships with one Chinese company, so in order
to start fresh, Morgan Stanley will have to unload its share in CICC.

The 34.3 percent share of CICC (diluted to about 27 percent due to a


“phantom share” issuance) was originally expected to go for between
USD$1.1 billion and USD$1.3 billion, a huge increase over Morgan
Stanley’s original investment in the company for only USD$37 million in
1995. However, bids from three private equity firms (TPG, JC Flowers and
Bain Capital) fell to around USD$500 million. In March 2008, Morgan
Stanley pulled the plug on the sale, at least for the time being.

Losing its grip


CICC fell in the Thomson Financial (now Thomson Reuters) league tables
in two key rankings in 2007: securitized bonds and M&A advisory. CICC
ranked second for securitized bonds in Asia (excluding Japan and Australia)
in 2006, with approximately 10.6 percent of the total market share. In 2007,
the firm dropped four places in the ranks to No. 6.

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China International Capital Corporation

In the category of Chinese M&A advisory, CICC not only dropped in the
rankings, it also lost its title as the top advisor in Chinese deals to a foreign
firm, J.P. Morgan. In 2006, CICC was the king of the tables, ranking No. 1
with an astounding 63.9 percent of the market share. However, in 2007, the
firm’s market share plunged 57 points, putting them in the less-impressive
No. 6 spot. CICC’s five deals in 2007 pulled in USD$3.9 billion for the
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firm, about USD$5 billion less than the year before.

GETTING HIRED

The merits of CICC


CICC defines itself as a “meritocracy”—meaning that ability and talent are
rewarded above all. The firm claims it has “no rigid hierarchy” though
there is a “defined management structure. Core business departments
include investment banking, capital markets, sales and trading, research,
fixed income and asset management. Development options include
overseas, in-house, product and skill-based training in addition to
certification assistance programs. Pre-employment training programs for
campus hires also exist. Check the “Joining CICC” link at
www.cicc.com.cn for recruitment information.

Hiring at CICC falls into three categories: lateral hires (experienced


professionals), campus hires (fresh graduates) and summer internships.
CICC notes that recruiting for the summer internship program usually
begins in March or April each year.

For any general questions on the application process, you can e-mail
talent@cicc.com.cn. However, the firm notes that resumes should not be
sent to this address—instead, use its online application system.

To apply, first click the “Login/Register” link to fill in your profile,


recommended to be in both Chinese and English. Next, select your
category—lateral, campus or internship—and then choose the specific
position you’re interested in. If your position isn’t available, you can join
the firm’s “talent pool” for future openings in some of its departments.
After you have finished applying, a confirmation letter will be sent to your
e-mail address. Qualified applicants will be invited “to attend a written test
and/or interviews.”

The recruitment site also gives useful tips on interview preparation. Along
with general advice (such as a reminder to learn about investment banking

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China International Capital Corporation

and research the firm as well as the department you are applying to), CICC
explains that interview questions generally evaluate two main areas:
“whether you have the required knowledge and skills for the job; and
whether you possess the specific competency required of a CICC
employee.” Another piece of advice CICC offers is to give specific
examples of what you have done “to show the real you” during the
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interview.

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China Merchants Securities

No. 7088, Shennan Boulevard


THE STATS
Futian District
Shenzhen, 518040 Employer Type: Subsidiary of
China China Merchants Bank
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Phone: +86-755-8319-8888 Chairman, CMB: Qin Xiao


Fax: +86-755-8319-5109 President, CMB: Ma Weihua
www.cmbchina.com Directors, CMS: Dong Xiande and
Huang Dazhan
Total assets: RMB 19.6 billion
DEPARTMENTS
No. of Offices: 54
Investment Banking
Bond Trading
KEY COMPETITORS
Foreign Exchange
Loans BOC International
Fund Management China Galaxy Securities
Securities GF Securities
Research Guotai Junan Securities
Haitong Securities
Ping An Securities
LOCATIONS IN
ASIA PACIFIC
EMPLOYMENT CONTACT
Shenzhen
Hong Kong career.cmbchina.com/cmbcareer
Other major cities in China

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China Merchants Securities

THE SCOOP

Top ten
China Merchants Securities Co. Ltd. (CMS) is a subsidiary of China
Merchants Bank (CMB), the sixth-largest bank in China. The securities
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

firm ranks ninth on the list of China’s top brokerages. However, the firm
plans to launch an IPO in late 2008 that it hopes will raise enough cash to
launch it even farther into the upper echelons of Chinese business. CMS
has hired the Chinese brokerage arms of financial giants Goldman Sachs
and UBS in order to arrange the public offering, which could raise up to
RMB 5 billion. The company has boosted its net profits considerably in the
past few years—in June 2007, the firm’s half-year profits were RMB 2.4
billion, compared to RMB 1.1 billion from the entire previous year.

The firm’s parent company, CMB, certainly lends its subsidiary the clout
and reputation needed to be a leading player in the securities game. By
targeting consumers and small businesses, CMB has built itself up to be one
of the leading retail banks in China. When CMB went public on the Hong
Kong Stock Exchange in September 2006, it raised USD$2.4 billion, or
approximately 2.39 percent of its book value. In November 2007, CMB
became the first Chinese lender in 16 years to gain approval from the U.S.
Federal Reserve to open an office in New York.

CMB launched in 1987 and was the first commercial bank in China not
directly under government control. This has given the firm the ability to
steer clear of government-mandated loans, which have often become the
non-performing loans (NPLs) that have saddled down the “Big Four” of
Chinese state-owned banks. In 1991, CMB launched CMS to expand its
business even further. Both CMS and CMB are headquartered in Shenzhen,
with offices throughout Hong Kong and mainland China.

QDII approved
CMS has the privilege of being one of only seven Chinese brokerages (as
of mid-2008) who have won the coveted status of qualified domestic
institutional investor, or QDII. The China Securities Regulatory
Commission (CSRC) has only allowed securities firms to invest in foreign
securities markets since April 2006, when the QDII program was launched.
At first, investments were limited to fixed-income and money market
products. However, the CSRC expanded the definition of QDII in May

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China Merchants Securities

2007 to allow investment banks to invest in stock-related products with


modest restrictions.

In September 2007, CMS became the second securities firm to earn QDII
approval after China International Capital Corporation. The five other
securities firms which have QDII approval from the CSRC are CITIC
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Securities, Guotai Junan Securities, Orient Securities, Everbright Securities


and Huatai Securities.

Subsidiary of a subsidiary
CMS handles its fund management through a joint venture with the Dutch
financial firm ING Investment Management. The firm is called China
Merchants Fund Management (CMF), and it was the first Sino-foreign joint
venture to receive formal approval to operate in mainland China. CMF was
founded in December 2002 as a collaboration between CMS, ING and three
other companies: China Power Finance Company, China Huaneng Finance
Company and China COSCO Finance Company. However, in May 2007,
China Merchants Bank bought out the three companies, leaving CMF
evenly split three ways between CMB, CMS and ING.

Also headquartered in Shenzhen, most of CMF’s business revolves around


the launching of funds and fund management. The firm is organized into
nine main departments: investment management, investment trading,
marketing, client services, IT, business development, supervisory and audit,
general management and finance, and fund accounting. In January 2008,
CMF was also granted QDII approval by the CSRC.

High-flying IPO
Prior to the public debut of CMS, in December 2007 the firm received a
purchase offer for 29.77 million shares from a domestic airline company,
Hainan Airlines. Hainan offered to buy the shares, representing an
approximate 1 percent stake in CMS, at RMB 20 per share for a grand total
of RMB 595 million. However, the purchase price is subject to adjustment
if the IPO price comes significantly higher than Hainan Airlines’ offer price.
Hainan Airlines will raise assets for the buy from its parent company, Grand
China Airlines, the fourth-largest airline in China.

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China Merchants Securities

GETTING HIRED

Follow the clues


There’s no straightforward careers area on the China Merchants Securities
web site, but there are a few clues on the site that indicate the best way to
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

submit an application at www.cmfchina.com/english/Contact.htm. By e-


mail, you can try sending a cover letter and resume or CV to
zhuangyz@cmfunds.com. Alternately, you can try sending your
information to the firm’s physical address at Floor 28, China Merchants
Bank Tower, No. 7088, Shennan Boulevard, Shenzhen, China 518040.

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Asia Pacific region.
CIBC World Markets

Cheung Kong Center


THE STATS
2 Queen’s Road Central
Suite 3602 Employer Type: Subsidiary of Canadian
Central, Hong Kong Imperial Bank of Commerce
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Phone: +852-2841-6111 Chairman & CEO, CIBC World


www.cibcwm.com Markets: Richard Nesbitt
Revenue: USD$2.2 billion (FYE 10/07)
Net Income: USD$601 million
BUSINESSES (FYE 10/07)
Capital Markets No. of Employees: 1,200
Investment Banking No. of Offices: 22
Merchant Banking
KEY COMPETITORS
LOCATIONS IN BMO Capital Markets
ASIA PACIFIC RBC Capital Markets
Australia TD Securities
China
Hong Kong EMPLOYMENT CONTACT
Japan
Singapore www.cibcwm.com/careers

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CIBC World Markets

THE SCOOP

Canada goes Far East


The origins of CIBC World Markets stretch back to 1988, when the Canadian
Imperial Bank of Commerce acquired a majority interest in Wood Gundy, one
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of Canada’s leading securities dealers and the foremost Canadian dealer


internationally. The combination of CIBC’s capital and Wood Gundy’s
underwriting reputation created one of the leading investing institutions in
Canada. CIBC Wood Gundy formed the core of CIBC World Markets, which
was created in 1997.

CIBC World Markets is the wholesale and corporate banking arm of CIBC
(Canadian Imperial Bank of Commerce). Though the bank’s home base may
be in the frosty north, CIBC World Markets frequently does business even on
the other, warmer side of the world. The company has six offices in the Asia
Pacific region, located in Beijing, Hong Kong, Tokyo, Shanghai, Singapore,
and Sydney.

Headquartered in Toronto, CIBC World Markets provides credit and capital


markets products, fixed income and currency products, investment banking
and merchant banking to clients around the world. The Capital Markets
division offers equities, sales and trading, alternative execution services,
research, derivatives and arbitrage. The Merchant Banking division offers
both a venture capital group and sponsored private equity funds. Fixed
Income and Securities also offers the trading and sale of debt products,
interest rate derivatives and foreign exchange. CIBC’s Investment Banking
offers credit products, debt and equity underwriting, income securities and
trusts, M&A advisory, and private placement services.

French-Asian fusion
While many of the global investment banks have partnered with Chinese or
Hong Kong financial services companies in order to get their foot in the
door in the growing Asian markets, CIBC World Markets had a different
plan. In March 2001, when the company was just four years old, it entered
into a strategic alliance with a French bank, CLSA Emerging Markets.
CLSA is the Asian investment banking and private equity arm of Credit
Agricole. The match was a natural connection—CLSA’s CEO at the time,
Gary Coull, was Canadian-born.

The two companies entered into a collaboration that doubled the strength
and breadth of its operations in cross-border equity and equity-related

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CIBC World Markets

finance, corporate advisory and M&A expertise for North American clients
in Asia. At the time the partnership was announced, CLSA had services in
more than 12 Asian countries.

Hit by a sub-prime storm


Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

CIBC was one of the most promising young firms in the world at the start
of 2007 due to several key factors. It was the underwriter on a huge deal:
Fortis’ acquisition of Canadian utility company Terasen’s gas distribution
business. Plus, the bank was bringing in a lot of money from its U.S. real
estate finance business. However, the year’s fortunes were not to last. By
the end of 2007, the firm had announced that its exposure, both hedged and
unhedged, to the subprime market was approximately USD$11 billion.

After around USD$777 billion in write-downs by the conclusion of 2007—


which continued further to USD$6.5 billion in write-downs at the end of the
second quarter of 2008—the bank made some high-level executive
changes. Former CEO Brian Shaw was let go, along with Ken Kilgour, the
firm’s chief risk officer. The bank replaced Shaw with Richard Nesbitt, the
former CEO of the Toronto Stock Exchange. Kilgour was replaced by Tom
Woods, a career CIBC man who previously served as the firm’s chief
financial officer.

Scaling back in the States


CIBC World Markets offloaded a significant portion of its U.S. business in the
last few months of 2007, selling the investment banking, equities, leveraged
finance and portions of its debt capital markets businesses to Oppenheimer
Holdings. In return for the sale of these divisions, CIBC received a stake in
Oppenheimer. In five years, CIBC will also receive a payment of at least
USD$5 million a year based on the performance of the combined businesses.
On Oppenheimer’s end of the deal, a warehouse credit line will be provided
for them by CIBC with as much as USD$1.5 billion for financing syndicated
loans for U.S. middle-market companies.

Though CIBC World Markets’ U.S. operations will be diminished due to the
collaboration with Oppenheimer, the company will retain its real estate
finance, equity and commodity structured products, merchant banking, and oil
and gas advice divisions, as well as its U.S. debt capital-markets, Asia and
U.K. businesses.

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CIBC World Markets

Mining expertise
CIBC World Market’s has carved out a niche for itself in the world of
investment banking with a specialty in mining M&A advisory. In 2007, this
was profitable for the company, as there was a boom in mining acquisitions.
CIBC World Markets has been involved in deals with some of the biggest
international names in mining including Placer Dome, Noranda and Anglo
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Gold Ashanti. One of the firm’s highest-profile deals of 2007 was representing
Rio Tinto in its takeover bid for Canadian aluminum company Alcan.

The Australian branch of CIBC World Markets has represented mining


firms such as BHP, Cameco, Mitsubishi, Normandy, and Ashton Mining.
Because of the success of its endeavors in such a specific industry, CIBC
World Markets has also decided to add mining professionals to its offices in
Hong Kong and Beijing. Altogether the firm has 40 professionals dedicated
exclusively to the global mining arena.

Climbing the charts


Perhaps due to its success in the mining industry or perhaps due to its strong
expanded international presence, CIBC is currently working its way up the
Thomson Financial (now Thomson Reuters) league tables. In 2007, the
firm jumped six spots to No. 23 in worldwide announced M&A deal
volume, working on 99 deals worth a total of USD$143 billion. The
company also jumped up the Australia charts for M&A financial advisory.
In 2007, the firm completed six deals with Australian involvement with
proceeds of USD$2.2 billion. That was enough to garner the bank the No.
21 spot on the Australian table, up from No. 30 in 2006.

GETTING HIRED

E-mail, e-mail, e-mail


CIBC World Markets’ careers page at www.cibcwm.com/wm/careers has
information on general recruitment as well as campus recruitment. There
are entry-level job listings, but only for North America and Europe. The
firm also offers a “Global Tuition Assistance Policy” designed to foster
continuing education for eligible employees.

To apply for opportunities in Asia Pacific, there are links from the
recruitment page to send your CV by e-mail to coordinators in Australia,
China and Hong Kong, Japan, and Singapore. For Australia, send it to

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CIBC World Markets

recruitment@cibcwm.com.au. For China and Hong Kong, contact


recruitment@cibc.com.hk. For Japan, it’s recruitment@cibc.co.jp. And
finally, for Singapore, shoot off an e-mail to recruitment@cibc.com.sg.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

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Citi Institutional Clients
Group
50/F Citibank Tower
KEY COMPETITORS
Citibank Plaza, 3 Garden Road
Central, Hong Kong Deutsche Bank
www.citigroup.com Goldman Sachs
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HSBC
JPMorgan Chase
BUSINESSES Morgan Stanley
Securities & Banking UBS
Global Transactions Services
Alternative Investments
PLUSES
• “Superior client access”
LOCATIONS IN • “Phenomenal people”
ASIA PACIFIC • “A wide variety of assignments”
Australia • Bangladesh • Brunei •
China • Hong Kong • India • MINUSES
Indonesia • Japan • Korea •
Malaysia • New Zealand • • “The hours are tough”
Philippines • Singapore • Sri Lanka • “Below-par pay scales and bonuses”
• Taiwan • Thailand • Vietnam • “Lack of resources”

THE STATS EMPLOYMENT CONTACT

Employer Type: Subsidiary of Graduate Recruitment:


Citigroup, Inc. oncampus.citi.com
CEO, Citigroup: Vikram S. Pandit
CEO, Institutional Clients Group: Lateral Hiring:
John Havens careers.citigroup.com/careers
CEO, Markets & Banking and
Institutional Clients: James A.
Forese
CEO, Citi Asia Pacific: Ajay Banga
Net Revenue, Markets & Banking:
USD$10.52 billion (FYE 12/07)
No. of Employees: 55,000
(worldwide)
No. of Employees in Asia Pacific:
10,200
No. of Offices: 500 (worldwide)

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Citi Institutional Clients Group

THE SCOOP

A changing Citi
For many years, Citi divided its businesses into four lines: Markets and
Banking, Global Consumer Group, Global Wealth Management and
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Alternative Investments. In October 2007, following disappointing results


related to write-downs from the subprime mortgage market, Citi made some
significant changes to its structure, merging Markets and Banking with
Alternative Investments to create a unified group called the Institutional
Clients Group (ICG).

Following that, in December 2007, Vikram Pandit succeeded Charles E.


“Chuck” Prince as chief executive of Citigroup. Prince had resigned in
November amidst concerns over the bank’s exposure to the subprime crisis.
After announcing that Citi was taking a USD$5.9 billion write-down,
Prince told a small circle of bank executives that he took responsibility for
the losses and had decided to step down.

Pandit was named Prince’s replacement after a search by the bank’s board.
Sir Win Bischoff, a London-based Citi executive who served as acting CEO
during the interim, was named chairman of the board. Before founding Old
Lane, Pandit had served as president and chief operating officer of Morgan
Stanley’s Institutional Securities Group (which included Morgan Stanley’s
investment banking, fixed income and capital markets businesses). In
another major appointment, John Havens was named head of Citi’s
Institutional Clients Group (ICG) globally in early 2008.

Building Citi in Asia


Over the past several years, the Asia Pacific region has been one of the
fastest growing regions for Citi. Net revenue of Citi’s institutional
businesses in the region grew 38 percent in 2007, while net income rose 56
percent. In July 2008, Euromoney named Citi the Best Bank in Asia, for the
ninth consecutive year.

Citi has been in Asia for more than 100 years. It first opened for business
in Shanghai in 1902 through its predecessor company, International
Banking Corporation (IBC), before opening branches in Hong Kong, India,
Singapore and the Philippines in the same year. It was the first U.S. bank to
establish operations in Asia. Today, Citi’s ICG business serves
multinational organizations, local corporations and financial institutions,
offering a range of products and services, including securities sales and

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Citi Institutional Clients Group

trading, foreign exchange, investment banking, project finance, cash


management, custody and syndicated loans.

In China, Citi operates eight corporate and investment bank branches in


Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Hangzhou, Dalian and
Chengdu. In March 2007, the China Banking Regulatory Commission
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granted Citi China approval to begin operations as a locally incorporated


bank.

Beginning in Philly
In 1873, Philadelphia-based trader Charles Barney opened a securities firm.
Another brokerage business, run by Edward Smith, opened for business 19
years later. The two men later joined forces to become Smith Barney,
which was bought in 1987 by financial services giant Primerica. Six years
after that deal, Primerica was bought by the Travelers Group insurance
company, and when Travelers added Salomon Brothers to its holdings, it
created Salomon Smith Barney.

Citigroup was created in 1998 when Travelers (and the companies it


owned) merged with New York-based commercial bank Citicorp. In 2002,
Citigroup spun off the Travelers property insurance arm; three years later,
it sold the remaining Travelers businesses (life insurance and annuities) to
MetLife for approximately USD$11.5 billion.

Troubled times
Citi found itself in the center of the subprime storm in 2007 and early 2008
with heavy losses related to subprime mortgages. In the fourth quarter of
2007, the firm announced its exposure to the mortgage market and write-
downs of USD$18.1 billion, which led to a net loss of USD$9.8 billion for
the quarter.

The firm became the latest American company to tap investments from
sovereign wealth funds and foreign investors in order to bolster liquidity.
Citi’s cash came from a variety of different sources. In November 2007, the
firm announced it would receive a cash infusion of USD$7.5 billion from
an Abu Dhabi sovereign wealth fund. In January 2008, the Government of
Singapore Investment Corporation (GIC) pumped USD$6.9 billion into the
firm in exchange for a 4 percent stake. Capital Research Global Investors,
Capital World Investors, the Kuwait Investment Authority, Saudi Arabia’s
Prince Alwaleed bin Talal, and Sanford Weill also contributed capital.

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Citi Institutional Clients Group

Following those high profile capital raising moves, Citi’s balance sheet is
in excess of USD$2 trillion dollars and its credit ratings remain among the
strongest in the industry. Citigroup’s resources include a USD$831 billion
deposit base (the value as of the end of March 31, 2008) which at the time
represented approximately 37 percent of its balance sheet.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Even with the strong balance sheet and the capital raised from outside
sources, Citi still faces a challenging future. Citi laid off about 17,000
people in April 2007 in anticipation of losses in the second half of the year.
Its USD$9.83 billion fourth quarter proved to be the biggest in Citi’s
history. In January, it announced it was cutting 4,200 jobs from its
Investment Banking division in order to reduce costs.

At the time, it announced that its ultimate total number of layoffs could be
close to 20,000 to 24,000, which—due to the firm’s massive size—still only
accounts for less than 10 percent of Citi’s workforce. Two months later, the
firm announced plans to lay off an additional 2,000 workers, though the
firm maintained that the cuts are an annual occurrence. In a statement,
Citigroup spokesman Dan Noonan said, “Each year we identify the bottom
5 percent of performers in the Institutional Clients Group, and some number
of these people leave the firm.” The reductions occurred worldwide,
though most took place at the firm’s New York and London offices.

More woes
Citi’s disappointing first quarter results produced a loss of USD$5.1 billion,
compared with a USD$5 billion profit for the first quarter of 2007. Citi’s
revenue figure wasn’t much better, falling 48 percent from the first quarter
of 2007 to USD$13.2 billion. Along with its results, the firm announced a
USD$622 million restructuring charge and plans to slash 9,000 jobs
throughout 2008, mostly due to the shaky subprime market. In June 2008,
Citigroup said it would be shuttering its struggling hedge fund Old Lane
Partners, which had not yet reached its first birthday. The fund, purchased
by Citi for USD$800 million in July 2007, was co-founded by Citi CEO
Vikram Pandit.

A Cordial takeover
While regaining its financial footing in the United States, Citi has been
working to expand its global reach in order to shore up its investments in
Asia. One strategic move was to acquire partner Nikko Cordial
Corporation. Citi has partnered with Nikko’s investment bank in a joint
venture which was 49 percent owned by the American firm. Citi also had

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a 4 percent stake in the brokerage Nikko Cordial Corporation. In March


2007, the firm announced its intention to acquire 100 percent of the
Japanese securities firm. By the end of the year the deal was completed—
Citi paid USD$13.4 billion to become the full owners of Nikko. In March
2008, it was announced that the new company would be called Nikko Citi
Holdings. The holding company would merge Citi’s three brokerage
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subsidiaries in Japan together under one firm.

Top dog in Taiwan


With a 44-year history in Taiwan, Citi is one of the leading foreign bank
franchises in the market. In 2007, Citi Taiwan’s pre-tax earnings and net
income were TWD$13.9 billion (USD$463 million) and TWD$11.34
billion (USD$378 million) respectively, making it the largest and most
profitable foreign bank on the island. In 2000, Citi had purchased a 15
percent stake in Taiwan’s Fubon Group (now known as Fubon Financial
Holdings) for USD$750 million. In April 2007, Citi completed the
acquisition of 100 percent of the Bank of Overseas Chinese (BOOC) for
approximately TWD$14.1 billion (USD$427.3 million). The combination
of Citi Taiwan and BOOC boasts 66 branches and assets of USD$22.8
billion, making it the largest international bank and 13th-largest among all
domestic Taiwan banks by total assets. The integration of the two banks is
expected to be completed in June 2009.

Debt dominance
Every year Citi ranks high on the Thomson Financial (now Thomson
Reuters) investment banking charts in equity and debt capital markets, and
despite its difficulties in the subprime market, 2007 was no exception. The
firm nabbed the top spot for all global debt, equity and equity-related deals,
with USD$617 billion in proceeds coming from 1,740 transactions. The
firm was also No. 1 on the charts for collateralized debt obligations and
asset-backed securities. In the category of Asian G3 currency bonds, Citi
was second only to Deutsche Bank, with USD$5.7 billion in proceeds and
11.9 percent of the market share.

On the equity capital markets charts, Citi slipped a few places in most
international categories. In all global equity or equity-related deals, the
bank fell one place to No. 3 with USD$71.07 billion in proceeds from 309
deals. In Asian equity deals, it dropped two places to No. 6 with proceeds
of USD$12.9 billion. During the year, Citi led banner equity deals

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Citi Institutional Clients Group

including LG.Philips LCD’s USD$2.2 billion block trade and CITIC


Bank’s US$4.2 billion IPO.

On the M&A charts, Citi held onto its No. 3 ranking in global announced
deal volume and stayed steady at No. 4 in U.S. announced transactions. In
Asia (excluding Japan) announced deal volume, Citi rose one spot from
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

2006 to nab the No. 4 place in 2007. By number of deals in the region, the
firm also rose a spot, finishing at No. 6. In U.S. announced M&A deal
volume, Citi ranked No. 3, coming in right behind perennial advisory
masters Goldman Sachs and Morgan Stanley.

Looking forward
Since taking over leadership of the company, Citi CEO Vikram Pandit has
remained resolute that the firm would not break up, despite the fact that it
will be dealing with billions more in mortgage-related write-downs in 2008.
Pandit has emphasized that under his leadership, Citi will follow the global
universal bank model as the right model for Citi, especially for capitalizing
on the high growth in emerging markets.

Pandit has outlined some specific goals for putting Citi back on track,
including identifying approximately USD$500 billion of legacy assets
which will be reduced over time, targeting revenue growth of 8 to 10
percent and to increase its return on equity to 18 to 20 percent, and planning
USD$15 billion in re-engineering benefits over time.

GETTING HIRED

Trying to find a fit


Because “cultural fit is important,” Citi is “highly selective.” Recruiters are
looking for “people with the right skill set” as well as personality; recruiting
volume “varies depending on market conditions,” but campus targets
mainly include “top-tier schools in the U.S. and U.K.” A source in Mumbai
says his office often turns to “the top b-schools in India,” and a Singapore
insider confirms that Citi looks to “top schools in every country we are in,”
though “candidates from Ivy League colleges and top schools from Europe
and Australia may be referred as well.”

The Citi careers web site includes an up-to-date recruiting calendar.


Candidates from around the world can log on and submit their resumes
through the online application process, which opens each fall.

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Lots of talking
For most candidates, the interview process will involve meeting with many
people from several levels within the firm. “I went through 11 interviews
with every single banker in our team,” a Seoul insider recalls; another
banker says the process involved “12 interviews with individuals of varying
seniority from multiple product and industry groups.” A third source had to
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complete “four rounds of interviews,” meeting with “10 people,” including


“department heads.” Insiders advise being prepared to meet “with analysts
through managing directors,” though the questions themselves tend to be
“typical banking and personality questions” with an occasional “case
study” thrown in. Questions “about capabilities, skills and experience” are
most common.

Hiring for the summer internship program follows a similar pattern, starting
with a first round that focuses primarily on behavioral questions “with a few
simple technical questions” during the course of “two interviews with an
associate and an analyst.” Next comes a second round “comprised five
two-on-one interviews with staff ranked from associate to managing
director.” Former interns say the lines of questioning “were topic-specific,”
emphasizing “work experience, technical skills, behavioral skills and
motivation.”

The best way in


Most Asia Pacific offices offer summer intern opportunities, and according
to sources, Citi “usually looks to hire from the intern pool prior to seeking
graduate recruitment.” “Successful summer interns are first in line for
offers,” confirms a source, in part because the internship “develops your
network.”

Those who land one of the coveted spots will find it’s a “well-structured”
program “with rotations throughout industry groups, based on personal
preference.” Former interns report earning “market rate” pay, based on the
rate full-time employees earn. The work itself is “all work a first-year
employee would be involved in,” with “varied” assignments over the course
of the summer.

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Citi Institutional Clients Group

OUR SURVEY SAYS

Banking from A to Z
Employees “take great pride in the Citi name,” and say the firm’s culture of
“diversity, mutual respect, accountability and meritocracy” is strong. The
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firm also wins points for its “very aggressive business sense,” which creates
a “great learning experience” even for new hires. Those in the Institutional
Clients Group also benefit from “significant interaction with other, non-
investment banking parts of the business.” “This firm has a very good
banking platform ranging from commercial banking, corporate banking to
private banking,” one respondent explains. “I always wanted to see the full
spectrum of banking.” Among junior staffers, Citi’s culture “is the best
among the big banks,” insiders rave. “We are friends and do not compete
as others do.”

Put in the time


A “full range of benefits from the Citi retail bank—staff accounts, credit
cards, mortgages and loans”—is one of the firm’s biggest offerings as far as
perks go. Sources in some cities say they receive “discounts with other
companies such as Dell, Teltra, Apple, BMW and Lexus,” and stock may be
awarded “at the vice president level.” Citi folk also look forward to the
“annual offsite—last year it was in Phuket for all [Investment Banking]
Asia offices.” There’s a “meal allowance” and “reimbursements for cab
fares during late nights, weekends and holidays,” and in Mumbai, “gym
membership is under discussion.” Still, several employees say Citi needs
to step up its game when it comes to compensation and benefits. The firm
“urgently needs to benchmark levels and compensation to leading industry
players,” one associate says.

Hours are long, and some say the “pressure to deliver is constant,” resulting
in some “burnout.” “I pull 100 to 120 hours a week, easily,” one young
source says. Another averages “8 to 10 hours, even on weekends.” He
adds, “On average, we spend four to six hours, even on Sundays, and are in
the office alternate Sundays.” But, notes a Hong Kong contact, this
“depends greatly on your team: some teams will emphasize hours spent at
the office, while others only focus on whether you get your work done and
are productive.”

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Mixed reports on management


Relationships with managers “depend on the individual” as well as “the
group you’re with,” employees say. “Some are good managers; others not
so good.” One satisfied contact says, “Treatment by managers is very good,
respectful and fair. But they must give verbal feedback to us to enable us
to work more independently with them, so the move to the associate level
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is more certain.”

On the downside, there’s “lots of bureaucracy” associated with such a large


firm, and despite the camaraderie within the junior ranks, “senior bankers
are not really approachable.” Another source reveals that “some
supervisors don’t fully understand what junior employees are working on,”
which means those lower on the ladder feel there’s “no clear leadership.”
As a result, some say there’s “minimal” collaboration between levels.

The offices “have begun some training programs,” but insiders call them
“limited at best.” In order to receive training, sources say that “self-
initiation is required.”

Simple digs
“I’ve never seen too much luxury at Citi, from London to New York to
Bogota to Singapore to Hong Kong,” says a well-traveled source. “If
anything, offices are a bit Spartan.” Other employees take a harsher stand,
calling Citi’s outposts “not very nice environments to work in,” citing
“cubicles with small desk space,” and “poor meeting facilities.”

The dress code tends to be “conservative,” though dressing down is


permitted on the last day of the workweek. “However, casual Fridays are
always business casual,” cautions an insider.

The firm gets fairly high marks on diversity, at least in terms of its hiring
efforts. “There’s a 50-50 split in my team,” says one employee, who
estimates that “junior females outnumber junior males overall.” As
diversity narrows at the top of the ranks, however, some junior women are
frustrated by a lack of “female banker role models.”

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CITIC Securities

3/F Capital Plaza


THE STATS
No. 6 South Xinyuan Road
Chaoyang District Employer Type: Public Company
Beijing, 100004 Ticker Symbol: 600030 (SSE)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

China Chairman: Wang Dongming


Phone: +86-10-8458-8903 Total Assets: RMB 189.65 billion
Fax: +86-10-8458-8151 (FYE 12/07)
www.cs.ecitic.com Total Revenue: RMB 30.87 billion
(FYE 12/07)
No. of Employees: 1,396
DEPARTMENTS No. of Offices: 166
Asset Management
Proprietary Trading
KEY COMPETITORS
Securities Brokerage
Securities Underwriting BOC International
China Galaxy Securities
China International Capital Corporation
LOCATIONS IN
ASIA PACIFIC
EMPLOYMENT CONTACT
Beijing
Guangzhou www.citics.com.hk/common/careers.
Hong Kong aspx
Shanghai
Shenzhen
Other major cities in China

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CITIC Securities

THE SCOOP

World dominance
China International Trust and Investment Corporation Securities—better
known as CITIC Securities—is the fourth-largest investment bank by
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

market capitalization in the world, trailing banking giants Goldman Sachs,


Morgan Stanley and Merrill Lynch. Perhaps that’s why no one was terribly
surprised when CITIC announced its intentions to become the first Chinese
bank to make a major investment in a U.S. investment bank, in the fall of
2007. Unfortunately, CITIC chose the once-invincible Bear Stearns, which
collapsed before the deal could materialize.

CITIC has four main business segments: securities brokerage, securities


underwriting, proprietary trading and asset management. Each section has
its own unique set of responsibilities. The securities brokerage handles
corporate clients, trading equities, funds, treasury bills and corporate bonds.
In the proprietary trading division, these same entities are traded for the
benefit of the company. The securities underwriting division underwrites
equities, convertible bonds and funds and also provides sponsorship for
equities, funds and bonds.

Besides parent company CITIC Group, CITIC Securities’ main shareholder


is China Life Insurance Company, which purchased 500 million shares of
the company for RMB 9.29 each in June 2006.

Sea of subsidiaries
CITIC Securities also does business through its Hong Kong-based
subsidiary CITIC Securities International (formerly CITIC Securities Hong
Kong), in which it owns an 88 percent stake. CITIC Securities International
also has three wholly-owned subsidiaries: CITIC Securities Brokerage
Hong Kong, CITIC Securities Futures Hong Kong and CITIC Securities
Corporate Finance Hong Kong.

In August 2007, the company also bought China’s Shenzhen Gold Bull
Futures Company for RMB 100 billion in order to expand its business into
the futures trade. China’s regulatory agency has mentioned vague plans to
legalize stock index futures in 2008 “when the conditions are ripe.”
However, CITIC wasn’t finished expanding. In early 2008, the securities
firm announced that it had plans to branch out into the direct equity
investment business, pumping capital of RMB 831 million into a new
subsidiary named Jinshi Investment Company.

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CITIC Securities

Big fundraising
With all the plans for expansion in its future, CITIC needed to raise some
cash. It did so by listing an additional 333.73 million shares of its stock on
the Shanghai exchange in early September 2007. The response to the
offering was overwhelming, with institutional and retail investors paying
approximately USD$3.3 billion to get a piece of the booming stock. The
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

issuance represents about 10 percent of the company’s expanded share


capital.

Enthusiasm for CITIC’s stock came with good reason. Since China Life
Insurance’s investment in 2006, which it purchased for less than RMB 10
per share, the price of CITIC’s Shanghai stock has skyrocketed—reaching
a peak price of RMB 107 per share in October 2007. The stock price has
come down since then, but is still trading around RMB 70 per share. The
September stock sale brought CITIC’s total outstanding shares to 3.32
billion.

Tossing out the life preserver


Bear Stearns had an uncommonly bad year in 2007. Two of its hedge funds
completely collapsed as a result of fallout from the subprime crisis, costing
the firm USD$1.6 billion in write-downs. Earnings and profits were down,
and the firm was losing millions as it pondered how it could revive itself
amidst a market that was spiraling out of control. The answer came from
an unlikely place: China. For years, American companies had been making
inroads into the burgeoning Chinese market by buying minority stakes in
Chinese banks. Now, for the first time ever, a Chinese firm was turning the
tables to bail out a Wall Street giant.

CITIC and Bear Stearns agreed in October 2007 that they would swap
stakes in one another—for USD$1 billion, CITIC would receive securities
that would convert to a 6 percent equity stake in Bear Stearns. CITIC
would also receive the rights to buy as much as 3.9 percent of the
investment bank, capping out its minority investment at 9.9 percent. In
return, Bear Stearns would also invest USD$1 billion in CITIC, worth
about a 2 percent stake in the company, with the option to buy 5 percent
more. The investment would give Bear Stearns a much-needed foothold in
the Chinese securities market, which had only previously been broken into
by a handful of American companies, including Bear’s main competitors,
Goldman Sachs and Merrill Lynch.

In February 2008, the two firms were renegotiating the deal because the
share prices of both had fallen since the arrangement. Disaster struck for

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CITIC Securities

Bear, however, and the ugly collapse of the once-giant brokerage came in
March. CITIC was able to pull out of the deal after the collapse.

Getting off the mainland


CITIC has reportedly been mulling over launching an IPO on the Hong
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Kong Stock Exchange. First, the securities firm would have to get approval
from its shareholders to meet the strict requirements to enter the Hong Kong
exchange, including a fee of 10 percent of the proceeds which would go to
the national pension fund. The deal remains a distinct possibility. CITIC’s
chairman, Wang Dongming, told the Financial Times in November 2007
that listing on the Hong Kong market “would help us internationalize our
mindset. If you list in Hong Kong, you become real.”

Top of the tables


CITIC has consistently been a leader in investment banking, topping the
financial league charts for Asia. The results were no different in 2007. On
the Thomson Financial (now Thomson Reuters) debt capital markets chart
for 2007, CITIC placed third in the category of all Asian currencies
(including CDs and CPs) with USD$11.3 billion in proceeds made from 19
deals. That number comprised 8 percent of the total market share, an
increase of 3.7 percent from the previous year when CITIC was ranked
fourth on the charts.

In the equity capital markets category, the IPO debut of CITIC Securities’
sister company, CITIC Bank, was the largest in Asia in 2007 and the third-
largest in the world, raising USD$5.9 billion. CITIC was joint manager of
the deal with China International Capital Company (CICC), Citigroup,
HSBC and Lehman Brothers. CITIC got a bump on the equity tables for
2007, jumping from No. 13 on the charts into a coveted top-ten position.
CITIC ranked fifth in the Asian market for common stock deals, pulling in
USD$13.7 billion from 18 deals. Its market share jumped from 2.6 percent
in 2006 to 4.4 percent in 2007.

CITIC also found itself on the tables for M&A financial advisory this year.
The firm’s one M&A deal of the year earned USD$2.8 billion. This was
enough to tie CITIC for 13th place on the charts for Asia (from an unranked
position in 2006) with 6.5 percent of the market share.

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CITIC Securities

GETTING HIRED

Just the facts, ma’am


CITIC Securities’ main Chinese web site at www.cs.ecitic.com does not
have a working English page at the time of writing. For Hong Kong, CITIC
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Securities International lists openings on its English web site at


www.citics.com.hk/common/careers_list.aspx. To apply, send a resume or
CV “including current salary” to hr@citics.com.hk, by fax to (852) 2104-
6288, or by mail to the Human Resources Department, 26/F, CITIC Tower,
1 Tim Mei Avenue, Central, Hong Kong. The e-mail address can be used
for general application questions as well. A recent list of openings on the
site includes various positions in brokerage, corporate finance, human
resources, IT, and legal and compliance.

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CLSA Asia-Pacific Markets

18/F, One Pacific Place


THE STATS
88 Queensway
Admiralty, Hong Kong Employer Type: Independent sub-group
Phone: +852-2600-8888 of Crédit Agricole
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Fax: +852-2868-0189 Chairman: Rob Morrison


www.clsa.com CEO: Jonathan Slone
No. of Employees: 1,500 (worldwide)
No. of Offices: 16
DEPARTMENTS
Agency Broking
KEY COMPETITORS
Debt Capital Markets and
Structured Finance Goldman Sachs
Debt Restructuring and Advisory Macquarie
Equity Derivatives UBS
Futures and Options
M&A/Financial Advisory EMPLOYMENT CONTACT
Mezzanine Debt Funds
Private Equity Funds www.clsa.com/public/careers
Property Funds
Research

LOCATIONS IN
ASIA PACIFIC
China
Hong Kong
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand

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CLSA Asia-Pacific Markets

THE SCOOP

A Canadian in Hong Kong


CLSA Asia-Pacific Markets is the Asian brokerage, investment banking and
private equity arm of French banking giant Crédit Agricole. The company
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

was the brainchild of Canadian-born and Hong Kong-based business


journalist Gary Coull, who spun the firm off from a Hong Kong brokerage
firm called Winfull Laing and Cruickshank. When massive French bank
Crédit Lyonnais (which was acquired by Crédit Agricole in 2003) bought
out the firm, Coull took charge and set up the groundwork for an
international brokerage operating out of Hong Kong.

With Crédit Agricole’s 65 percent ownership, Coull worked hard during his
tenure as chairman to attract the attention of even more international
investors to the Asian market. Part of his plan to do so included hosting
annual investor forums, which featured splashy parties and appearances by
international celebrities such as Elton John, James Brown and Macy Gray.
Coull died in October 2006 of colon cancer, only one month after he was
named one of the top 50 most influential people in Asian financial history
by FinanceAsia.

CLSA was established as an equity brokerage, but as Asian markets have


grown over the past several years, the company has delved more into the
booming business of capital raising through IPOs. Today, it is a leading
force in the equity capital markets in Asia. CLSA has been involved in 233
successful equity transactions in Asia, 111 of which involved companies in
Greater China, helping raise USD$57 billion for corporates from January
2002 to June 2008. In that period, CLSA completed 76 M&A and advisory
transactions in nine markets.

In 2003, CLSA Asia-Pacific launched a separate business in Japan under the


name Calyon Securities. The firm offers equity research and sales in the
Japanese market.

China securities
In 2003 CLSA also established the first Sino-foreign joint venture
investment bank in China, following the country’s membership in the World
Trade Organization. The joint venture is called China Euro Securities, Ltd.
(CESL) and is headquartered in Shanghai, employing 80 investment
professionals. CESL was originally a collaboration between CLSA Asia-
Pacific Markets and Xiangcai Securities. However, in April 2007, Fortune

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CLSA Asia-Pacific Markets

Securities Company Limited officially took over Xiangcai’s 67 percent


stake in the company.

CESL has been successful in extending CLSA’s investment banking


business to China. Since it was incorporated, CESL has completed 17 lead
underwriting and sponsoring deals and has been recognized as the “Most
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Innovative Investment Bank Team in China” by the Securities Times in


2006, a Chinese newspaper overseen by the China Securities Regulatory
Commission. One of CESL’s biggest deals was the secondary offering of
Zhenhua Port Machinery in December 2004, which was 88 times
oversubscribed.

Through its own business license and affiliates, CESL’s investment banking
services include: equity financing, debt financing, private placement,
enterprise restructuring and ownership reform, M&A, shareholding
structure reform, enterprise strategy and financial planning. In June 2008,
CESL was granted a broking license and equity research license, making it
the first Sino-foreign joint venture securities company to be permitted to
broke A-shares and offer full-service research.

A variety of vehicles
In March 2006, CLSA reorganized its private equity business into a
separate group called CLSA Capital Partners, which currently manages
eight funds for the company: Alcor Capital, Aria Investment Partners,
MezzAsia Capital, Fudo Capital, CLSA Sunrise Capital, Clean Resources
Asia, Clean Water Asia and Pacific Transport.

These eight funds represent a diverse range of investment vehicles. Alcor


Capital is an absolute return hedge fund focused on long- and short-term
equity opportunities. Aria Investment Partners focuses on growth and
expansion capital for Asian mid-market companies, while CLSA Sunrise
Capital focuses on growth opportunities in Japan. The company’s two
absolute return environmental funds—Clean Resources Asia and Clean
Water Asia—give investors the chance to place bets on the burgeoning
renewable energy and water infrastructure businesses. Fudo Capital is a
real estate private equity fund and MezzAsia Capital is a mezzanine capital
fund which covers mid-cap companies from Hong Kong to India.

Dealmakers
CLSA has a strong track record in the issuance of equity products for Asian
corporates and in 2007 ranked in the top ten on Bloomberg’s underwriter

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CLSA Asia-Pacific Markets

league tables, which measures all eligible equity issues in Asia Pacific
(excluding Japan, Australia and New Zealand). CLSA’s proceeds in that
category were approximately USD$2.6 billion, giving them a rank of No.
10 with 1.9 percent of the market share. In addition, CLSA climbed the
Thomson Financial (now Thomson Reuters) league tables three places in
the category of equity capital markets in 2007, earning itself a place in the
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coveted top ten for bookrunning of common stock in Asia (excluding Japan
and Australia). The bank’s proceeds in that category were approximately
USD$2.8 billion, giving it a rank of No. 10 with 2.2 percent of the market
share.

Some of CLSA’s deals include acting as the sole bookrunner for Chuang’s
China Investment, Ltd. on its USD$40 million top-up share placement in
July 2007. CLSA was also sole bookrunner of the top-up share placement
of Maxitech International Holdings, a deal worth USD$34.5 million.
Bigger transactions include the USD$371 million underwriting of PNOC
Energy Development in the Philippines and the USD$207 million co-
management of ZhongDe Waste Technology AG’s IPO in China.

Indian equity
Throughout its existence, CLSA has been focused on deals in China and in
Hong Kong, where the company has its headquarters. But in June 2007,
CLSA made significant inroads into the Indian market by acting as the sole
global coordinator and sole bookrunner in the qualified institutional
placement (QIP) of Max India Limited, a healthcare, life insurance and
clinical research company located in Mumbai. The deal was the largest
sole-led equity deal in India the past five years, raising USD$243 million.
Pankaj Agrawal, the co-head of the India investment banking division of
CLSA, said that the QIP was “comfortably oversubscribed.”

GETTING HIRED

I’d like to thank the Academy


CLSA boasts over 1,500 employees in 13 offices in Asia as well as offices in
Dubai, London and New York. For young executives, the firm operates CLSA
Academy. Experienced hires can submit a personal profile as well as a
division and location preference through a separate recruitment page. Both
options are available on CLSA’s careers site at www.clsa.com/public/careers.

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CLSA Asia-Pacific Markets

CLSA Academy is described by the firm not as a graduate trainee program,


but as “an executive-level induction into the world of finance for typically
non-financial professionals.” Candidates from a variety of backgrounds are
encouraged to apply. Competition is fierce, with less than 15 places offered
each year to a pool of more than 2,000 applicants. The program starts with
three months of training at CLSA’s head offices in Hong Kong, followed by
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four-month rotational programs at global offices through the firm’s key


businesses—research, sales, sales trading, investment banking and private
equity.

According to CLSA’s web site, “after 18 to 24 months of rotations, you will


move into a role mutually agreed by yourself and the CLSA management
team.” Academy associates are paid a basic monthly salary, with visas,
flight costs, accommodation, travel insurance and medical insurance
handled by the firm. Just be prepared to be flexible and travel at the drop
of a hat, as the program is “for those with an adventurous spirit.”

To apply for the CLSA Academy, the first step is to fill out an online
questionnaire, which is only available on CLSA’s web site during open
application dates. If you would like more information on the program,
including testimonials from current and former participants as well as a
FAQ, take a look at www.clsa.com/academy. For updates or any questions,
contact academy@clsa.com with your e-mail address.

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Commonwealth Bank

Level 7, 48 Martin Place


THE STATS
Sydney, NSW 1155
Australia Employer Type: Public Company
Phone: +61-2-9378-2000 Ticker Symbol: CBA (ASX)
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Fax: +61-2-9378-3317 CEO & Managing Director: Ralph Norris


www.commbank.com.au Revenue: AUD$35.98 billion (FYE 6/08)
Income: AUD$4.79 billion (FYE 6/08)
No. of Employees: 37,000
DEPARTMENTS No. of Offices: Over 1,000
Broking Services
Business Banking
KEY COMPETITORS
Funds Management
Institutional Banking Australia & New Zealand Banking
Insurance National Australia Bank
Investment Services Westpac Banking
Retail Banking
Superannuation EMPLOYMENT CONTACT
www.commbank.com.au/careers
LOCATIONS IN
ASIA PACIFIC
Australia
Fiji (operating as Colonial)
Hong Kong, Singapore, Indonesia
(also operating as First State
Investments)
India
Japan
New Zealand (also operating as
ASB Bank and Sovereign)
Vietnam

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Commonwealth Bank

THE SCOOP

Brand recognition
Commonwealth Bank is one of Australia’s leading financial institutions and
one of the largest listed companies on the Australian stock exchange. It
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provides integrated financial services, including retail, business and


institutional banking, funds management, superannuation, insurance, and
investment and broking services. In October 2007, Commonwealth
launched a special division for financial planning. Commonwealth owns
brokerage Commonwealth Securities, fund manager Colonial First State
and ASB Bank, which provides banking, investment and financial services
in New Zealand. Through over 1,000 branch offices, the bank’s reach
extends to Europe and the Asia Pacific region as well, with significant
offshore holdings in Indonesia, Fiji, China, Hong Kong and Singapore, and
a presence in Japan, Vietnam and India.

As one of the most recognizable brands in the Australian financial services


industry, Commonwealth has the largest customer base of any Australian
bank and the country’s most comprehensive financial services distribution
network. As of June 30, 2008, the end of the Australian fiscal year,
Commonwealth had a net profit of AUD$4.7 billion and over AUD$487.5
billion in assets under management.

Open for business


The Commonwealth Bank was initially founded under a piece of legislation
called the Commonwealth Bank Act, enacted by the Australian government
in 1911. The act gave the bank exclusive power to conduct both savings
and general banking, backed by the federal government. At the time,
Commonwealth was the only bank allowed to handle both of these
functions.

The bank formally opened on July 15, 1912, with 12 employees in


Melbourne as well as a large number of postal outlets in Victoria. During
the following year, branches were established in several other cities in
Australia. In 1916, the bank relocated its headquarters to Sydney, where
it has remained ever since.

Commonwealth Bank was actively involved in World War II for the federal
government and as a personal banker for enlisted men. Post-war legislation
provided financing for activities such as housing construction and industrial

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Commonwealth Bank

development. Expansion continued after World War II as well. A total of 10


branches were opened in 1946, followed by 61 new branches in 1947.

Empty nest syndrome


In 1960, the government stepped in to separate the Commonwealth Bank’s
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functions, and the Reserve Bank of Australia was formed to take over central
banking activities. Banking continued to develop throughout the mid-20th
century, and various restructurings took place for Commonwealth. In 1989, a
major acquisition took place as Commonwealth acquired a 75 percent stake in
New Zealand’s ASB Bank.

But the government still retained its tight grasp on the bank until 1991, when
the bank began a three-stage process of privatization. First, in July and August
1991, approximately 30 percent of the bank’s shares were made available to
the public. A further 20 percent or so was released in late 1993, for a total just
under 50 percent. The government’s final 50.4 percent stake was put on public
offer in July 1996. During this privatization, Commonwealth was also
restructured into three divisions: personal banking, business banking and
banking operations.

In 2000, the bank officially merged with rival Colonial Limited after approval
from the Supreme Court of Victoria. The move into Asia took a bit longer, as
it was not until 2005 that Commonwealth joined forces with Indonesia’s PT
Bank to create the joint venture PT Bank Commonwealth. In the same year,
Commonwealth formed strategic alliances with Chinese banks including Jinan
City Commercial Bank and Hangzhou City Commercial Bank.

Commonwealth in China
The Commonwealth Bank may be one of the largest Australian lenders, but
it also maintains a presence outside of the continent that continues to grow
as its neighboring economies flourish. The bank holds a 19.9 percent stake
in Hangzhou City Commercial Bank, one of the five largest commercial
city banks in China. The purchase was completed in April 2005 and cost
Commonwealth USD$78 million, an investment that has proved lucrative
due to the expansion of the Chinese market over the past few years. The
bank also has a strategic relationship with Jinan City Commercial Bank
which, at the time of its 11 percent acquisition, was the eighth-largest
commercial city bank in China.

Around the same time that Commonwealth was partnering with Chinese
commercial banks, it was also investing in mortgage brokers on the

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Commonwealth Bank

mainland. The firm acquired Macquarie Securitization Shanghai from


Australia’s Macquarie Bank in April 2005.

Broking a deal
In August 2007, the Commonwealth Bank proposed the acquisition of IWL
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Limited, an Australian wealth management company and online brokerage,


for AUD$373 million. This was worrying to competitors including
National Australia Bank and Westpac, particularly because IWL operated
both banks’ online platforms—meaning the banks may look elsewhere for
online services now that the deal has gone through. Just one month later,
the deal passed and IWL became a part of the Commonwealth Securities
brokerage, expanding Commonwealth’s broking business immensely.

Hello, Ho Chi Minh City


In August 2008, Commonwealth opened its first branch in Ho Chi Minh
City as a way to solidify the growing relationship between Australia and
Vietnam. Vietnam’s economy has shown steady signs of growth in recent
years. In 2007, the country’s GDP growth rate was 8.5 percent.
Commonwealth has had a presence in Hanoi for 13 years, but the expansion
into Ho Chi Minh City represents a massive market for the bank, with its
population of 8 million.

Domestic dominance
As one of the biggest banks in Australia, it only makes sense that
Commonwealth would be dominant on the investment banking charts in its
native country. In 2007, on the Thomson Financial (now Thomson Reuters)
league tables for debt capital markets, Commonwealth placed second for all
Australian debt deals with USD$7.9 billion in proceeds coming from 24
deals. That represents 12 percent of the total market share in its home
country, a 4.4 percent increase from 2006, when the firm was ranked fourth
in all Australian debt deals. A large amount of these proceeds came from
Australian securitizations, a category in which the company ranked fifth
overall with five deals. The bank also broke into the Samurai bond market
in Japan for the first time in 2007, although it didn’t complete enough deals
to make the top 10. The proceeds due to Samurai bonds tripled in 2007,
reaching USD$16.9 billion.

In Australian equity capital markets, Commonwealth shot up to ninth place


in 2007, completing 15 deals with proceeds of USD$2.09 billion. In 2006,

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Commonwealth Bank

the firm was ranked No. 14 with 1.1 percent of the total market share. Over
the year, the firm increased its market share percentage by 2.7 percent.

GETTING HIRED
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Be alert
In the Asia Pacific region outside of Australia, Commonwealth has
international financial services in New Zealand, Fiji, China, Hong Kong,
India, Indonesia and Vietnam. Wealth management operates in China,
Hong Kong, Indonesia and Singapore as well as in the U.K. Premium
business service jobs are available in global markets including Hong Kong,
Beijing, Shanghai, Singapore, Tokyo and Hanoi.

At www.commbank.com.au/careers, you’ll find Commonwealth’s careers


page, which allows candidates to search for positions. Job-seekers can also
sign up on the site for job alerts, which will notify candidates by e-mail
when a position that matches their criteria is posted. Applicants can also
save their information on the site for future positions.

The firm has a step-by-step guide to its recruitment process. A phone


interview is usually the first step for candidates, followed by a face-to-face
interview, and rounds of reference and background checks. Commonwealth
also provides a list of interview tips for candidates, including gems such as “be
prepared to talk about your areas for development” and “look professional and
well-groomed.”

Commonwealth has information for its graduate recruitment program on


the careers page through a highly graphical online “game”—the program is
open to graduate talent from all disciplines, so just input your major and off
you go. Be patient to the end for complete information, or click the link to
apply from any page of the game. The firm also offers a ten week summer
internship program called “SummerConnect.” A schedule and recruitment
dates at universities across Australia are available from the careers page.

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Credit Suisse Investment
Banking Division
Global Headquarters:
THE STATS
Paradeplatz 8
8070 Zurich Employer Type: Division of Credit
Switzerland Suisse Group
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Phone +41-44-212-1616 Group CEO: Brady Dougan


Fax +41-44-333-2587 Regional CEO: Kai Nargolwala
www.credit-suisse.com/ib Investment Banking CEO: Paul Calello
Net Revenue (Credit Suisse Group):
CHF 39.735 billion (FYE 12/07)
BUSINESSES No. of Employees (Credit Suisse
Group): 49,000 (worldwide)
Investment Banking
No. of Offices: 57 (worldwide)
Private Banking
No. of Offices in Asia Pacific: 15
Asset Management

KEY COMPETITORS
CLIENTS
Citigroup
Corporate Clients
Deutsche Bank
Institutional & Individual Clients
Goldman Sachs
Institutional Clients
J.P. Morgan
Morgan Stanley
LOCATIONS IN UBS
ASIA PACIFIC
Main hubs EMPLOYMENT CONTACT
Hong Kong
www.credit-suisse.com/careers
Singapore
Sydney, Australia
Tokyo, Japan

Other locations
Bangkok, Thailand
Beijing, China
Jakarta, Indonesia
Kuala Lumpur, Malaysia
Labuan, Malaysia
Makati City, Philippines
Melbourne, Australia
Mumbai, India
Seoul, South Korea
Shanghai, China
Taipei, Taiwan

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Credit Suisse Investment Banking Division

THE SCOOP

Swiss bankers, global reach


One of the world’s largest financial institutions, the Credit Suisse Group
employs about 49,000 people around the world. Credit Suisse offers
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investment banking, private banking and asset management services to its


clients via 57 offices in 26 countries. The bank’s structure is built around
three categories: corporate clients, institutional clients and individual
clients.

The investment banking operations of Credit Suisse were formerly known


as Credit Suisse First Boston, and though the firm shed the First Boston
moniker in 2006, it still holds the prestige of both respected institutions.
Credit Suisse Group was formed over 150 years ago and First Boston has
70 years of history under its belt. The companies officially merged in 1997.

In the Asia Pacific region, the firm has 15 offices in 12 markets. Credit
Suisse has hubs in Singapore, Hong Kong, India, Australia and Tokyo. Of
the firm’s net revenue for the Asia Pacific region, roughly 70 percent comes
from non-Japan Asia, with around 20 percent from Japan and 15 percent
from Australia. In the Asia Pacific region, the investment banking division
is responsible for about 80 percent of net revenue while private banking and
asset management bring in about 15 percent and 5 percent, respectively.

New leaders focus on Asia Pacific


Credit Suisse made some high-level executive changes in 2007, ushering a
new era of leadership that will almost certainly be associated with
inheriting the most challenging market conditions in recent history. Kai
Nargolwala was appointed as the new CEO of the Asia Pacific region in
January 2008. Paul Calello, the former CEO of the Asia Pacific region, was
promoted to CEO of investment banking and Brady Dougan was named the
new CEO of the Credit Suisse Group. Dougan also has extensive Asia
Pacific experience.

Indian opportunities
Credit Suisse views India as a promising market, given the significant
opportunities in both private banking and investment banking. In July
2007, Credit Suisse was granted a merchant banking license, allowing it to
provide a wide range of onshore underwriting and corporate finance
services in India. Credit Suisse has set up offices in a building in the Worli

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Credit Suisse Investment Banking Division

neighborhood in the middle of Mumbai. The company’s India operations


currently have a team of about 50 people, and the bank plans to
substantially increase that number.

Impressing Asia
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Despite its problems in the credit market, Credit Suisse managed to rack up
an impressive number of awards during 2007 from a host of different
sources. One of the honors bestowed upon the bank was the title of Best
Foreign Investment Bank in Indonesia, an award given to the firm by both
The Asset in its November Triple A Country Awards and FinanceAsia in its
Country Awards for achievement. Credit Suisse also managed to gather
several trophies in The Banker’s annual investment banking awards, as it
was named Global Investment Bank of the Year, Best Leveraged Finance
House, Best High Yield Bond House and Best Convertibles House.

Euromoney also recognized the firm’s international prowess, naming Credit


Suisse the Best Debt House in Mexico, as well as the title of Best M&A
House in Brazil, Central Asia, Germany, Indonesia, Kazakhstan, Latin
America and the Philippines.

Finding a Partner in Founder


Credit Suisse has had a solid history working with Chinese authorities. It
has been a financial advisor on the IPOs of some of the country’s largest
corporate and state-owned institutions, including China Construction Bank
and the Industrial and Commercial Bank of China. In addition, in 2006, the
Chinese government launched the Qualified Domestic Institutional Investor
(QDII) program, and Credit Suisse received approval to participate in the
program. This means the company will be able to provide tailored solutions
for Chinese investors who want to invest internationally.

Credit Suisse may get its firmest footing yet in the burgeoning Chinese
economy in 2008 if it receives regulatory approval to go ahead with a
planned joint venture with Founder Securities. The venture would allow
Credit Suisse to offer domestic institutional brokerage and wealth
management services to Chinese citizens. The joint firm would also
sponsor and underwrite A-shares, and trade government and corporate
bonds. Credit Suisse would like to take a 33.3 percent stake in the proposed
venture—33.3 percent is the cap that any foreign company is allowed to
take in a joint securities venture under the new regulatory rules set into
effect on January 1, 2008.

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Credit Suisse Investment Banking Division

Lending a helping hand


The bank has made charitable contributions around the world, including in
Asia. In the region, Credit Suisse focuses on educational initiatives for
disadvantaged youth. The Asia Pacific Philanthropic Committee has helped
more than 120 children’s charities since 1998. Credit Suisse has funded the
construction or upgrade of over 35 schools, three orphanages, five
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computer labs and 106 libraries across the region. In 2006, Credit Suisse
joined forces with the UN World Food Program to launch a “Food for
Education” initiative in Sri Lanka. Kitchen and food storage facilities were
constructed for 61 schools as part of these efforts, offering lunches to about
19,000 children.

Near the top of the charts


In 2007, Credit Suisse ranked No. 10 in global debt, equity and equity
related underwriting, according to Thomson Financial (now known as
Thomson Reuters). The firm’s 1,065 deals were worth a total of
USD$319.4 billion, garnering the firm a 4.3 percent share of the total
market. In 2006, the Swiss bankers ranked No. 9 in the same category, with
a total market share of 4.8 percent.

In global equity underwriting, the firm held on to its No. 7 ranking in 2007,
working on 235 deals with total proceeds of USD$54 billion; the change in
market share was negligible, from 5.9 percent in 2006 to 6.2 percent in
2007. In global IPOs, the firm had a great year, jumping two spots to No.
2, underwriting 103 deals worth USD$24.3 billion. But in Asian (excluding
Japanese) equities, Credit Suisse fell five spots to No. 9 in 2007,
underwriting 48 deals worth USD$9.7 billion.

Six was the firm’s lucky number in mergers and acquisitions in 2007. In
announced global M&A deals, Credit Suisse moved up one spot to No. 6,
advising on 390 deals worth a total of USD$876 billion. It also moved up
one spot to No. 6 in announced U.S. M&A, with 168 deals worth
USD$328.6 billion. And in announced Asia (excluding Japan) M&A,
Credit Suisse held on to its No. 6 position, advising on 48 transactions with
deal proceeds of USD$26.4 billion.

Although not a huge market, New Zealand M&A was fruitful for the firm
in 2007, as it came in at No. 1 in announced Kiwi deals, advising on 6
transactions worth USD$4.7 billion. Meanwhile, Credit Suisse moved up
three spots to rank No. 8 in announced Chinese mergers and acquisitions,
working on 12 deals during 2007, and it held on to its No. 14 ranking in
announced Japanese M&A, advising on seven deals.

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Credit Suisse Investment Banking Division

GETTING HIRED

Hiring students and professionals


Undergraduate students, university graduates and experienced
professionals can learn more about employment opportunities through the
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bank’s careers website for the Asia Pacific region. The campus recruiting
function of Credit Suisse recruits at a number of universities in Australia,
China, Japan, India, South Korea, Hong Kong and Singapore. The firm
also hosts a campus recruiting web site for the Asia Pacific region. On this
site, Australia has its own page along with Japan, which is in Japanese.

Credit Suisse also recruits summer interns into Hong Kong, Singapore,
Tokyo, Seoul, Mumbai, Melbourne and Sydney. The summer program,
which lasts 10 to 12 weeks, gives participants an experience similar to that
of the bank’s first year analysts. Interns are hired across the bank in a
number of different divisions.. For consideration, candidates need to
complete an application on the Credit Suisse web site.

Experienced professionals looking to make a lateral move in Asia can


search postings (organized by location or job function) at the firm’s site.
Job functions include administration, asset management, audit and taxation,
complex products support, corporate services and facilities management,
equities, financial accounting and financial control, fixed income, human
resources, information technology, investment banking, legal and
compliance, marketing and communications, operations, private banking,
product control and risk management.

Ripe with personality


In addition to looking for candidates who are intelligent, Credit Suisse
wants people who will fit in with the bank’s culture. As one employee says,
“Applicants must demonstrate academic excellence as well as the ability to
work in a team environment.” An associate agrees that the bank is
searching for “more of a people fit than looking for particular skills or
previous experience.” One insider notes that it’s “important that the team
as a whole—from junior bankers to more senior bankers—feel that the
candidate will gel” with the team. The bank also looks for applicants with
strong personalities. “This is true of any investment bank perhaps, but here
you’re allowed to be a little bit quirky,” says one analyst. “The firm
tolerates, almost encourages, a certain playful rebellion, which is ultimately
the seed of innovation and entrepreneurship.”

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Credit Suisse Investment Banking Division

Finding the right people


The hiring process at Credit Suisse depends on location. A Tokyo employee
says there are “different processes through overseas and domestic, though
usually a few interviews with basic screening exams.” Regardless of
location, the interview process typically begins with phone interviews and
then moves on to face-to-face meetings. The interview process can be
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lengthy. Credit Suisse analysts and associates say they met with anywhere
from four to 10 people during multiple rounds of interviews. A banker from
the bank’s regional headquarters in Tokyo says there were “four or five
interviews, mostly with directors.” Another Tokyo employee had seven or
eight phone interviews plus three in-person interviews.

Other Asia offices also have multiple rounds of interviews. A Singapore


employee says that “typically candidates start off with a phone interview [if
overseas] or a single interview with two members of the team. If
successful, the candidate will get to meet more people from the team in a
series of consecutive interviews.” One Hong Kong banker says it’s normal
for applicants to meet with a total of five to 10 people during the hiring
process. In Hong Kong, interviews are with various levels of management
and sometimes with people outside the team. One employee there reports
having “six interviews with various people on the desk.”

What I did on my summer vacation


The firm recommends internships for recent graduates, and the company
hires a significant number of full-time analysts and associates from its
summer program. “I worked in equity research as a summer associate,”
says one analyst. “The work was mostly supporting research and analysis.”
The source adds that it was easier to get a job at Credit Suisse after the
internship. Another says, “Salary is standard across the street for summer
analysts and associates, and is comparable to the starting salary of a first-
year analyst or associate.” It certainly helps tremendously to have an eight-
to 10-week opportunity “to build up rapport with prospective teammates
and a positive reputation for oneself within the firm.” Contacts say the
internship “should be viewed as a two-month-long interview.” The firm
“evaluates you just as much as you should be evaluating the firm.”

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Credit Suisse Investment Banking Division

OUR SURVEY SAYS

Friendly folks
Insiders agree that folks at Credit Suisse are friendly. “People are smart,
driven and fun,” says one employee in Hong Kong, who adds that people
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work hard but know how to have fun. “Given it is an investment bank and
is bound to be a pressure-cooker environment, it is friendly,” says another
Hong Kong banker, who adds that people help one another. Another
contact says the culture varies within the bank from division to division and
by country. However, the employee adds that Credit Suisse has a “generally
friendly, inclusive environment” compared to “other banks with more
entrenched corporate cultures.”

Credit Suisse insiders also view the bank as team-oriented. An employee in


Sydney says, “In the asset management division the culture focuses on
working as a team and being a tightly knit group. Everyone has their own
strengths and weaknesses, and we try to draw on those. Everyone’s opinion
is treated equally no matter how long you have been at the company.”
Other words employees use to describe Credit Suisse’s culture are
“relaxed” and “down-to-earth.”

Better hours than many banks


In general, Credit Suisse employees are happy with their compensation.
The hours at Credit Suisse are also reasonable compared to those at many
investment banks. “It is all about doing your job and not about the hours,”
says one source. “I usually work 8 a.m. to 6 p.m., with an hour-long lunch
break.” Most associates in Asia work 60 to 70 hours a week and say they
rarely work weekends. Analysts tend to work longer hours than associates.
One analyst says, “Work hours average 90 hours a week, but can get worse
at crunch times.” Another analyst sighs, “Weekends are the rule rather than
an exception.”

Credit Suisse employees appreciate the fact that hours are generally
flexible. One insider says, “If I have to leave early one day for personal
reasons I can make up the work the next day by getting in early or skipping
lunch. As long as my job is done the managers don’t care about time in the
office.” Another employee agrees that face time is less important than
getting the job done. “We work around the markets on the trading floor,
hence the daylight hours are intense, but we rarely work weekends,” says

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Credit Suisse Investment Banking Division

the employee. This insider adds that Credit Suisse encourages employees to
have a life outside the workplace and spend time with their families.

Mixed marks for management


For the most part, Credit Suisse’s people have good things to say about
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

management. “I am made to feel like a member of the team, and people


listen to me when I contribute in meetings,” says an analyst. “My peers
respect my opinions, and my manager has been very helpful to me in
growing my career by consistently providing constructive feedback.”
Another satisfied source simply says, “My boss is terrific.”

Some issues with management may be structural. An employee explains,


“Management tends to be very lean and especially so in Asia, so although
intentions are good, there is less interaction on a day-to-day basis.” Also,
as is true at any big organization, employees have to deal with hierarchies,
and sometimes senior management loses touch with what’s going on with
more junior employees.

Nice digs
Employees throughout Asia say Credit Suisse has nice offices. An
employee from Sydney says his workplace is pleasant without being too
fancy. “I feel comfortable bringing clients to the office,” says the
employee, “but I certainly don’t feel like the company wastes money on
fittings.” The Singapore office has what one person describes as “an
unusual open concept.” The banker says the office is “awkward at first, but
it works well once you get used to it.” One employee in Hong Kong says
the office has a fantastic view of the harbor. Another banker in Hong Kong
says the office is a “very nice and functional office.”

Keeping things business casual


The dress code for Credit Suisse varies based on location and position.
Most employees in Tokyo say they always dress formally. In Hong Kong
and Sydney, bankers can wear business casual. However, adds one banker,
“when dealing with clients and suppliers, it’s always formal.”

Continuing education
For the most part, employees praise Credit Suisse’s training. Employees’
only complaint about training is that they want more. A source from
Singapore says the training program at the start was excellent, but feels

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Credit Suisse Investment Banking Division

there isn’t much additional training until you are promoted to the next level.
The contact describes training as “more of an ‘on the job training’
approach.” Someone from the Sydney office agrees that “training is mostly
informal with some formal legal training.” However, the employee adds,
“The company supports me in any formal external training I wish to
complete.”
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Credit Suisse is making efforts to improve upon internal training programs.


The bank is “currently rolling out a structured, thorough and inclusive
training program across the divisions, with special focus on the
development of junior employees.”

The deal on diversity


Most employees feel Credit Suisse does a good job promoting diversity.
One analyst says “You’ll be hired as long as you can prove that you’re
capable and can fit in with the team.” However, one source feels the firm
could do a better job with women who’ve already been hired. “There is a
women’s forum, but the events tend not to focus on real issues or provide
any type of mentoring that other firms have already set up.” Overall, most
employees feel the company puts forth a good effort for diversity. An
employee remarks, “Our company is an equal-opportunity employer which
promotes and employs based solely on merit and the ability to fill the
required role.”

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Daiwa Securities Group

Grand Tokyo North Tower


THE STATS
9-1, Marunouchi 1-chome,
Chiyoda-ku Employer Type: Public Company
Tokyo 100-0005 Ticker Symbol: 8601 (TYO)
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Japan Chairman: Akira Kiyota


Phone: +81-3-5555-1111 President & CEO: Shigeharu Suzuki
www.daiwa-grp.jp President (Daiwa Securities SMBC):
Shin Yoshidome
Net Income: JPY 46.4 billion
DEPARTMENTS (FYE 03/08)
Securities Trading Total Revenue: JPY 825.4 billion
Securities Brokerage (FYE 03/08)
Asset Management No. of Employees: 15,705
Corporate Financing No. of Offices: 117
Venture Capital
KEY COMPETITORS
LOCATIONS IN Mitsubishi UFJ Financial Group
ASIA PACIFIC Mizuho Financial Group
Bangkok Nomura Holdings
Beijing Sumitomo Mitsui Banking Corporation
Hanoi
Hong Kong EMPLOYMENT CONTACT
Manila
Mumbai www.daiwa-grp.jp/recruit (in
Seoul Japanese)
Shanghai E-mail: recruit@daiwasmbc.co.jp
Singapore
Taipei
Tokyo

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Daiwa Securities Group

THE SCOOP

Second place ain’t bad


Daiwa Securities Group Inc. is Japan’s second-largest securities firm next
to Nomura Holdings, and with all of the resources available to this Asian
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

giant, this is an instance when taking second place doesn’t mean you’ve lost
the race. Daiwa is represented internationally with branches in North
America, Europe, Asia, and Oceania. The company operates through its 46
consolidated subsidiaries and handles investment banking business through
subsidiary Daiwa Securities SMBC, a joint venture launched with
Sumitomo Mitsui Financial Group in 1999. Daiwa owns 60 percent of
Daiwa Securities SMBC and Sumitomo owns 40 percent.

Daiwa’s roots in Japan stretch back more than one hundred years when it
was launched in 1902 as Fujimoto Bill Broker. Over forty years, the
company’s business had grown substantially enough to change the name to
Fujimoto Securities Company. In the midst of World War II, in 1943,
Fujimoto merged with Nippon Trust Bank and switched to the moniker
Daiwa Securities—one of the “Big Four” of the securities market. In 1999,
the company launched Daiwa Securities SMBC and adopted a holding
company structure.

Today the many arms of Daiwa Securities Group handle the trading and
brokerage of securities and derivatives. Daiwa Securities SMBC
consistently ranks highly on the Thomson Financial (now Thomson
Reuters) league charts for debt and equity markets. Through its many
branches, the company also offers venture capital, corporate financing,
investment management and real estate leasing services.

A rough patch
Though its nearby neighbors in China are enjoying riding out a bull market,
things in Japan were decidedly bearish in 2007. Japan’s benchmark stock
average, the Nikkei 225, dropped approximately 11 percent in 2007 and
underwriting fees for Daiwa’s investment banking activities dropped from
JPY 25.1 billion in the third quarter of 2006 to JPY 5.1 billion in 2007.
Daiwa’s profits also followed the trend of the Japanese market, pulling
down the company’s earnings.

Analysts say that Daiwa needs to take better advantage of its partnership
with Sumitomo Mitsui Financial Group, because the latter company has
more international ties that can be used to tap into the part of the Asian

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Daiwa Securities Group

economy that is still growing. Daiwa CEO Shigeharu Suzuki seems poised
to do just that, as he plots out a plan to increase revenue tenfold to JPY 500
billion over the next five years. Part of the expansion plan includes
branching out its private equity investments to include India, Indonesia and
Australia as well as expanding business to Vietnam.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Checkmate for SMBC


Daiwa Securities SMBC ushered in new leadership in 2007, when its
former president, Tatsuei Saito, had to step down due to health concerns.
Saito was replaced in April by former senior managing director Shin
Yoshidome, an avid chess player who hopes to use his sharply honed
financial skills to keep the investment banking arm of Daiwa on top of the
charts.

In 2008, one of Yoshidome’s plans for putting Daiwa Securities SMBC


back on track is to invest about JPY 192 billion of its own funds in an
attempt to boost capital. Investment targets will include many Chinese
companies, especially those in the arenas of information technology,
communications, food services and transportation. Altogether, the
company will raise its investments from JPY 408 billion to JPY 600 billion.
The poor numbers suffered by Daiwa Securities in late 2007 were mainly
the result of lowered commission fees due and less equity sales. According
to Thomson Financial (now Thomson Reuters), in the first nine months of
the year, proceeds as a result of IPOs decreased 77.9 percent to USD$2.2
billion.

Yoshidome is also planning to expand the company’s business outside of


Asia. He has traveled to Dubai to explore the options in the growing
Middle Eastern markets. If the company wants to achieve its goal of JPY
500 billion in five years, he will have to become creative in finding markets
that are flourishing better than the Japanese markets.

Losing its place at the table


Daiwa Securities SMBC earnings have suffered as the result of the ill
effects of a struggling economy. However, it has also lost top rankings in
the Thomson Financial (now Thomson Reuters) league tables to both
domestic and foreign competitors, a hit that comes independent of the drop
in financial activity. Daiwa’s rank on the equity capital markets table for
the fourth quarter of 2007 was the same as the previous year, but the
company lost 8.6 percent of the market share, registering a percentage of
10.2 of the total market in Japanese equity, or about USD$2.5 billion earned

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Daiwa Securities Group

over 60 deals. In the same category, domestic rival Nomura was able to
raise its market share approximately 10 percent, taking the top spot on the
charts.

The numbers in the category of Japanese IPOs were even grimmer. Daiwa
slipped to No. 3 in the rankings, behind J.P. Morgan and Nomura,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

relinquishing its first-place status from the previous year. The company lost
an astounding 23.6 percent of the market share to competitors, bringing in
only USD$487.6 million over 27 deals. Daiwa’s market share was 8.5
percent, far below Nomura and J.P. Morgan, which came in at 48.2 percent
and 26.1 percent, respectively.

In the completed M&A tables for Japan, Daiwa slipped from No. 5 in 2006
to No. 12 in 2007. The company advised on 101 deals, which were valued
at USD$9.4 billion, garnering 7 percent of the market share.

GETTING HIRED

Can you read Japanese?


Unfortunately, Daiwa has very little English hiring information. If you can
read Japanese, their recruitment page is located at www.daiwa-grp.jp/recruit.
A list of Daiwa Securities SMBC headquarters in Japan (Tokyo, Osaka and
Nagoya) can be found in English at www.daiwasmbc.co.jp/english/company/
locations.html. This page includes addresses and phone numbers, so your best
bet might be to send off a resume or CV to one of these offices or by e-mail to
recruit@daiwasmbc.co.jp.

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Asia Pacific region.
DBS Group

6 Shenton Way DBS Building


THE STATS
Tower One
Singapore, 068809 Employer Type: Public Company
Phone: +65-6878-8888 Ticker Symbol: D05 (SES)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Fax: +65-6445-1267 Chairman: Koh Boon Hwee


www.dbs.com CEO: Richard Stanley
Total Assets (DBS Group Holdings):
SGD$233.59 billion (FYE 12/07)
DEPARTMENTS Net Earnings (DBS Group Holdings):
Personal Banking SGD$2.49 billion (FYE 12/07)
Enterprise Banking No. of Employees: 13,000
Corporate Banking No. of Offices: 100
Private Banking
Treasury & Markets
KEY COMPETITORS
Securities
Fund Management Citigroup
Standard Chartered Bank
OCBC Bank
LOCATIONS IN United Overseas Bank Group
ASIA PACIFIC
China EMPLOYMENT CONTACT
Hong Kong
India www.dbs.com/careers
Indonesia
Malaysia
Philippines
Singapore
Taiwan
Thailand

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DBS Group

THE SCOOP

Development banking
The Development Bank of Singapore, or DBS, is a titan in the Asian
financial world. DBS Group Holdings, Ltd. is the largest commercial
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

banking group in Southeast Asia, with a significant presence in a number of


worldwide markets including China, Hong Kong, India, Indonesia, Japan,
Malaysia, Myanmar, the Philippines, South Korea, Taiwan, Thailand,
Vietnam (where DBS opened a representative office in July 2008), the U.K.
and the U.S., as well as the Middle East.

DBS Bank is the main operating subsidiary of DBS Group. The bank has
consumer banking operations in Singapore, Hong Kong, China, India and
Indonesia. In Singapore, the bank serves approximately five million
customers with 79 branches, and in Hong Kong, the bank serves one million
customers with 58 branches. Mainland China is relatively new territory for
the bank, as subsidiary DBS Bank China opened in May 2007 with
headquarters in Shanghai and plans to expand into an integrated branch
network (consumer, corporate and enterprise banking as well as investment
banking services) across the vast country. In Indonesia, DBS operates in
nine cities with 18 locations, is one of the largest trade finance banks and is
in the top five among foreign banks in wealth management.

After the 1998 acquisition of Singapore’s former Post Office Savings Bank
(now known simply as POSB), DBS operates 49 branches of the iconic
“friendly neighborhood banks” that have had a presence in Singapore for
over 130 years. Honoring both retail and investment banking, in June 2007,
DBS Bank was named Asiamoney’s “Best Domestic Bank,” “Best
Domestic Equity House” and “Best Domestic Debt House” in Singapore.

Exploring foreign shores


DBS Bank was formed in 1968 as a partner of the Singapore government
and has grown into the largest bank in the country. However, in recent
years, the bank has been pursuing an aggressive growth plan which includes
the acquisition of banks outside of its borders. These acquisitions include:
PT Bank DBS in Indonesia, of which DBS now owns approximately 99
percent; Bank of the Philippine Islands, in which it holds a 20 percent stake;
and Bowa Commercial Bank in Taiwan, where it was the successful bidder
in a government auction for Bowa’s “good bank assets” including the
acquisition of 39 branches, three business units and over 750,000

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DBS Group

depositors. The bank also has representation in its partly-owned (37.5


percent) Indian subsidiary, Cholamandalam DBS Finance, which boasted
nearly 200 outlets at the end of 2007.

Asset management services are handled through its wholly-owned


subsidiary, DBS Asset Management (DBSAM). DBSAM was established
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in 1990 and has since come to manage a considerable amount of capital for
both private and institutional investors. In 2007, DBSAM purchased a 33
percent stake in China’s Changsheng Fund Management Company, the first
Asia-based asset management company purchase of a Chinese fund
management company. Changsheng was approved for the Qualified
Domestic Institutional Investor (QDII) license in October 2007, giving
Changsheng further leeway to help clients invest their funds in overseas
markets.

Islamic banking is a burgeoning business in the Asia Pacific region. To


build stronger banking ties between the Middle East and Asia, DBS
launched a new subsidiary in May 2007, The Islamic Bank of Asia (IB
Asia)—based in Singapore. The bank was launched in partnership with 34
investors from prominent families and industrial groups based in the Gulf
Cooperation Council (GCC) countries. Celebrating its first anniversary to
the tune of SGD$689 million across 20 deals, IB Asia set up its first
representative office in Bahrain in May 2008. IB Asia’s initial focuses are
corporate finance, capital markets and private wealth management.

Bye, bye, Tai


DBS entered a stage of transition in 2008 when it got a new CEO—the
former CEO of Citibank China, Richard Stanley. Stanley officially took
over on May 1, 2008, replacing Jackson Tai, who had served as its chief
executive for five years before stepping down in September 2007 due to
personal reasons. Tai had joined the firm in 1999 as its chief financial
officer after 25 years in the investment banking business at J.P. Morgan.
Stanley is seasoned in investment banking, particularly mergers and
acquisitions (M&A), which is expected to be an asset to the company’s
growth strategy.

Stalling on subprime
In the summer of 2007, as the collapse of the subprime market slowly
became evident, banks had to fess up about their holdings in the doomed
market. DBS was no exception. On August 7, the group disclosed that it
had about SGD$1.3 billion worth of collateralized debt obligations, a

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DBS Group

number which seemed steep but manageable in the wake of more extreme
losses by other banks. However, Asia Pacific brokerage and research firm
CLSA claimed that DBS had failed to fully disclose holdings totaling an
additional SGD$1.1 billion. CLSA went further, saying, “The bank’s
failure to provide full and complete disclosure has raised a black mark
against management transparency and corporate governance.”
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In late August, DBS disclosed that it had an additional SGD$1.1 billion


invested in a special-purpose vehicle, Red Orchid Secured Assets (ROSA).
However, the bank denied that these holdings were vulnerable to collapse.
Jeanette Wong, the firm’s chief financial officer, explained in a press
release, “Of our total SGD$2.4 billion holdings in CDOs [collateralized
debt obligations], only 12 percent directly references some exposure to U.S.
sub-prime mortgages.”

Taking over the turmoil


Incoming CEO Richard Stanley has his hands full restoring DBS to its pre-
subprime value. Its stock price dropped 14 percent over 2007. Fourth-
quarter earnings were also down, with net income dropping SGD$105
million from 2006 to SGD$491 million. Further complicating the situation
is the potential of a recession in Singapore in 2008, which seemed
increasingly likely after the government lowered its growth forecast for the
year in February.

Though fourth-quarter numbers lagged slightly, the full year earnings for
the company reflected solid growth. 2007’s full year earnings came out 14
percent ahead of 2006’s, at a record SGD$2.49 billion. Net income also
rose 14 percent to SGD$4.11 billion as a result of strong performance in the
regional and housing loan market of Singapore. The company also boosted
its fee income by 27 percent due to its stockbroking activities, as well as
solid results in its wealth management division.

Ruling the roost


DBS holds the top spot in almost every category of the Thomson Financial
(now Thomson Reuters) league tables for M&A financial advisory in
Singapore. On deals in 2007 with values of up to USD$50 million based
on value, the company earned USD$196 million, or about 4.4 percent of the
total market share. It also earned the top spot on the chart with transactions
of up to USD$100 million based on the number of transactions, with 12
deals in total under its belt. The only table in which it did not place No. 1

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DBS Group

was deals up to USD$100 million based on value, placing second after


KPMG Corporate Finance.

Who’s got spirit?


DBS encourages a “can-do spirit” and strives to get employees involved in
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the community as well as the world around them. As the company


celebrated its 40th anniversary in 2008, employees were encouraged to
come up with ideas for community initiatives to benefit the children of
Asia—named “Project 40/40” as the goal was 40 educational projects in 40
days. After an overwhelming response from staff, it had to be renamed
“Project 80/40” as the number of initiatives doubled. Projects included
sprucing up schools in Mumbai, India and Jakarta, Indonesia; helping
students plant a rooftop garden at a school in Shanghai; door-to-door
distribution of school supplies to disadvantaged children in Singapore; the
construction of a basketball court in the remote village of Tioman,
Malaysia; and an employee donation-based “Jeans Friday” to raise money
for a learning center at an orphanage in Ho Chi Minh City, Vietnam.

In addition to community projects, DBS has lent a hand (and quite a few
machines) after a number of disasters in the past several years. When
SARS spread across Asia in 2003 and when the massive tsunami hit South
and Southeast Asia in 2004, DBS opened its ATMs and internet banking
channels for relief donations. Self-service banking channels for donations
were opened once again in 2008 when an earthquake hit China’s Sichuan
Province, as well as when Cyclone Nargis devastated Myanmar. In addition
to DBS’ own donations for both disasters, nearly SGD$3.7 million was
given through self-service banking channels in Singapore, with two-thirds
of that amount coming from internet banking donations. This donation
system is slated to continue on an ongoing basis for future disasters in the
region.

GETTING HIRED

Get your name on the map


You can find the DBS careers page at www.dbs.com/careers, which outlines
the benefits of working for the firm. Numerous opportunities are available
for undergraduates and graduates. If you’re still in school, check out the
DBS internship program at www.dbs.com/careers/internships. Located in
both Singapore and Hong Kong, the program lasts for eight weeks and

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DBS Group

“outstanding undergraduates studying in Year 2 or Year 3 from all


disciplines” are encouraged to apply online.

DBS also operates two graduate programs—its “Management Associate


Programme” (MAP) for university grads and its “Financial Executive
Programme” (FEP) for polytechnic grads. Working with the firm to choose
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from a number of career tracks, the MAP lasts for 18 months. The program
is open to all disciplines and DBS stresses that “it is not necessary to have
a business or finance degree to join.” Fresh graduates and candidates with
less than two years’ work experience are invited to apply. According to the
site, approximately 30-50 graduates were recruited for the 2008 program.
Information on MAP can be found at www.dbs.com/careers/graduates and
information on FEP can be found at www.dbs.com/careers/fep.

A list of current job openings with the firm can be found at


www.dbs.com/careers/jobs.html. To apply for any opportunities, you will
need to set up an account on the site.

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Deutsche Bank

Asia Pacific Head Office


THE STATS
One Raffles Quay
South Tower Level 17 Employer Type: Public Company
Singapore, 048583 Ticker Symbol: DB (NYSE), DBK
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Phone: +65-6423-8001 (DAX), DBKG (LSE), DBKG


Fax: +65-6225-4911 (Euronext)
www.db.com Chairman, Management Board:
Dr. Josef Ackermann
Revenue: EUR 30.7 billion (FYE 12/07)
BUSINESSES Net Income: EUR 6.5 billion
Corporate & Investment Bank (FYE 12/07)
Corporate Investments No. of Employees: Over 80,000
Private Clients & Asset No. of Employees in Asia: 17,000
Management No. of Branches: Over 1,900
No. of Offices in Asia: 54
LOCATIONS IN
ASIA PACIFIC KEY COMPETITORS
Auckland, New Zealand • Bank of America
Aurangabad, India • Bangalore, Citigroup
India • Bangkok, Thailand • Beijing, Credit Suisse
China • Chennai (Madras), India • Goldman Sachs
Colombo, Sri Lanka • Guangzhou, JPMorgan
China • Gurgaon (near New Delhi), Morgan Stanley
India • Hanoi, Vietnam • Ho Chi UBS
Minh City, Vietnam • Hong Kong •
Islamabad, Pakistan • Jakarta, EMPLOYMENT CONTACT
Indonesia • Karachi, Pakistan •
Kolhapur, India • Kolkata www.db.com/careers
(Calcutta), India • Kuala Lumpur,
Malaysia • Labuan, Malaysia •
Lahore, Pakistan • Manila,
Philippines • Melbourne, Australia •
Mumbai (Bombay), India • New
Delhi, India • Noida, India • Seoul,
South Korea • Shanghai, China •
Singapore • Surabaya, Indonesia •
Sydney, Australia • Taipei, Taiwan
• Tokyo, Japan

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Deutsche Bank

THE SCOOP

The organization of Deutsche


Deutsche Bank is organized into three divisions: the Corporate and
Investment Bank (CIB), Private Clients and Asset Management (PCAM),
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and Corporate Investments. The whole group is directed by a management


board, which controls resource allocation, accounting and disclosure,
strategy and risk management.

Deutsche Bank’s CIB group oversees the firm’s capital markets business,
including the origination, sales and trading of capital markets products, in
tandem with the bank’s corporate advisory, corporate lending and
transaction banking businesses. It also oversees mergers and acquisitions
and gives general corporate finance advice primarily for global
corporations, financial institutions, and sovereign and multinational
organizations.

Deutsche Bank’s PCAM group comprises two subdivisions: asset and


wealth management services, and private and business client services. Its
asset management services include traditional asset management and
alternative investments, the latter encompassing absolute-return strategies
and specialist real estate asset management. Its client base includes retail
clients and institutional investors such as pension funds.

With approximately USD$818 billion in assets under management globally


as of March 30, 2008, the asset management group at Deutsche Bank is one
of the largest asset managers in the world. The bank’s private wealth
management division caters to high-net-worth individuals and families. It
offers traditional and alternative investments, risk management strategies,
lending, wealth transfer planning and philanthropic advisory, among others
services. In 2007, the private wealth management unit increased assets by
3 percent, ending the year with EUR 194 billion.

The smallest of the three divisions, the Corporate Investments group,


manages Deutsche’s own industrial and other holdings, real estate assets,
private equity investments and venture capital holdings. This division was
at the center of a comprehensive streamlining plan in 2005; non-core assets
were sold off, and the division’s old three-part structure was consolidated
into a single operating unit.

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Deutsche Bank

The German giant


Germany’s biggest bank first opened its doors in Berlin in 1870, operating
under a very specific motto: “to transact banking business of all kinds, in
particular to promote and facilitate trade relations between Germany, other
European countries and overseas markets.” In 1872 the bank opened its
first foreign branches in Shanghai and in Yokohama, Japan. By 1880, the
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bank was engaging in industrial investment activities, making deals across


borders in Asia, Turkey and the Americas, and in 1929, it merged with
Disconto-Gesellschaft, the biggest merger in German banking history.
World War II nearly destroyed Germany’s financial services industry;
Deutsche Bank was shut down by occupying Soviet forces in 1945. Its
West Berlin operations were decentralized into 10 regional institutions,
which were then combined into three joint-stock companies. In 1957, these
three companies reunited, creating Deutsche Bank AG.

In the decades that followed, Deutsche grew rapidly, adding retail banking
services and international offices in New York, Paris, Tokyo, London and
Moscow. Its first U.S. purchase came in 1999, with the acquisition of
Bankers Trust. Two years later, Deutsche made its public debut on the New
York Stock Exchange; in 2002, it bought U.S. asset manager Scudder
Investments. These days, it’s casting its net even wider. In 2006, Deutsche
completed the acquisition of Russian investment bank United Financial
Group.

Some of Deutsche Bank’s recent growth has been tempered by a few


setbacks. During 2006, Deutsche added more than 5,400 people, expanding
its presence in North America, Latin America, the Middle East, Central and
Eastern Europe, and Asia—especially in India and China. In the Asia-
Pacific region, the bank has over 54 offices in 17 financial markets. But in
January 2008, the firm announced employee job cuts that would reach
nearly every department—and all around the globe. The first wave of
cutbacks came within the month, when the bank slashed about 300
positions within its global markets unit. Over the course of the first quarter
of 2008, those numbers inflated to 1,000 global job reductions, mostly in
mortgage banking areas. In the meantime, the firm has said that additional
reductions are not planned.

During 2007 Deutsche Bank’s Asia Pacific workforce expanded from


10,800 to more than 15,100—a 40 percent increase—as another 4,000 jobs
were created in the region. Globally, almost half of the 9,400-employee
increase in Deutsche Bank in 2007 was added in the Asia Pacific region.

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Despite continued uncertainty in the industry globally, Deutsche Bank


continues to expand in the region.

Award show
In 2007, the firm had a good year in mergers and acquisitions advisory.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

According to Thomson Financial (now Thomson Reuters), it ranked No. 7


in global announced M&A deal volume, moving up two spots from 2006
while working on 289 deals worth $868.6 billion. In Asia (excluding Japan)
announced M&A volume, the firm moved up spot to take the No. 7 ranking.
On the debt and equity markets tables, where Deutsche usually ranks in the
top 10, the firm held on to its No. 3 ranking in global debt, equity and
equity-related underwriting. Additionally, the firm held strong to its No. 8
rankings in the three most important global equity tables: equity and equity-
related offerings, common stock and IPOs. In Asia (excluding Japan and
Australia) IPO volume, Deutsche held on to its No. 7 ranking, but slipped
one spot in Asia common stock underwriting, falling to No. 8.

Deutsche Bank has also won recognition for many of its activities in Asia,
including the award for Bank of the Year 2007 by IFR Asia. In May 2008,
Deutsche Bank was deemed No. 1 Global Private Bank in Asia in
AsiaMoney’s Private Banking Poll. At FinanceAsia’s Achievement Awards
in December 2007, the bank was chosen as Best International Bond House.
AsiaRisk named Deutsche Bank Best Currency House—Asia at its Industry
Awards 2007, and it ranked the bank as the No. 1 Derivatives House, Asia
in its End User Survey in June 2008 for the second consecutive year.

The bank’s dealings have also garnered a lot of attention. In December


2007, Deutsche Bank won big at the Deal Awards, receiving Best M&A for
Tata Steel’s GBP 6.2 billion acquisition of Corus Group; the firm also won
FinanceAsia’s Deal of the Year, Best M&A Deal and Best Cross Border
M&A Deal for the acquisition. For its involvement in Alibaba.com’s
massive HKD$13.1 billion (USD$1.7 billion) Hong Kong IPO, the firm
received Deal of the Year—Hong Kong accolades from AsiaMoney in
February 2008 as well as Best IPO from FinanceAsia.

New kids on the block


Deutsche made some noteworthy promotions and new hires in Asia in 2007.
In March 2007, Ravi Raju, previously with competitor Citi, became
Deutsche’s head of private wealth management in Asia. Raju took on the
responsibilities of Rico Caduff, who became chairman of private wealth
management in Asia Pacific. Then, in May 2007, the bank announced that

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Deutsche Bank

it had appointed Gordon Paterson as managing director, head of M&A for


the Asia Pacific region, excluding Japan. Previously, Paterson had worked
at Citigroup, where he headed up M&A Asia Pacific. In addition, a major
senior transfer happened in 2007, highlighting the firm’s dedication to Asia
Pacific, as Noreddine Sebti moved from New York to Hong Kong to
become head of Global Markets Equity Asia and global head of Equity
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Trading.

Good deeds for those in need


Like many investment banks, Deutsche gives something back to the
communities where it has offices. In December 2003, Deutsche announced
that it was establishing the Deutsche Bank Asia Foundation. The bank said
that, over the next five years, the foundation would contribute at least EUR
5 million to community projects on the continent. In 2007 alone, EUR 3
million was spent on addressing issues of poverty, education and health in
Asia. The bank added that the Asia Foundation’s primary focus would be
education and support for HIV/AIDS affected orphans in the region. The
foundation’s first project, in northern Thailand, helped a local agency
working with orphans. Today the Asia Foundation supports educational
initiatives for orphans in Vietnam, Cambodia, Laos, Thailand and India. In
addition, the bank and Deutsche employees have helped with other projects
in Asia, including relief efforts after the South Asian tsunami, typhoon
Nargis in Myanmar and the earthquake in China’s Sichuan Province.

No European immunity
Like many banks, Deutsche Bank wasn’t able to dodge the fallout from the
U.S. subprime and credit crisis. In fall 2007, it reported a write-down of
EUR 1.5 billion (USD$2.1 billion) on structured credit products and
securities backed by residential mortgages. Though no one likes to take a
USD$2 billion hit, relative to the potential losses that it could have incurred,
the losses looked almost rosy—especially when coupled with third quarter
net profit, which exceeded EUR 1.4 billion (USD$2 billion), a number that
was more or less on point with its profit targets for the year.

CEO Josef Ackerman said at a banking conference in London in October


2007 that the reason for the relatively stable numbers was the success of the
asset management and private and corporate client divisions, which offset
the losses relating to volatility in the credit market.

Deutsche announced its full-year earnings on Ackerman’s 60th birthday,


and his gift was the absence of any disastrous results. The bank’s numbers

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were expected to drastically decline for the year as a consequence of its


losses in the subprime market, but the results that came in were better than
many had predicted. The bank’s only losses due to the credit crisis in the
fourth quarter of 2007 were a meager EUR 50 million write-down to
compensate for LBO loans.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

The company posted a 7 percent increase in net income for the full year,
with total net income for the year rounding out at EUR 6.5 billion. Net
revenue was also modestly higher for the year, by a margin of 8 percent at
EUR 30.7 billion. The change was driven by strong advisory revenue of
EUR 314 million and increases in global transaction banking of 12 percent
for the year. Again, the investment banking unit trailed behind the rest of
the company, posting a 43 percent decline (EUR 514 million) in pre-tax
profits in the final quarter.

The first quarter of 2008 wasn’t as bright, as Deutsche reported its first
quarterly loss in five years. The firm took EUR 2.7 billion ($4.2 billion) in
leveraged buyouts and asset-backed securities write-downs during the
quarter, and posted a net loss of EUR 131 million, versus the EUR 2.12
billion profit it booked in the first quarter of 2007. The good news was the
firm was not hit nearly as hard as some if its rivals. During the first quarter
of 2008, Deutsche eliminated less than 1,000 investment banking jobs,
compared to the several thousands of cuts that competitors such as Citi and
Merrill Lynch were forced to make.

Deutsche, meet Shanxi


In June 2008, The Wall Street Journal Asia reported that Deutsche Bank AG
had signed an agreement with Shanxi Securities to develop a new securities
joint venture in China. The deal, which could allow Deutsche to underwrite
share offerings on China’s stock exchanges, still needs to receive approval
from Chinese government regulators. If it does, Deutsche Bank will claim
a 33 percent stake in the new joint venture, with Shanxi Securities owning
two-thirds.

GETTING HIRED

Standard operating procedure


Information about jobs at Deutsche Bank is on the careers section of the
company’s website at www.db.com/careers. The careers section discusses
opportunities for school leavers, graduates and undergraduates, MBAs and

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Deutsche Bank

professionals. The web site also has a section with frequently asked
questions such as “What is Deutsche Bank’s dress code?” (Answer:
business casual.)

Training programs and internships in Asia


Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Deutsche also posts information about internships, including those in the


Asia Pacific region, on its web site. The bank hires students from
universities worldwide for analyst internship and training programs (for
undergraduate and graduate students) as well as for associate internship and
training programs (for MBAs). In Asia, Deutsche has analyst internship
programs in Mainland China, Hong Kong, Singapore, Japan, Australia and
New Zealand.

Analyst internship programs are usually eight to 10 weeks long, and


requirements vary depending on the office, though the only basic
requirement is that you are currently studying at a “leading academic
institution.” The firm notes that internships are a key source of full-time
hires—a large number of analyst and associate positions globally are filled
by individuals who completed an internship at Deutsche. For the 2008
class, 75 percent joined the firm upon completion.

Deutsche Bank also recruits students from overseas into Asia. For a
number of years, the firm has targeted students at U.S. and U.K. universities
for roles in Global Markets and Global Banking (only in corporate finance)
in Hong Kong, Singapore and Japan. In 2007, this was extended to cover
Australian and Canadian students.

While most analysts are hired into Singapore, Hong Kong, Mainland China,
Japan, Australia and New Zealand, the firm also hires a smaller number of
analysts into Vietnam, the Philippines, South Korea, Taiwan and Thailand.

For MBA students, Deutsche has associate training programs in Japan,


Singapore and Hong Kong. For these training programs, Deutsche looks
for individuals who have creative problem solving abilities, leadership
potential, strong quantitative and analytical skills and a knack for
communication. Candidates, who need to be completing an MBA, should
also have strong academic records and previous experience in finance, as
well as fluency in English. Certain offices have additional requirements.
For example, in Japan, applicants need business-level Japanese for some
positions. In Hong Kong, Deutsche seeks people who are strong team
players—fluency in at least one Asian language is not a pre-requisite, but
can be beneficial for some positions.

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Fortis

Hong Kong Regional Headquarters


THE STATS
77-79 Gloucester Road
27/F Fortis Bank Tower Employer Type: Public Company
Wan Chai, Hong Kong Ticker Symbol: FORA (AEX),
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Phone: +852-2823-0566 FORB (BRU)


Fax: +852-2865-7297 Chairman: Count Maurice Lippens
www.fortis.com CEO: Herman Verwilst
info@fortis.com Revenue: EUR 120.5 billion
(FYE 12/07)
Net Profit: EUR 4.0 billion (FYE 12/07)
BUSINESSES (GLOBAL) No. of Employees: 64,973
Asset Management & Private No. of Offices: 15 in Asia Pacific;
Banking Offices in over 50 countries
Insurance worldwide
Merchant Banking
Retail Banking
KEY COMPETITORS
Citigroup
BUSINESSES Deutsche Bank
(IN ASIA PACIFIC) ING
Asset Management UBS
Insurance
Merchant Banking (including EMPLOYMENT CONTACT
Global Markets)
Private Banking www.asia.fortis.com/careers/careers.php

LOCATIONS IN
ASIA PACIFIC
Hong Kong • Singapore •
Guangzhou • Shanghai • Taipei •
Tokyo • Sydney • Bangkok •
Beijing • Dubai • Hanoi •
Ho Chi Minh City • Jakarta •
Kuala Lumpur • Manila • Mumbai •
Seoul

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Fortis

THE SCOOP

Setting records by crossing borders


One of Europe’s top 20 financial institutions, Fortis provides banking and
insurance services to customers and clients in over 50 countries around the
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

world. It’s especially mighty on its home turf in the Benelux region: Fortis
maintains dual headquarters in Belgium and the Netherlands, and its stocks
trade on both the Brussels and Amsterdam exchanges with a secondary
listing in Luxembourg. Fortis was formed in 1990, the product of a
groundbreaking cross-border merger. The deal began in the Netherlands
when VSB (a Dutch bank) and N.V. AMEV (a Dutch insurance company)
combined. A few months later, the combined Dutch entity merged with AG
Group, a Belgian insurer, completing the world’s first cross-border financial
merger.

Although today’s version of Fortis was created in modern times, its


predecessor institutions have histories that go back centuries. As a result,
Fortis can rightly boast that it has offered banking services in Asia for over
105 years. More recently, Fortis debuted its insurance activities in the Asia
Pacific region, and the firm has put significant effort into combining its
banking and insurance businesses in major Asian markets. In the region,
Fortis has opened seven regional branches (in Hong Kong, Taipei,
Singapore, Shanghai, Guangzhou, Tokyo and Sydney) and eight
representative offices (in Dubai, Hanoi, Beijing, Ho Chi Minh City, Manila,
Jakarta, Mumbai and Seoul). It has also acquired an insurance company in
Hong Kong, developed a slew of distribution partners and intermediaries,
and maintains joint ventures with local companies in China, India, Malaysia
and Thailand.

Regional offerings
Globally, Fortis divides its business into four lines: asset management and
private banking, insurance, merchant banking and retail banking. In Asia,
Fortis is active in private banking, merchant banking, insurance and asset
management.

The Asia private banking business, established in 1988, offers wealth


management services—including structuring, investment, trust and
corporate services, finance, real estate and insurance—to corporations and
high-net-worth individuals.

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Fortis

Merchant Banking, Fortis’ international wholesale bank, serves


international, institutional and corporate clients in Asia, providing services
in commercial banking; corporate banking; clearing, funds and custody;
energy, commodities and transportation; institutional banking; investment
banking; specialized financial services; and trust and corporate services.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

The Investment Banking division, which has offices in Hong Kong and
Singapore, offers corporate finance, global export and project finance, and
private equity services. The Global Markets business, centered in Hong
Kong, includes more than 100 professionals and serves corporate,
institutional, retail and private clients. Its activities include carbon banking,
equity derivatives, forex and rates, commodity derivatives, global securities
financing and sales and marketing.

Meanwhile, Fortis’ insurance subsidiaries provide life and other insurance


products to individuals, businesses and institutions. In addition, Fortis
operates a global asset management company, Fortis Ping An Investments.

Double Dutch
Fortis made headlines in 2007 for its role in a major bank merger: the
acquisition of Dutch bank ABN AMRO by a consortium including Fortis,
Banco Santander and the Royal Bank of Scotland. The merger story was
something of a nail-biter, as the consortium vied with British bank Barclays
for the top bid. Finally, Fortis and company prevailed, offering EUR 70
billion to take over ABN AMRO.

Post-deal, the three consortium members carved up the remains of their


prize. Fortis took over most of ABN AMRO’s Netherlands businesses,
including its retail banking division and parts of its merchant and
commercial banking businesses. (European Commission guidelines
regarding market concentration in the Netherlands’ banking sector
precluded Fortis from taking too big a chunk of ABN AMRO’s Dutch
business; parts were divested to Germany’s Deutsche Bank.) However,
Fortis also acquired its former rival’s global private client and asset
management businesses.

Changing of the guard


Fortis hit rocky ground in the summer 2008, as investors railed against
news that the bank’s share price had slipped 63 percent over the past 12
months. By mutual agreement, the board of directors and Jean-Paul Votron
decided to end his tenure as Fortis’ CEO, the post he’d held since October

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Fortis

2004. He was succeeded by his deputy, Herman Verwilst, who currently


serves as the CEO until Fortis’ board names a permanent replacement.

What prompted the change in leadership? For one thing, the consortium
deal to buy ABN AMRO took place just as the subprime crisis set off a
global credit crunch. Votron’s decision to chip in EUR 24 billion for ABN
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

AMRO upset shareholders when world markets began crumbling,


especially since after the deal—and two capital increases—Fortis itself was
valued at just EUR 23.5 billion. Investors received more unfortunate news
when Fortis postponed payment of its 2008 interim dividend, offering a full
dividend paid in shares to retain an additional EUR 1.4 billion in earnings.
At the same time, it announced a plan to raise approximately EUR 7 billion
through the sale of bonds, assets, stock and real estate—even though it had
previously said its capital position was solid.

Beyond Benelux
Fortis has established a goal for 2009: generate 30 percent of its revenue
outside the Benelux region by the end of the year. As part of this plan, the
bank opened two new Asia Pacific offices in early 2008, one in Sydney and
one in Tokyo.

The Sydney branch, established in January, focuses on merchant banking,


including debt and treasury products, to clients in the energy, commodities,
transport, mining, ports and logistics, and telecommunications sectors. It
will work in tandem with Fortis Clearing Sydney, Fortis’ existing business
in Australia. One month later, Fortis unveiled its next branch, in Tokyo.
This office specializes in financial services for Japanese clients and
businesses with operations in Japan; it focuses on the energy, commodities
and transportation industries, providing merchant banking, structured debt
products, treasury and transaction services, corporate banking, advisory and
risk management.

Ping An’s big bite


Fortis’ largest shareholder is Ping An Insurance, the second-largest life
insurer in China. In April 2008, Fortis announced that Ping An had raised
its stake in the bank from 4.18 percent to 4.99 percent. At the same time,
Ping An paid EUR 2.15 billion to acquire 50 percent of Fortis’ asset
management business—which was promptly renamed Fortis Ping An
Investments. The newly-branded investment business will be overseen by
a board of 12 directors, including representatives from both companies, but
for the time being, Fortis Investment’s senior management will remain in

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Fortis

place. According to Fortis, the deal will mean greater access to markets in
China and elsewhere in Asia, thanks to Ping An’s more than 300,000 sales
agents and 70,000 full-time employees.

Integrating in Asia
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The ink is dry on the deals between Fortis and ABN AMRO, but the
integration of the two banks’ businesses will continue through 2010. By
mid-2009, all private banking activities outside the Netherlands are planned
to be integrated. In Asia, the firm appointed Barend Janssens as the new
Asia head of the combined private bank, effective January 2009. Janssens,
an ABN AMRO veteran and former head of its Asia private banking
division, will be based in Singapore and will report to two Fortis
executives: Asia Pacific CEO Luc Henrard and global private banking CEO
Chris Vogelzang.

Janssens is starting his new job with a lofty goal: he aims to grow Fortis’
private bank to a leadership position in Asia by 2010. In a press release,
regional CEO Henrard described Asia as “a key growth market for Fortis,”
and noted that the addition of ABN AMRO’s private banking unit would
automatically make the combined business one of Asia’s top 10 private
banks.

GETTING HIRED

Fortissimo!
Fortis maintains an area of its career web site dedicated to careers in Asia
at www.fortis.com/career/asia. Jobseekers are invited to fill out a profile in
order to have vacancies e-mailed to them. The firm notes that its regional
headquarters for Asia are in Hong Kong, but that opportunities with the firm
are expanding as the firm itself expands in India, Australia and Japan.

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GF Securities

38/F, Metro Plaza


THE STATS
183 North Tianhe Rd.
Guangzhou, 510075 Employer Type: Private Company
China Chairman: Wang Zhiwei
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Phone: +86-020-8755-3587 President: Dong Zhengqing


Fax: +86-020-8755-3583 Net Profit: RMB 8.18 billion
www.gf.com.cn/eng/index.htm (FYE 12/07)
No. of Employees: 2,500
No. of Offices: 100
DEPARTMENTS
Investment Banking Business
KEY COMPETITORS
Equity Underwriting
Bond Underwriting BOC International
Mergers & Acquisitions China Galaxy Securities
Financial Consulting China Merchants Securities
Brokerage Guotai Junan Securities
Asset Management Haitong Securities
International Finance Business Ping An Securities
Research and Consulting
EMPLOYMENT CONTACT
LOCATIONS IN CHINA info@gf.com.cn
Beijing
Guangzhou
Shanghai
Shenzhen
Other major cities in China

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GF Securities

THE SCOOP

Good times for Guangfa


GF Securities Co., Ltd. (also known as Guangfa Securities) had its best year
ever in 2007, as waves of IPO frenzy took over the Chinese market.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Securities traders in China earned a whopping RMB 79.36 billion in net


profits, and GF topped them all with a net profit of RMB 8.18 billion. The
profits represented an astounding 373 percent rise over the same period in
2006, and no securities traders in the country suffered losses throughout the
year. However, with prosperity comes competition. As it looks to the
future, GF Securities finds itself vying for contracts with international
heavyweights such as UBS and Goldman Sachs.

Headquartered in Guangzhou, GF Securities is the fifth-largest brokerage in


China. The firm’s main businesses include underwriting, mergers and
acquisitions (M&A), brokerage, proprietary trading and asset management.
In 2003, the firm also launched a fund management subsidiary called GF
Fund Management with a capitalization of RMB 100 million. The
Securities Association of China has consistently ranked GF Securities in its
top 10 firms since the company’s incorporation in 1994.

Backdoor bust
In September 2006, GF’s top executives wanted to follow in the footsteps
of the successful launches of financial companies into the public domain.
However, the firm was limited by a Chinese regulatory rule that it must
have three successive years of profits in order to launch an IPO on either of
the main stock exchanges in China. GF’s profits had risen in 2004 and
2005, but in 2003 the firm suffered losses that would remain a stumbling
block. To skirt the government’s criteria for a public listing, GF launched
a plan to attempt a “backdoor” listing, one in which it would execute a
reverse takeover of a company which met the regulations, and then launch
the IPO under that company’s record.

GF’s reverse takeover target was the infrastructure firm Yan Bian Highway
Construction, which operated out of the northeastern city of Yanji. The
agreement was that GF would swap 0.83 of its shares for every one share
of Yan Bian Highway. This would have given GF 95.4 percent ownership
of the construction company. After fifteen of GF’s biggest shareholders had
owned Yan Bian Highway for 12 to 36 months (based on regulatory
approval), the company would be able to launch an IPO under the name GF

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GF Securities

Securities without adhering to governmental rules. The firm’s decision to


launch a backdoor IPO prompted other smaller Chinese securities firms
who were also under the shadow of international competitors to make
similar moves.

The collaboration with Yan Bian Highway was on track when it hit an
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

abrupt stop in May 2007. The China Securities Regulatory Committee


announced that it would punish GF, Yan Bian Highway and other firms
involved with the trade due to “improper disclosure of information.” The
firms were accused of insider trading by capitalizing on news of the reverse
takeover before it was publicly announced. Many of the top executives in
the firm were implicated, including the president of GF, Dong Zhengqing,
who officially resigned in June 2007 and was later arrested for insider
trading.

Pumping up profits
With all the new opportunities available in domestic markets, the Chinese
people were engaged in a record amount of trading in 2007, driving fee-
based incomes up—mainly among brokerages.

For two of GF’s investments, Jilin Aodong Medicine Industry Group and
Liaoning Chengda Company, profits went through the roof in 2007, with an
estimated rise of nearly 750 percent. Jilin Aodong and Liaoning Chengda
are both publicly traded companies which have representation on both the
Shenzhen and Shanghai exchanges. However, industry insiders say that the
rise in profits may not be completely self-sufficient. The claim is that
profits of both Jilin Aodong and Liaoning Chengda are merely a reflection
of GF’s profits which have been flowed through the balance sheets of the
smaller companies. In this way, GF Securities can drive up the price of the
two businesses, which in turn drives up its profits. This is technically legal
by Chinese regulatory rules. GF is the third-largest investor in Jilin Aodong
and the second-largest in Liaoning Chengda.

GETTING HIRED

Create your own luck


The firm’s main English site at www.gf.com.cn/eng/index.htm provides no
information on careers, but that doesn’t mean there’s no way to pass on your
information to the company to get a possible shot at a job. Try sending an
e-mail with your cover letter and resume or CV to info@gf.com.cn. If that

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GF Securities

fails, you might have better luck checking out the “subsidiaries and
branches” link on the site, which lists contact information for offices
throughout China that might be hiring.
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Goldman Sachs

Regional Headquarters
THE STATS
Cheung Kong Center, 68th Floor
2 Queens Road Central Employer Type: Public Company
Central, Hong Kong Ticker Symbol: GS (NYSE)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Phone: +852 2978 1000 Chairman & CEO: Lloyd C. Blankfein


www.gs.com Revenue: USD$45.99 billion (FYE 11/07)
Net Income: USD$11.6 billion
(FYE 11/07)
BUSINESSES No. of Employees: 30,255
Corporate Finance No. of Employees in Asia (excluding
Investment Management Japan): Approximately 1,800
Investment Research No. of Offices: 40
Private Equity / Principal Investing No. of Offices in Asia (excluding
Securities (Equities/Fixed Income) Japan): 8

LOCATIONS IN KEY COMPETITORS


ASIA PACIFIC J.P. Morgan
(EXCLUDING JAPAN) Morgan Stanley
Hong Kong UBS
Beijing
Shanghai PLUSES
Mumbai
Bangalore • “Heavy deal volume”
Seoul • “Incredible team”
Singapore • “Superb exposure”
Taipei
MINUSES
• “Crazy hours”
• “Demanding—pressure to excel”

EMPLOYMENT CONTACT
www.gs.com/careers

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Goldman Sachs

THE SCOOP

A force to be reckoned with


Headquartered in New York, Goldman Sachs is one of the world’s
preeminent investment banks, with major offices in London, Frankfurt,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Tokyo and Hong Kong. Goldman Sachs in Asia excluding Japan has its
headquarters in Hong Kong, and seven additional offices in Beijing,
Mumbai, Bangalore, Singapore, Taipei, Seoul and Shanghai. Its operations
include approximately 1,800 employees working in the firm’s key Asian
businesses: corporate finance, private equity and principal investing, fixed
income, currency and commodities, equities, investment research and
investment management.

Goldman Sachs is a constant presence at the top of international banking


league tables, and in the fiscal year ending November 30, 2007, it
announced record annual revenue of USD$45.99 billion. In 2007, Goldman
Sachs was also named the global Bank of the Year as well as the Bank of
the Year in Asia by International Financing Review magazine.

Top of the pack


In 2007, Goldman Sachs seemed to be uniquely shielded from the subprime
meltdown, posting financial results that reflected more than modest gains
versus 2006. The firm’s profits rose 22.1 percent to USD$11.6 billion in its
2007 fiscal year, a healthy increase when compared to the negative profits
of many of its top competitors. When broken down into individual
divisions, the firm’s financial results seemed even stronger. Investing
banking revenue rose 47 percent in 2007, while financial advisory income
skyrocketed by 98 percent. Assets under management reached USD$72
billion.

In the first quarter of 2008, Goldman finally felt the ripple effect of the
troubled markets. The firm’s first quarter earnings were down 53 percent
to USD$1.51 billion. Though disappointing, Goldman’s earnings were still
above analysts’ expectations, and compared with the situation of similar
companies, Goldman’s earnings decline seemed almost rosy news,
reflecting the dismal deterioration of market conditions over the past year.
(Goldman’s earnings report came out just one day after the precipitous
collapse of former competitor Bear Stearns.)

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Eight offices, lots of clients


Goldman Sachs was one of the first American investment banks to establish
itself in Asia. Goldman Sachs opened its Japanese office in Tokyo in 1974.
Its office in Hong Kong opened in 1984 and remains the regional
headquarters of Goldman Sachs in Asia excluding Japan.
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Singapore was Goldman Sachs’ third Asian office, opening in 1989. The
office serves as a hub for Goldman’s operations throughout the ASEAN
(Association of Southeast Asian Nations) region.

In 1992, Goldman Sachs opened a representative office in Taipei, which


graduated to a branch office in 2000. Corporate finance, securities and
global investment research are the key business areas in Taipei, and as of
2006, Goldman Sachs is the leading foreign investment bank in Taiwan. It
serves a number of clients in industries such as banking,
telecommunications and manufacturing.

Goldman Sachs arrived in South Korea in 1993 when it opened a


representative office in Seoul (which became a full-fledged branch in
1998). In June 2006, Goldman Sachs was granted a Korean banking
license, which allows the firm to provide foreign exchange, interest rate and
related products to its Korean clients.

Beijing and Shanghai have been home to Goldman Sachs offices since
1994, and the firm quickly built an investment banking franchise
throughout China, working with both companies and the Chinese
government. It was the first foreign investment bank to obtain a license to
trade China B shares on the Shanghai Stock Exchange and was one of the
first Qualified Foreign Institutional Investors (QFII) in China. Goldman
Sachs offers investment banking services to domestic mainland China
clients through Goldman Sachs Gao Hua Securities Company Ltd., a joint
venture with Beijing Gao Hua Securities, a local securities firm that
Goldman helped to establish in 2004. Goldman Sachs Gao Hua currently
underwrites locally listed A-shares and corporate and convertible bonds; it
also offers domestic financial advisory services.

Finding a foreign partner


In 2006, Goldman Sachs signed a strategic cooperation agreement with the
Industrial & Commercial Bank of China (ICBC), which included a
USD$2.6 billion investment. ICBC is China’s largest bank. In April 2007,
Goldman Sachs closed its GS Capital Partners VI fund with USD$20 billion
in committed capital, USD$11 billion from qualified institutional and high-

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net-worth clients and USD$9 billion from the firm and its employees. This
was the firm’s sixth global, diversified fund dedicated to making privately
negotiated equity investments. The fund, which was the largest ever raised
for private equity by a Wall Street firm, will invest across a broad range of
industries in Asia, Europe and the U.S.
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Still on top
Goldman Sachs is at the top of the investment banking game, and there’s no
better proof of this than by taking a look at its consistently high standings
on the Thomson Financial league tables (now called the Thomson Reuters
league tables, following the announcement of a merger between Thomson
and Reuters). In 2007, Goldman managed to remain the top M&A advisor
in the world, though it did fall out of the top spot on several other key areas.

In global announced M&A, Goldman again ranked No. 1, with 492 deals
that had a total value of USD$1.4 trillion, which was good enough for an
impressive 31.7 percent of the total market share. Goldman also topped the
announced U.S. M&A table, but slipped a spot in announced European
M&A, coming in at No. 3 in 2007 after finishing at No. 2 the year before.
Goldman moved up in the Asia excluding Japan announced M&A table,
coming in at No. 2, working on 55 deals worth a total of USD$60.8 billion
(in 2006, the firm was No. 4 on the table). In Chinese announced M&A,
Goldman slipped a couple of spots, falling to No. 3 in 2007 from No. 1,
advising on 14 deals worth a total of USD$8.96 billion.

In 2007, the firm fell from the No. 1 spot in global equity underwriting to
No. 4, with USD$70.6 billion in proceeds from 233 deals. The firm’s
percentage of the total market share dropped from 9.7 percent in 2006 to 8.1
percent in 2007. In Asian equity and equity-related deals (excluding
Japan), Goldman also fell from the top spot, coming in at No. 3. The firm’s
49 deals in the region were worth a total of USD$20 billion.

On the debt capital markets charts, Goldman Sachs made gains in some key
categories. In international bond underwriting, Goldman placed No. 8 in
2007, up from No. 12 in 2006. Altogether, the firm’s proceeds from
international bond deals were USD$160 billion, representing 4.2 percent of
the total market share. Goldman also rose in the ranks in global high-yield
debt underwriting, moving up three spots to No. 5 overall in 2007, with 44
deals worth a total of USD$13.8 billion.

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Goldman Sachs

GETTING HIRED

They take their pick


Goldman Sachs recruits at “all major top-tier universities globally.”
There’s also targeted “campus recruiting in China.”
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“The firm is selective because they want to make sure they get the right
people for the job,” which means potential hires go through “a rigorous
interview process that not only focuses on the candidate’s academic and
prior job experience, but also their cultural fit within the organization.” An
executive director adds that the process is “aimed at ensuring a strong long-
term match between the candidate and the firm.”

Goldman often has a large pool of applicants from which to choose. Even
interns at other banks are known to chase Goldman. They “always choose
Goldman [for full-time employment] over the firm they interned for,” a
source explains. The firm has also “been attracting U.S. expats” to its Asia
offices, “especially given the recent market downturn.”

Hours and hours


“Rounds of interviews that last hours” as well as “multiple technical
questions” are the norm during Goldman’s “incredibly rigorous” recruiting
process. For candidates applying from outside Asia, the process begins
with a “series of long-distance phone interviews” with hiring managers
from Asia. Final rounds, however, are typically held on-site.

One associate recalls interviewing “with over 15 people when I entered


Goldman after college. And when I returned to Goldman in a different
division after business school, I still needed to interview with about 10
people, despite previously being at the firm.” An analyst says that before
he was he hired, he “met a total of 12 employees,” including his “hiring
manager, senior analysts in Singapore and Hong Kong, and the Asia team
head.” Another insider says, “I had over 25 interviews in multiple cities
before I was hired for my first posting. Even moving around internally
within the firm requires buy-in from every person of the group you are
trying to transfer into.”

Expect some technical questions focused on “finance, accounting and


valuation.” You’ll also be tested on your “industry knowledge,” and may
have to discuss your “goals, targets and motivations.” According to one
source, the firm tests “intellectual capacity, verbal communication,

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Goldman Sachs

dedication, commitment, teamwork, knowledge about the industry and


knowledge about Goldman Sachs.” “It felt as if the interviewers were
trying to get a sense of your true personality and how well you would fit in
with the group,” a woman says.

A serious opportunity
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“Goldman Sachs takes its summer program very seriously,” and insiders
say “a large percentage of our [full-time] intake is fulfilled by summer
interns.” In fact, the firm “would prefer to complete all its hiring needs by
giving offers to its summers,” and “summer analyst and associate
acceptance rates are high.”

Like full-time employees, interns are held to “very high standards.”


Besides getting a chance to “become familiar with the firm’s culture,”
interns are paid the “going rate” for analysts or associates, “but prorated for
10 weeks.” “I worked on two live deals and two pitches,” one former
summer associate says. Another veteran of the summer analyst program
“was given a tremendous amount of responsibility in preparing sales
pitches, presentations and financial analysis reports.” “I attended investor
meetings and roadshow presentations and was exposed to as much of the
business as possible,” another ex-intern says.

OUR SURVEY SAYS

Never second best


The Goldman Sachs culture “is very team-oriented,” with a “consensus-
driven approach to problem solving.” “There is very little hierarchy in
place, and summer staff and analysts are encouraged to invite senior
bankers for a coffee to learn more about them and their experiences,” an
insider says. Goldman teams are “very efficient, professional and
supportive,” backed by “easily accessible” firmwide resources.

Even at junior levels, Goldman has “very high expectations” of its


employees, who are expected “to be the best.” “No excuses ever,” says an
associate. “One hundred percent effort is expected from everyone, and it’s
a given that complete excellence is the only possibility.” “It’s an intense,
but constantly challenging and rewarding environment.”

Despite the pressure, most people remain “down to earth”—”there are no


emperors here.” Managers “lead by example, working hard and competing

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Goldman Sachs

ferociously,” and a “mentorship system” makes Goldman a “supportive


environment in which to start a career.” “A lot of analysts have left to go
to private equity or venture capital firms, so the firm is trying extra-hard to
retain the best talent,” says a source. “Goldman wants to keep things as
transparent as possible and always pioneers new technologies.”
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

A focus on training
There’s “a lot of internal training” at Goldman, including “weekly industry
and product training lunches within the division and frequent training
sessions worldwide.” Ongoing development is such “an important focus.”
One contact in Hong Kong says his office will “even bring in New York’s
team to train on advanced M&A and corporate finance initiatives.
Successful deal teams will organize case studies to show success in
executing and pricing a deal.”

Managers play a role in their employees’ education, too. “For the most part,
managers at Goldman are very approachable and go out of their way to
mentor you.” However, one source says the firm’s Asia operations are still
catching up to other Goldman regions when it comes to formal mentoring
opportunities. “I want to see a better mentor/mentee and buddy system,
which I know exists in the U.S. and Europe, but is less developed and
formal in Asia.” But while “different managers have different styles,”
sources say there’s “very little hierarchy,” and relationships are “based on
mutual respect.” Once in a while, though, some managers can be “a bit
over-demanding when things get urgent.”

Work hard, earn well


The majority of sources say they’re quite satisfied with their base pay, and
Goldman employees “receive gym subsidies, meal allowances for travel
and overtime, and car service for business meetings and overtime rides
home.” One analyst in Hong Kong reports that there is “no sign-on bonus,
which other firms usually give.” Employees “are given restricted stock as
part of the overall bonus package,” but market conditions have conspired to
reduce bonus sizes of late. Some sources say that even aside from
economic downswings, “Goldman is known for their underpaid analyst-
level bonus.”

As for the legendarily tough hours, they are “pretty bad across the board.”
“Everyone, analysts to managing directors, works long hours, because
there’s a lot of work to do,” says an associate. “There is no face time,
though.” Agrees another source, “We don’t require people to stay late if

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they don’t have work to do. You often see vice presidents and associates
staying later than analysts. That’s not an unusual thing.” A source adds,
“As with most investment banks, hours at Goldman are long, but having
spent time at competitors previously, Goldman hours are more productive
and efficient.” While most respondents say they work weekends once a
month, if not more, “when there are no live deals or pitches, calls can be
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taken at home.”

Many backgrounds
A “strong women’s network” is in place at Goldman, supported by a “strong
consensus in the office” to support diversity. One Hong Kong source says
Goldman employees have “very morally correct attitudes” when it comes to
appreciating diversity, and in most offices, there’s “a very large female
workforce,” especially “at the analyst level.”

While employees “are used to working with multiple races and different
cultural backgrounds,” some suggest more could be done to raise “cultural
awareness of such issues, especially at the senior level, to help in promoting
recruitment and retention of women and minorities.” As for lesbian, gay, bi
and transgender employees at the firm, one analyst says there are “gay and
lesbian organizations” that “are supported and receive Goldman’s
endorsement.”

Ascots, anyone?
Insiders give satisfactory, though not outstanding, marks to Goldman’s Asia
office locations. One analyst appreciates having “decent space” within his
cube, and a source in Hong Kong says the firm’s “Cheung Kong Center is
a nice building, but could use some more amenities and restaurants nearby.”

Dress code varies slightly from office to office, with Hong Kong sources
reporting “formal always.” A Hong Kong insider adds that his office has
“no ties normally, but [sometimes] ties are still worn.” The firm adds that
the dress code can depend on your role and your division within Goldman.

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Guotai Junan Securities

No. 135, Yanping Road


THE STATS
Shanghai, 200042
China Employer Type: Private Company
Phone: +86-21-6258-0818 President and Vice Chairman:
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Fax: +86-21-6258-1911 Chen Geng


www.gtja.com Total Assets: USD$1.8 billion
(FYE 12/07)
Net Profit: RMB 7.6 billion (FYE 12/07)
DEPARTMENTS Net Income: RMB 3.46 billion
Corporate Finance (FYE 12/07)
Mergers & Acquisitions No. of Employees: 3,500
Fixed Income Securities No. of Offices: 113
Securities Lending and Borrowing
Sales & Trading
KEY COMPETITORS
Research
Asset Management BOC International
China Galaxy Securities
China Merchants Securities
LOCATIONS IN GF Securities
ASIA PACIFIC Haitong Securities
Beijing Ping An Securities
Hong Kong
Shanghai EMPLOYMENT CONTACT
Shenzhen
Other major cities in China www.gtja.com.hk/english/index.asp

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Guotai Junan Securities

THE SCOOP

Chinese collaborations
Guotai Junan Securities is one of the top three domestic security houses in
China. Formed in 1999, Guotai Junan was the result of collaboration
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between two companies, Guotai Securities and J&A Securities, who were
operating small businesses before the financial boom hit. Today, Guotai
Junan has considerable clout in the ever-growing Chinese market with
capital of RMB 4.7 billion, three subsidiaries and 113 business offices
spread through 28 provinces of China. The securities firm is expected to
launch an IPO sometime during the 2008 fiscal year.

Guotai Junan’s corporate finance services are extensive. They include


equity financing, bond financing, mergers and acquisitions (M&A), asset
securitization, strategic investments, derivatives design and subscription,
and private placement services. The fixed income securitization branch of
the bank covers underwriting, trading, investment of treasury bonds, central
bank notes, policy financial bonds, common financial bonds, subordinating
bonds, short-term financing bonds, and asset securitization.

Its asset management business is handled through a subsidiary, Guotai


Junan Allianz Fund Management—a collaboration between Guotai Junan
and German firm Allianz Group. Guotai Junan Allianz Fund Management
has been operating since October 2002.

Ping buys in
Guotai Junan’s three main shareholders are Shanghai State-Owned Asset
Management, Central Huijin Investment Company and Shenzhen
Investment Holdings Corporation. Recent activity in the buying and selling
of shares of Guotai Junan seem to indicate that these companies have their
money in exactly the right place. In December 2007, China Ping An Trust
& Investment Company, the investment arm of Ping An Insurance
Company of China, made a small purchase into the securities firm,
purchasing a 0.16 percent stake for RMB 173.83 million from Sinopec
Shanghai Petrochemical Company. The purchase represents a huge jump in
value for the shares, which were valued at just RMB 7.08 million the year
before. Sinopec booked an RMB 165.56 million profit off the deal.

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Guotai Junan Securities

Making it in M&A
Guotai Junan Securities may not have the international clout of UBS or
Goldman Sachs, but it does appear on the Thomson Financial (now
Thomson Reuters) league tables for M&A in categories on its home turf. In
the fourth quarter charts for mid-market M&A deals with Hong Kong
involvement up to USD$100 million, Guotai Junan ranked No. 15 in 2007,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

with a modest three deals that earned 0.8 percent of the market share. In
the M&A financial advisory category, the firm ranked lower, but was able
to tally up a sizeable increase over its numbers from the year before. In the
China rankings for M&A financial advisory, Guotai Junan ranked No. 20
with a value of USD$1.7 billion, approximately 26 percent of the market
share. In both rank and value, this represents a huge jump from 2006, when
the firm was No. 38 on the table and earned only USD$207 million.

Dabbling in derivatives
Guotai Junan Securities was the first of the domestic Chinese brokerages to
wade into the complex waters of financial products such as derivatives. In
January 2008, it announced it would seek to be even more of a leader in this
field by collaborating with IBM to create a risk-management system for
security trading and fund management. The new system will allow the
company to monitor risk in an environment that may be vulnerable to
volatility. Zuo Feng, the chief compliance officer of Guotai Junan, says that
the new platform will help the company keep up with its new international
competition. “Risk management, internal control and compliance will be
some of the most important business developments in the Chinese securities
industry in the years to come. To compete in this environment, Guotai
Junan Securities needs to speak the international language of risk
management.”

Secure earnings
Despite tough competition from outside interlopers, Guotai Junan has
greatly benefited from the surge in stock trading in the past few years. The
firm placed second behind China Galaxy Securities for the most stock
trading in China in 2007, with stocks contributing 75 percent of its earnings
during the year. There were 21 Chinese firms who had an annual stock
turnover of more than RMB 1 trillion in 2007, which set a record for the
country, and trading on the Shanghai and Shenzhen stock exchanges
increased threefold and fourfold, respectively.

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Guotai Junan Securities

GETTING HIRED

Put yourself out there


Career information is scarce for Guotai Junan, as there are no hiring links on
their main English web site. However, the “jobs” link on Guotai Junan’s Hong
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Kong site at www.gtja.com.hk/english/index.asp provides a list of current open


positions. For a job such as a senior analyst position in Shenzhen, the firm is
looking for someone with the proper background in addition to an “ability and
willingness to work under tight deadlines.” It also doesn’t hurt to have “a
general understanding of economics and stock markets,” a familiarity with
“certain industrial sectors” and proficiency in English as well as Mandarin. Only
one e-mail contact is provided for job postings—larry.jiang@gtjas.com.hk.
Alternately, a list of general contacts in Hong Kong can be found at
www.gtja.com.hk/english/gtja_Services/llwm/index.asp.

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Haitong Securities

17-20/F Jiangzhong Plaza


THE STATS
No. 98 Huaihai Middle Road
Shanghai, 200021 Employer Type: Public CompanY
China Ticker Symbol: 600837 (SSE)
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Phone: +86-21-5359-4566 Chairman: Wang Kaiguo


Fax: +86-21-5385-8536 President: Li Mingshang
www.htsec.com Net Income: RMB 5.46 billion
(FYE 12/07)
No. of Employees: 3,786
DEPARTMENTS No. of Offices: 124
Stocks and Futures Brokerage
Investment Banking
KEY COMPETITORS
Corporate Finance
Mergers & Acquisitions BOC International
Asset Management China Galaxy Securities
Private Equity China Merchants Securities
GF Securities
Guotai Junan Securities
LOCATIONS IN CHINA Ping An Securities
Beijing
Guangzhou
EMPLOYMENT CONTACT
Shanghai
Shenzhen www.htsec.com
Tianjin
Other major cities in China

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Haitong Securities

THE SCOOP

Coming in through the backdoor


Haitong Securities is one of China’s oldest domestic brokerages, with a
history stretching back to 1988. In July 2007, it became the first Chinese
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brokerage to enter the stock market under the technique commonly referred
to as a “backdoor listing.” Haitong was able to skirt Chinese government
regulations by merging with Shanghai Urban Agro-Business Co., Ltd.,
changing the name of the company to Haitong Securities Co., Ltd. and
launching its IPO on the Shanghai stock market. The backdoor move was
considered a necessary fundraising measure in order to compete with
international firms which are entering into the securities business in China.
Haitong was unable to comply with the rule that firms have to have three
consecutive years of earnings in order to become public.

Haitong serves two million people on the Chinese mainland through its 124
domestic branches. The brokerage provides securities underwriting,
brokerage, trading, investment advisory, research, and investment fund and
asset management services to its clients. It also provides an outlet for the
sales and purchase of securities, agency of debt service and dividend
distribution of securities, custody and authentication of securities, agency
of registration and accounts opening, and proprietary trading of securities.

In July 2007, Haitong got approval from the China Securities Regulatory
Commission to expand its company into Hong Kong, giving the company
new access to the international financial world. The new company has been
started with capital of HKD$100 million and is named Haitong (Hong
Kong) Financial Holdings.

Fund management with Fortis


Haitong owns the majority stake in its subsidiary, Fortis Haitong
Investment Management, which launched in 2003 as a joint endeavor
between Haitong and Fortis, the Belgian-Dutch financial services company.
Haitong currently owns approximately 51 percent of the investment
management company while Fortis has a 49 percent stake. Fortis originally
only had a 33 percent stake in the company, but were able to raise that
percentage when China, under the terms of an agreement with the World
Trade Organization, approved a law allowing foreign companies to own as
much as 49 percent of domestic businesses.

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Haitong Securities

Taking off
In addition to the successful launch of its public stock, Haitong Securities
has posted some impressive numbers for 2007. Year-ending numbers put
the company’s net profits for the year at approximately RMB 5.46 billion,
an increase of almost RMB 4.8 billion from 2006. These numbers reflect
an eightfold increase in profits for Haitong, and an incredible 32-fold profit
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for Shanghai Urban-Agro Business, the company which Haitong acquired


in order to facilitate its public offering.

Private placement boosts income


With Haitong’s new IPO hot off the presses, the securities firm decided it
would hold an additional private stock placement in November 2007 in
order to raise even more funds to boost its competitive edge. The brokerage
sold off RMB 25.9 billion to institutional investors for the purpose of
“expanding the capital pool and subsidizing operations.” The institutional
investors were some of the Chinese financial world’s biggest players,
including Pacific Investment Management, Huatai Asset Management,
Youngor Group, Taikang Asset Management, Jiangsu Guoxin Investment
Group, CITIC Group, Shanghai Electric Power Company and China Ping
An Trust & Investment.

Calls for caution


With the market capitalization raised by the launch of its IPO, Haitong is
the ninth-largest securities company in the world. Its shares gained 21
percent in the first six months after its listing. The company’s value as of
January 2008 was approximately USD$32.9 billion. However, amidst the
exuberance in the market over the astronomical rise of the Chinese stock
exchanges, there are calls for caution for analysts who think the market
could be overvalued. Haitong currently trades at about 57 times its
estimated profits, and some worry that the bubble it currently inhabits could
pop at any time.

But in a market that only three years ago was plagued by scandals and
regulations violations, enthusiasm for a surging stock market is not likely to
drop off any time soon. Securities companies earned approximately RMB
79.36 billion in 2007, a 373 percent increase over earnings from the
previous year.

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Haitong Securities

Branching out
The results so far have seemed to hint at a rosy future for Haitong
Securities. However, if the firm wants to stay competitive with domestic
competitors like chief rival CITIC Securities, it must expand its business
beyond the shores of mainland China. The firm gained permission from the
China Securities Regulatory Commission to do just that in January 2008,
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when it was approved to invest overseas on behalf of its clients under the
rules of the Qualified Domestic Institutional Investor scheme (QDII). In
August 2007, Fortis Haitong Investment Management was also granted
approval to launch products under QDII.

Even though the expansion marks the beginning of an important growth


strategy for Haitong, the firm is not alone among domestic competitors who
have also received QDII approval. Firms who have been approved include
China International Capital Corporation, CITIC Securities, China
Merchants Securities, Guotai Junan Securities, Orient Securities,
Everbright Securities and Huatai Securities.

GETTING HIRED

Good luck
Haitong’s main web site at www.htsec.com is only in simplified Chinese,
with no English links in sight and no clear contact information, so brush up
on your Chinese-language skills. Fortis Haitong Investment Management
has an English page at www.hftfund.com but doesn’t have a hiring page
either. You could potentially send your resume or CV to the address listed,
but a better idea might be to e-mail hr@hftfund.com for more information
before blindly sending anything.

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HDFC Bank

Dr. Annie Besant Road


THE STATS
Sandoz House
Worli, Mumbai 400 018 Employer Type: Public Company
India Ticker Symbol: 500180 (BSE),
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Tel: +91 22-2821-5235 HDB (NYSE)


Fax: +91 22-2835-0456 Chairman: Jagdish Capoor
www.hdfcbank.com Managing Director: Aditya Puri
Total Assets: INR 704 billion
(FYE 03/08
BUSINESSES Total Income: INR 124 billion
Wholesale Banking (FYE 03/08)
Retail Banking Net Profit: INR 15.9 billion
Treasury Services (FYE 03/08)
No. of Employees: 30,500
No. of Offices: 1,229
LOCATIONS IN INDIA
Bangalore
KEY COMPETITORS
Chennai
Delhi ICICI Bank
Kolkata Kotak Mahindra Capital Company
Mumbai State Bank of India
Other major cities in India
EMPLOYMENT CONTACT
www.hdfcbank.com/aboutus/careers/
default.htm

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HDFC Bank

THE SCOOP

Housing works
Founded by H.T. Parekh and incorporated in 1977, the Housing
Development Finance Company (HDFC) initially aimed to provide long-
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

term financing for home ownership. During the early 1990s, the Indian
economy went through one of its lowest phases—foreign exchange reserves
were down to USD$975 million and inflation was at a whopping 16
percent. In a historic act, the Indian government decided to allow private
investors into most sectors. Sensing the urgency, India’s centralized
Reserve Bank of India (RBI) threw open the banking sector to private
players as well.

HDFC was the first to apply and get RBI approval, setting up a commercial
bank in 1994 and renaming the company HDFC Bank. The bank was
formally inaugurated in Mumbai in January 1995, and went public with an
IPO of INR 500 million in the same year. In 1999, HDFC became the first
bank to introduce international debit cards in India, and in 2000 was the
first bank in India to introduce SMS-based mobile banking. Another major
milestone came in February 2000, when HDFC acquired private-sector
bank Times Bank Limited for INR 2.3 billion (USD$53.89 million),
expanding its geographic reach and customer base throughout India.

As operations increased, HDFC headed abroad and was listed on the New
York Stock Exchange on July 1, 2001, raising INR 7.1 billion (USD$166.3
million). In 2001, HDFC also became the first private-sector bank
authorized to collect income tax on behalf of the Indian central government.

Order of operations
Today, HDFC is the third-largest bank by market value in India, with a
customer base of 8.7 million customers and INR 1.25 trillion (USD$29.29
billion) in assets. HDFC has 1,229 branches in 444 cities across India.

The bank operates through three main divisions: wholesale banking


services, retail banking services, and treasury services. In the wholesale
banking capital division, the firm provides working capital finance services,
trade services, transactions services, and cash management for small and
mid-sized corporations as well as blue-chip manufacturing companies in
India. The retail banking arm offers traditional banking services to
individual consumers. It also includes the HDFC Bank Preferred program,
which caters to high net-worth individuals. The treasury division is

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HDFC Bank

responsible for foreign exchange services, derivatives, local currency


money market and debt securities, and equities.

Keeping up with the pack


As foreign banks have invested more and more in India in recent years,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

HDFC made the move to acquire one of its competitors, Centurion Bank of
Punjab, for INR 95.1 billion (USD$2.4 billion) in February 2008. The
takeover was the biggest in Indian financial history. With the acquisition,
HDFC increases its employee base to 30,500, gains greater access into rural
Punjab and takes on assets of more than INR 1.5 trillion.

The acquisition of Centurion actually represents more than it appears.


Centurion had recently acquired the Central Bank of Punjab in 2005. In
August 2007, it had finalized another merger with the Lord Krishna Bank.
Because of these recent mergers, HDFC’s acquisition of Centurion actually
represents the integration of four major Indian banks.

Making the grade


HDFC is often cited as a trailblazer in India for its advanced technological
platform. In 2007, the bank was recognized in a number of other areas. The
bank won 10 awards at the Asia Pacific Human Resources Management
Conference, held in Mumbai in February 2008. HDFC was named first
runner-up in the category of Best Bank Overall but also brought home
awards in the categories of Best HR Strategy in Line with Business,
Organization with Innovation in Recruitment, Organization with Innovation
in Career Development Talent Management, Best Use of Technology in
Recruitment and Excellence in Training.

The bank also garnered international respect when it brought home the Dun
& Bradstreet American Express Corporate Award 2007 honor of Best Bank.
The awards rank companies based on size and growth, taking into account
total income, net profit, net worth, growth in total income and growth in net
profit. Also in 2007, HDFC was named one of India’s Most Innovative
Companies in a survey by India’s Business Today magazine and consulting
firm Monitor Group, and received the Financial Express-Ernst & Young
Award in the Best Bank in the Private Sector category as well as the Best
Corporate Social Responsibility Practice Award from the Bombay Stock
Exchange and the Nasscom Foundation.

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HDFC Bank

GETTING HIRED

Passion required
At HDFC’s careers page at www.hdfc.com/we_careers.asp, you can learn
about the firm’s hiring record (“We have the lowest employee turnover rate
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

in the industry,” HDFC boasts on its site) and what sort of candidates it’s
looking for—the site mentions “young, talented” individuals who have
“passion to excel and can fit into our organizational culture and value
system.” Candidates can also check current vacancies on the site and apply
online.

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HSBC Holdings

8 Canada Square
THE STATS
London, E14 5HQ
United Kingdom Employer Type: Public Company
Phone: +44-020-7991-8888 Ticker Symbol: HSBA (LSE)
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Fax: +44-020-7992-4880 Group Chairman: Stephen Green


www.hsbc.com CEO, Investment Banking: Stuart
Gulliver
Revenue: USD$138.3 billion
DEPARTMENTS (FYE 12/07)
Personal Banking Net Income: USD$19.13 billion
Corporate & Institutional Banking (FYE 12/07)
Business & Commercial Banking No. of Employees: 330,000
Internet Banking No. of Offices: 10,000

LOCATIONS IN KEY COMPETITORS


ASIA PACIFIC Citigroup
Australia Fortis
Bangladesh Royal Bank of Scotland
Brunei Standard Chartered Bank
China
Hong Kong EMPLOYMENT CONTACT
India
Indonesia See “Careers” section of
Japan www.hsbc.com
Kazakhstan
Macau
Malaysia
New Zealand
Pakistan
Philippines
Singapore
South Korea
Sri Lanka
Taiwan
Thailand
Vietnam

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HSBC Holdings

THE SCOOP

Hailing from the Far East


HSBC Holdings one of the largest banking companies in Asia, with total
assets of over USD$2.35 billion at the end of 2007. As of April 2008,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

HSBC had 10,000 offices in 83 countries and territories. It provides a full


range of financial services, including consumer and business banking, asset
management, investment banking, securities trading, insurance and leasing
to its 125 million customers.

HSBC’s roots are truly international, going back to 1865, when the
Hongkong and Shanghai Banking Corporation opened dual offices in
Shanghai and London. The bank’s initial expansion was in the East, with
branches opening across China and Southeast Asia. From there, its reach
spread to India, Europe and North America. Its first Middle Eastern
acquisition came in 1959, with the purchase of the British Bank of the
Middle East. Throughout the latter half of the 20th century, HSBC grew by
making deals, buying up other Asian banks and opening new offices in
Canada and Australia. Hongkong and Shanghai Banking—and its many
subsidiaries—were consolidated in 1991 with the formation of HSBC
Holdings PLC.

The new holding company continued adding to its portfolio, buying several
European banks (including Midland Bank and Credit Commercial de
France). Latin America was the final frontier: HSBC bought a majority
stake in Mexico’s Grupo Financiero Bital in 2002. An even bigger deal
came the next year when HSBC purchased Household International, a U.S.
provider of consumer finance and credit cards, for a whopping USD$14.2
billion. In 2005, the firm bought 9.9 percent of Ping An Insurance, China’s
second largest life insurance company (HSBC already owned 10 percent of
Ping An, bringing its stake up to nearly 20 percent). HSBC will be
expanding its presence in Central America in coming years, thanks to its
2006 agreement to acquire the Panama-based Grupo Banistmo SA, the
region’s leading banking group. Headquartered in London, HSBC today
has nearly 10,000 offices in 83 countries, making its motto, “the world’s
local bank,” pretty accurate.

Global powerhouse
In 2006, HSBC reported nearly 50 percent of its pre-tax profits from Asia,
the Middle East, Latin America and other emerging markets. In its year-end

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HSBC Holdings

report, the firm said that it expected this percentage to rise even higher over
the next several years, because these economies are expected to grow faster
than those in developed markets, “and therefore, we will concentrate
investment primarily in these markets in the form of both organic
development and acquisition.”
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

HSBC stayed true to its word when it announced in late 2006 that it would
acquire an additional 10 percent share in Techcombank, Vietnam’s third-
largest joint stock bank, bringing its ownership interest to 20 percent. Then,
in March 2007, HSBC said that it was making plans to double the size of
its operations in China, opening as many as 40 new offices during the year
and making 1,000 additional hires between 2007 and 2008.

Restructuring I-banking
Business at HSBC is divided into four core areas: personal financial
services, commercial banking, private banking, and corporate, investment
banking and markets (CIBM). The bank’s commercial banking arm
provides loans, credit, insurance, investments, merchant banking,
mortgages, financing, risk management and securities services to small,
medium-sized and middle-market companies.

The CIBM operations were restructured in February 2006 and split into
four product lines: Global Markets, Global Banking, Global Transaction
Banking and Group Investment Businesses. Global Markets includes
foreign exchange, fixed income, derivatives, equities and metals sales and
trading. Global Banking offers corporate and institutional banking, sector
management, investment banking, project and export finance and asset and
structured finance. Global Transaction Banking includes payments and
cash management, trade services, supply chain, securities services and
wholesale banknotes businesses. Finally, Group Investment Businesses
manages investment solutions. This reorganization was aimed at increasing
profit by reducing costs in CIBM.

All the more reason to stay focused internationally


Problems in HSBC’s private banking business have rippled across the bank,
stemming from the USD$14.2 billion 2003 purchase of Household
International. Although Household was the biggest subprime mortgage
lender in the U.S., it came saddled with a large number of bad loans and a
class-action suit regarding its mortgage lending practices. In 2006, a rash
of subprime mortgage delinquency forced HSBC to increase its reserves for

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HSBC Holdings

bad loans to USD$10.56 billion, which made personal banking profit in the
U.S. fall by USD$725 million.

HSBC went into damage control mode, and HSBC North America and
HSBC Finance head Bobby Mehta, who had joined the firm when it bought
Household, announced his resignation. Mehta was replaced by Brendan
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

McDonagh, HSBC Finance COO. Sandy Derickson, CEO of HSBC Bank


USA and vice chairman of HSBC Finance, also stepped down.

Closing down the house


In 2007, HSBC announced it would shutter its U.S. subprime mortgage
division completely. Citing the increasingly heavy losses in the business,
the bank said it would close its Decision One Mortgage offices in the U.S.
states of North Carolina, South Carolina and Arizona, at the expense of 750
jobs and USD$945 million in charges, write-offs and employee severance
packages. In November 2007, HSBC announced that it would cease trading
subprime-backed securities from the U.S. market entirely, cutting another
120 jobs at offices around the world.

Desperate to repair investor confidence in the wake of the credit crisis,


HSBC also announced in November 2007 that it would bail out its two
structured investment vehicles (SIVs) by taking USD$45 billion in assets
onto its balance sheet. The bank said that investors in the SIVs could
exchange their holdings for debt issued by a new company backed by loans
from HSBC, and that the move would not have a material impact on
HSBC’s earnings. Rather, said Stuart Gulliver, HSBC’s investment
banking chief, in a statement, it would “set a benchmark and restore a
degree of confidence to the SIV sector, while providing a specific solution
to address the challenges faced by investors.”

True to its word


One month after HSBC told the world that its focus on Asian (as well as
Middle Eastern and European) markets would keep it afloat in troubling
U.S. times, the firm was deemed the successful bidder in a government
auction to acquire The Chinese Bank in Taiwan. The bank, of which the
Taiwan government has had control since January 2007, had USD$3.1
billion in assets as of September 30, 2007. HSBC assumed the bank’s
assets and liabilities in exchange for Taiwanese government funds, which
reportedly amount to USD$1.5 billion. In addition, HSBC will provide
additional capital, estimated to be between USD$300 million and USD$400
million.

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HSBC Holdings

Reporting on HSBC’s acquisition, The New York Times said, “HSBC, which
followed global rivals Citigroup, Standard Chartered and ABN AMRO to
acquire a Taiwan bank, will focus on expanding two competitive but
profitable businesses: wealth management and small-medium enterprises
investing in China.”
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Under the terms of the deal, HSBC is required to establish a local subsidiary
within three years of completion or one year after HSBC’s total assets in
Taiwan exceed USD$13.9 billion, whichever is earlier. The new company
will have a minimum capitalization of approximately USD$309 million.

Greenest of them all


In the midst of subprime misery, HSBC received a feel-good honor in
January 2008, when it was marked as the top-ranked environmentally
conscious bank. The firm nudged out ABN Amro, Barclays, HBOS and
Deutsche Bank, as well as U.S. powerhouses Citi and Bank of America. The
ranking was performed by Ceres, an environmental group that urges
companies to address climate change. It is not surprising that HSBC came
out on top, given that HSBC has been carbon neutral since 2005.

Previously, in May 2007, HSBC had spearheaded a five-year, USD$100


million partnership to respond to the urgent threat of climate change
worldwide. The firm was joined in the coalition by The Climate Group,
Earthwatch Institute, Smithsonian Tropical Research Institute, and WWF.
The partnership—which involved the largest donations to each of these
charities and the largest donation ever made by a British company—has
significant program targets and offers transformational support for the
environmental charities. The donation will help to deliver increased
capacity, help the charities to expand across new countries and research
sites, and increase their access to more people.

The mighty fall


In February 2008, HSBC Holdings’ plan to sell approximately 800 of its
French banks—worth about USD$4 billion—came to light. As reasons for
the deal, analysts pointed to the bank’s recent problems with subprime loans
and the bank’s desire to remove itself from the area and instead focus on
international emerging markets. Meanwhile, as the news of the sale broke,
rumors that HSBC may buy French bank Société Générale were
temporarily quelled—although HSBC hasn’t officially confirmed the sale
one way or another. Goldman Sachs will advise on the bank’s next steps,
according to reports.

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HSBC Holdings

Back in black
Despite enduring what its chairman Stephen Green called “extraordinary
strain,” including its share of subprime mortgage issues, HSBC managed to
come out in the black for 2007. In the face of USD$2.1 billion in write-
downs related to subprime credit exposure and other factors, the bank still
ended up with a USD$19.1 billion profit for the year, up from USD$15.8
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

billion in 2006. The firm’s asset management unit had a good year, booking
total operating income of USD$1.34 billion, up from USD$1.07 billion in
2006. And the bank’s private banking group—which encompasses its
investment banking, corporate banking and insurance services—brought in
record results, including a USD$1.5 billion profit, up 6.2 percent from
2006.

Ranked with distinction


On Thomson Financial’s (now Thomson Reuters) 2007 investment banking
league tables, HSBC ranked No. 13 in worldwide announced M&A deal
volume, a two-slot improvement from 2006. The firm announced 110 deals
worth a total of USD$314.9 billion. HSBC made huge strides in the U.S.
M&A market in 2007. The firm was No. 23 in U.S. announced M&A, a
substantial improvement from its No. 52 ranking in 2006. HSBC slipped
one spot in Asia (excluding Japan) announced M&A volume, falling to No.
11.

HSBC was handed a number of awards in 2007 as well. The Banker named
the firm Interest Rate Derivatives House of the Year. Euromoney honored
HSBC with two awards: Best Cash Management House and Best Risk
Management House. Most strikingly, in 2008, the firm came in at No. 1 on
the Forbes 2000, a list of the world’s largest companies measured by sales,
profits, assets and market value. It was the first time that a non-U.S.-based
firm topped the list.

GETTING HIRED

All around the world


At www.hsbc.com, you can check out current job openings based on region.
From there, the firm also offers sections for MBA opportunities and for
more experienced hires. The “student careers” section offers specific
positions for those candidates in undergraduate and post-graduate

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HSBC Holdings

programs. All positions can be applied for online, where the system will
save your information for future applications.

Interns, too, get their own area on the site. For that program, HSBC accepts
applications “from candidates from any degree subject background,” but try
to give the bank “as much detail as you can” regarding your qualifications,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

“including all subjects studied and results achieved,” especially if you’re


outside the U.S.—the bank notes that it will need to convert your grade
point average to make sure it meets its minimum qualifications.

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Asia Pacific region.
Hyundai Securities

34-4 Hyundai Securities Building


THE STATS
Yeoeuido-dong, Youngdeungpo-gu
Seoul, 150-735 Employer Type: Public Company
South Korea Ticker Symbol: 003450 (KRX)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Phone: +82-2-768-0114 Chairman & CEO: Kim Joong-Woong


Fax: +82-2-783-9746 President & CEO: Choi Kyung-Soo
eng.youfirst.co.kr Employees: 2,545
Revenue: KRW 2.97 trillion
(FYE 03/08)
BUSINESSES Net Income: KRW 187.46 billion
Brokerage (FYE 03/08)
Corporate Financial Services No. of offices: 147
Research
Wealth Management
KEY COMPETITORS
Samsung Securities
LOCATIONS IN Korea Development Bank
ASIA PACIFIC
Ho Chi Minh City EMPLOYMENT CONTACT
Hong Kong
Seoul www.youfirst.co.kr (in Korean)
Shanghai
Tokyo

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Hyundai Securities

THE SCOOP

No, you first


South Korea’s Hyundai Securities takes its customer-prioritizing motto—
“You First”—very seriously; it even became the address of the bank’s web
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

site. Founded in 1962, Hyundai Securities offers comprehensive wealth


management, brokerage, corporate financial services and research. Its
network in South Korea includes 137 offices, plus several overseas
locations that are operated through international subsidiaries.

For many years Hyundai Securities was part of Hyundai, one of the massive
South Korean family-run conglomerates (known in Korean as “chaebol”),
founded in 1947 by Chung Ju-yung and his brothers. Initially, the firm was
a simple construction company, but it soon expanded into other industries,
eventually becoming the largest chaebol in South Korea. In the wake of the
1997 Asian financial crisis, many Hyundai businesses were spun off,
including the Hyundai Automotive Group, the Hyundai Heavy Industries
Group and the Hyundai Group.

More restructuring followed upon Chung Ju-yung’s death in 2001 and the
Hyundai Group’s companies continued to be split apart. A consortium led
by American insurance giant American International Group (AIG) made a
USD$800 million bid for Hyundai Securities, Hyundai Investment Trust
and Securities and Hyundai Investment Trust Management. After lengthy
negotiations that lasted more than a year, the deal ground to a halt, sidelined
by the consortium’s undervaluing of Hyundai Securities and U.S. concerns
about South Korea’s openness toward foreign investment.

At home and abroad


Today Hyundai Securities serves institutional investors, government
agencies, asset management companies and corporations in South Korea
and around the world. Its investment banking services include mergers and
acquisitions (M&A) advisory, investment arrangement, real-estate related
structured financing, corporate real estate brokerage, project financing and
IPOs. Its wealth management services include several types of funds and
bonds, derivatives, trust and corporate pensions and integrated wealth
management, including cash management accounts. Hyundai also provides
brokerage services like futures options brokerage, stock brokerage,
overseas marketable securities brokerage and underwriting and equity-
linked warrant (ELW) brokerage and issuance.

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Hyundai Securities

Hyundai Securities Europe Ltd. works with European companies and South
Korean companies based in Europe, while Hyundai Securities America Inc.
provides underwriting, dealing and brokering of South Korean stocks and
bonds. It also provides corporate financial services and works with U.S.-
based institutional investors who wish to invest in South Korean
companies. Finally, Hyundai Securities Asia Ltd. works outside South
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Korea to offer equity and fixed income brokerage and corporate finance
services in the rest of Asia. Headquartered in Seoul, Hyundai Securities is
led by Chairman and CEO Kim Joong-Woong, and President and CEO
Choi Kyung-Soo.

Ready to grow
According to Hyundai Securities, it’s on a mission: by 2010, the bank plans
to have KRW 5 trillion in equity, KRW 150 trillion in client assets and a 20
percent return on equity.

In order to meet these goals, Hyundai Securities has been ramping up its
infrastructure and unrolling new products in recent years. In 2006, the bank
made a major change to its wealth management division when it introduced
cash management accounts (CMAs); since then, Hyundai Securities has
begun offering MSN Messenger trading, online teleconference investment
advisory services and two-way communication TV teleconference trading
services. It has also invested heavily in IT infrastructure, investing KRW
8.9 billion in 2006 and 2007 and setting aside an additional KRW 40 billion
to build a new online system that will be expanded after South Korea’s
Capital Market Consolidation Act takes effect in January 2009. The act
moves the South Korean economy away from banking and manufacturing
toward a capital-market focused economy.

No deal after all


In early January 2008, news reports revealed that Hyundai Motor Group
was planning to acquire a 30 percent stake in South Korea’s Shinheung
Securities. Speculation soon changed, with a new rumor that Hyundai
Motor Group had lost interest in Shinheung after a two-week due diligence
study concluded with a serious valuation gap.

A few days later, market sources reported that Hyundai Motor Group might
try to acquire Hyundai Securities instead. The news caused Hyundai
Securities’ stock price to soar 6.8 percent, but in February, Hyundai Motor
resolved its valuation issues and went through with the original Shinheung

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Hyundai Securities

deal, paying KRW 209 billion for a 30 percent share and leaving Hyundai
Securities in the cold.

More competition ahead


South Korea’s Capital Market Consolidation Act is intended to develop
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world-class investment banks in the country—and South Korean financial


institutions are scrambling to prepare. By creating more brokerages and
financial services offerings in South Korea, the government hopes to build
the nation into a financial powerhouse. Several global and South Korean
companies have begun applying for government permits to form brokerage
or asset management businesses; earlier, tough state regulations kept many
firms from setting up shop. As of February 2008, the competition is heating
up, with the Industrial Bank of Korea and Daewoo Securities applying for
permits to expand their securities businesses.

To stay ahead of the game, Hyundai Securities has set up a task force to
investigate the possibility of opening an asset management subsidiary. If
Hyundai applies for an asset management permit, its plans will be
scrutinized carefully by South Korea’s Financial Supervisory Service.

GETTING HIRED

Hit the road


Want to work for Hyundai Securities? If you’re not fluent in Korean, you
will be hard-pressed to find any hiring information at all. However, if you
can read Korean, the “company introduction” link along the top bar of
www.youfirst.co.kr features a careers area with job postings, a breakdown
of departments, employee testimonials and a message board.

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ICICI Bank

ICICI Bank Towers


THE STATS
Bandra-Kurla Complex
Mumbai, 400 051 Employer Type: Public Company
India Ticker Symbol: IBN (NYSE),
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Phone: +91-22-2653-414 532174 (BSE)


Fax: +91-22-2653-1122 CEO: Kandapur V. Kamath
www.icicibank.com Revenue: INR 598.81 billion
(FYE 03/08)
Net Interest Income: INR 83.28 billion
BUSINESSES (FYE 03/08)
Retail Banking No. of Employees: 61,697 (worldwide)
Wholesale Banking No. of offices: 972
International Banking
Rural, Micro-Banking and
KEY COMPETITORS
Agribusiness
Government Banking HDFC Bank
Kotak Mahindra Capital Company
State Bank of India
LOCATIONS IN
ASIA PACIFIC
Hong Kong EMPLOYMENT CONTACT
India
Singapore www.icicicareers.com
Sri Lanka

Representative offices
Bangladesh
China
Indonesia
Malaysia
Thailand

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ICICI Bank

THE SCOOP

The mission expands


ICICI’s roots date back to 1955, when the Industrial Credit and Investment
Corporation of India was formed by the World Bank, the Indian government
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

and representatives from several Indian industries. Their goal was to create
a financial institution that could provide project financing for Indian
businesses. By the 1990s, ICICI had outgrown its original mission, offering
diversified financial services to customers and clients around the world.

ICICI Bank was originally a subsidiary of ICICI Limited, an Indian


financial institution. In 1998, ICICI Ltd. began reducing its stake in the
bank to 46 percent. The reduction began with a public offering of shares in
India, which led to a listing of American depository receipts (ADRs) on the
New York Stock Exchange in 2000. In 2001 ICICI Bank grew by
acquisition, merging with the Bank of Madura. Additional stock sales in
ICICI Bank were held in 2001 and 2002. Finally, ICICI Ltd. and ICICI
Bank decided to merge, combining the group’s financing and banking
operations into a single organization. This transaction was completed in
April 2002.

With total assets of INR 4.86 trillion worldwide as of March 31, 2008,
ICICI Bank is India’s second-largest bank. It has more than 1,300 offices
and 3,950 ATMs in India, plus international operations in 18 countries
including branches in Hong Kong, Singapore and Sri Lanka. ICICI offers
a full range of banking products and financial services, including corporate
banking, retail banking, investment banking, insurance, venture capital and
asset management.

All across India


ICICI has five Indian subsidiaries in addition to its international
subsidiaries. ICICI Securities offers equity underwriting, brokerage and
dealership of government securities and also owns an online brokerage
platform, ICICIdirect.com. ICICI Venture Funds Management Company
(known as ICICI Venture) manages funds that provide venture capital
funding for start-up companies and invests in private equity. ICICI’s
insurance subsidiaries are ICICI Prudential Life Insurance and ICICI
Lombard General Insurance. Finally, ICICI Prudential Asset Management
offers asset management products and services to corporate clients.

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ICICI Bank

Five business lines form ICICI Bank’s core—retail banking, wholesale


banking, international banking, government banking, and rural micro-
banking and agribusiness. The retail banking group is India’s largest
provider of retail credit, with more than 25 million customer accounts. Its
retail network expanded rapidly in 2007, going from 614 to 755 branches.
The retail division also includes ICICI’s SME (small- and medium-sized
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

enterprises) group. During 2007 the bank’s SME customer base rose 50
percent, and by the close of the year over 580 ICICI branches offered SME
services.

The wholesale banking group serves large and medium-sized corporate


clients, offering credit and treasury products, project finance, investment
banking, structured finance and transaction services. In 2007, the corporate
banking business was reorganized into two groups: Global Clients, which
works with multinational corporations and corporations developing
international investments; and Major Clients, which handles the firm’s
other corporate banking business. ICICI’s investment banking group is
closely integrated with both Global Clients and Major Clients.

ICICI’s rural banking efforts are managed by the rural, micro-banking and
agri-business group, which offers microfinance, agricultural banking and
other products and services aimed at India’s rural population. Through this
group ICICI offers crop loans, equipment financing, capital loans, savings,
investment and insurance products. During 2007, the bank unrolled new
loan products for rural educational institutions, and is expanding its rural
housing finance programs. According to ICICI, it’s operating on a “no
white spaces” strategy—it aims to build an ICICI “touch point” within 10
kilometers of any customer. The international banking group oversees
ICICI’s operations outside as India, provides international trade finance and
correspondent banking and offers banking for non-resident Indians (NRIs).
ICICI has developed a broad menu of NRI products and services, and as of
early 2008 had more than 450,000 NRI customers.

Sangli on board
The latest component of ICICI’s expansion was added in April 2007, when
ICICI merged with Sangli Bank. The all-stock deal handed Sangli’s 190
branches and 1,850 employees over to ICICI; approximately half of
Sangli’s locations can be found in rural India, which strengthens ICICI’s
rural banking business. The other half is located in urban centers across the
country. At the time of the deal, Sangli held deposits of over INR 20 billion.

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ICICI Bank

Bye bye, bad loans


In the Indian banking industry, ICICI sold a bundle of non-performing
home loans to the Asset Reconstruction Company (India) Ltd.—known
colloquially as Arcil. Arcil, an aggregator of distressed industrial assets,
bought a securitized portfolio of home and personal loans worth about INR
4 billion from ICICI in the last quarter of 2007. Arcil had previously
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focused solely on corporate assets, and is testing the waters of home and
personal loan reconstruction with its purchase from ICICI.

As for the bank, retail assets head Rajiv Sabharwal said ICICI would
continue its aggressive securitization of loans. “We do play in this
segment,” he said. “We have been securitizing both good and bad assets.”
According to Sabharwal and Arcil CEO S. Khasnobis, ICICI will manage
the securities, collect the interest and transfer it to Arcil for a fee. “At a
future date, when Arcil is ready, we will hand over the management of the
bad home loans to it,” Sabharwal told DNA Money.

Step up
ICICI has taken unusual steps to prepare its next generation of executives,
according to a February 2008 report in India’s Economic Times. Studies
show that the average age of Indians will drop to 28 by the year 2018, and
ICICI is making sure its leadership adjusts to the youth boom. “We have to
ask ourselves: who should lead a group whose average age is 28?”
remarked the 59-year-old ICICI CEO Kandapur V. Kamath. “Will it be a
58-year-old, a 48-year-old or a 38-year-old? I believe it should definitely
be towards 28. Whether it is 38 or 48 is debatable, but it cannot definitely
be 58.”

Kamath, who took the top spot at ICICI in 1996, has long been known for
his ability to cultivate leadership talent informally among his colleagues.
But after ICICI Ltd. and ICICI Bank combined, two of his advisors
encouraged him to put a formal leadership program in place: after all, the
bank was growing, and Kamath could hardly take the time to provide
hands-on supervision for every executive. Nowadays, while ICICI
continues to recruit at top business schools, it has systems in place to help
make sure its executives come from within. Each year, at least 12 executive
spots open at ICICI and its subsidiaries. But the formal systems aren’t just
based on standardized performance reports. Kamath has put a “star system”
in place for the bank’s top performers, who forfeit bonuses for faster
advancement. A group of 2,000 managers across the group are organized
into a special leadership pool, receiving 360-degree reviews and analyses

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ICICI Bank

by the HR department. All managers in the leadership pool—from


managing directors on down—must go through the same process.

GETTING HIRED
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Join the fray


ICICI Banks has dedicated an entire site to its prospective workers. At
www.icicicareers.com/index.htm, you can browse the current openings
section, check out the qualifications required and descriptions of listed
positions, or create a profile for the bank’s “talent database” and apply for
positions online.

The firm also has a campus recruitment section on its site, which mostly
targets business school graduates for its management programs. The bank
details the selection process, which involves several ability and personality
tests in addition to the standard application.

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Industrial and Commercial
Bank of China
No. 55 Fuxingmennei Street
THE STATS
Xicheng District
Beijing, 100032 Employer Type: Public Company
China Ticker Symbol: 601398 (SSE),
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Phone: +86-10-6610-8608 1398 (HKSE)


Fax: +86-10-6610-6139 Chairman & Executive Director:
www.icbc.com.cn Jiang Jianqing
Net Income: RMB 81.26 billion
(FYE 12/07)
BUSINESSES Revenue: RMB 400.18 billion
Corporate Banking (FYE 12/07)
Personal Banking No. of Employees: 381,713
E-Banking No. of offices: 17,000 (worldwide)
Bank Card
KEY COMPETITORS
LOCATIONS IN ASIA Agricultural Bank of China
PACIFIC Bank of China
Australia China Construction Bank
China
Hong Kong EMPLOYMENT CONTACT
Indonesia
Japan www.icbcasia.com/eng/about/career/
Macau career.shtml
Singapore
South Korea

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Industrial and Commercial Bank of China

THE SCOOP

Record-breaking debut
The Industrial and Commercial Bank of China (ICBC) was founded in 1984
as a limited company owned by the Chinese government. On October 27,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

2006, ICBC set two records with its initial public offering: it became the
first company to list simultaneously on the Hong Kong and Shanghai stock
exchanges, and its IPO ranked as the world’s largest public offering,
breaking the previous record of USD$18.4 billion held by Japanese mobile
phone company NTT DoCoMo in 1998. Several international institutions
made investments in ICBC in 2006. American investment bank Goldman
Sachs bought a 5.75 percent stake for USD$2.6 billion, and Germany’s
Dresdner Bank purchased a smaller share for USD$1 billion. The
American Express credit card company also invested USD$200 million.

ICBC’s initial listings brought in USD$14 billion on the Hong Kong


exchange and USD$5.1 billion in Shanghai, but as demand for shares of
China’s largest bank kept rising, additional placement options were
exercised. In the end, ICBC’s IPO raised nearly USD$22 billion, allowing
it to clear up billions of dollars owed on bad debts. In July 2007, for the
first time, ICBC overtook Citibank as the world’s largest bank by market
capitalization, clocking in at USD$254 billion as Citi slipped to USD$251
billion.

From advisory to Peony


Through its business lines and subsidiaries, ICBC offers a full range of
banking and financial services. The bank is broken down into four core
business lines: personal banking, corporate banking, e-banking and bank
cards. Personal banking includes loans, deposits, e-banking, investment
and financing. Corporate banking includes services for small- and mid-
sized enterprises (SMEs), institutional banking, asset custody, corporate e-
banking, investment banking, clearing and settlement services, trading,
financing, international trade financing, foreign exchange services, loans
and corporate deposits. E-banking lets customers and clients conduct
business by phone or internet, as well as providing enterprise banking
services. Bank cards oversees operations for ICBC’s debit and credit cards,
most of which are offered under the Peony brand.

ICBC maintains international branches in Asia and Europe, including


branches in Hong Kong; Singapore; Macau; Tokyo; Seoul; Pusan, South

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Industrial and Commercial Bank of China

Korea; Almaty, Kazakhstan; Luxembourg; and Frankfurt, Germany. It also


has relationships and affiliations with institutions in the U.K., Australia,
Mexico and the U.S. Through these branches and affiliates, the bank has
established varying degrees of operations in 117 countries worldwide.

At the end of August 2007, ICBC broke the RMB 1 trillion barrier,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

becoming the first commercial bank in mainland China with over RMB 1
trillion in custodian assets.

The latest move


In November 2007, ICBC launched a new business, the ICBC Financial
Leasing Company Limited, with a capital investment of RMB 2 billion.
Headquartered in Tianjin’s Bin Hai Xin Qu development zone, ICBC
Financial Leasing became the first innovation finance leasing company to
be approved by the China Banking Regulatory Commission. It is also one
of the biggest finance companies in Bin Hai Xin Qu.

According to the bank, its newest company will focus on leasing shipping,
airplanes and large-scale equipment to domestic and international
customers. Besides basic leasing, ICBC Financial Leasing will offer rent
transfer and securitization, capital management, property investment
consulting and other enterprise financing services. ICBC had already
earned the title of China’s biggest airplane financing bank, and is among the
country’s top banks for shipping financing.

Investing in themselves
ICBC Asia, headquartered in Hong Kong, is ICBC’s largest subsidiary
outside mainland China. It offers retail banking and personal finance
services, as well as corporate and commercial banking. With a strong
branch network throughout Hong Kong, ICBC Asia has become a leader in
Hong Kong lending.

In December 2007, ICBC reclaimed an 8.23 percent stake in ICBC Asia,


buying back a block of shares from Dutch bank Fortis. Under the terms of
the transaction, ICBC paid HKD$1.92 billion for Fortis Bank’s entire stake
in ICBC Asia; the move brought ICBC’s ownership of ICBC Asia up to
over 71 percent. This was widely seen as a smart move: ICBC Asia has
been reporting profit increases of more than 25 percent in recent years, and
its non-performing loan ratio is less than 1 percent.

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Industrial and Commercial Bank of China

Venturing abroad
ICBC made a significant purchase in December 2007, nabbing a 20 percent
stake in South Africa’s Standard Bank, the largest bank in Africa by assets.
ICBC chairman Jiang Jianqing described the move as part of an effort to
make strategic moves beyond China’s borders. The deal, which was
announced in October 2007, also opens the door for a proposed USD$1
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billion fund for joint investments in global mining, oil and gas projects.
ICBC paid USD$5.6 billion for the Standard Bank shares.

Another deal closed in January 2008 when ICBC completed the acquisition
of 80 percent of Macau’s Seng Heng Bank. This was ICBC’s first venture
into Macau, which is known for its rapidly growing gaming sector. ICBC
had announced the USD$583 million purchase in August 2007.

Less than one month later, in February 2008, ICBC announced that it had
been approved by Qatar finance authorities to establish a branch in Doha.
When the office opens, it will be the first Chinese banking presence in the
Persian Gulf. According to ICBC, its Doha office will primarily offer
wholesale banking services, with additional services in trust, asset
management and financial consulting. As for ICBC’s next overseas moves,
the bank has stated plans to establish branches in Sydney, Moscow and
Dubai in the near future.

Numbers picking up
Early in 2008, the bank announced that its non-performing loan (NPL) ratio
had also improved as a result of better risk controls. At the end of 2006,
ICBC’s NPL ratio stood at 3.79 percent, and in 2007, that figure dropped to
3 percent. The bank’s ultimate goal is to limit its NPL ratio to 2 percent or
below.

GETTING HIRED

Contact your local ICBC


ICBC doesn’t have a whole lot of English information on its main site.
However, there are a number of links to ICBC sites in Asia Pacific, many
of which have contact information. This includes Hong Kong, Macau,
Singapore, Tokyo, Seoul, Pusan (South Korea) and Sydney, as well as
ICBC Indonesia and ICBC (Asia).

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Industrial and Commercial Bank of China

For ICBC (Asia), based in Hong Kong, there are numerous job positions
listed at www.icbcasia.com/eng/about/career/career.shtml. Applicants can
send a resume including “present and expected salary” to Human Resources
Manager, GPO Box 872, Hong Kong—or e-mail hrd@icbcasia.com.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

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Asia Pacific region.
ING

ING Wholesale Banking


9 Raffles Place #19-02 THE STATS
Republic Plaza Employer Type: Public Company
48619, Singapore Ticker Symbol: ING (NYSE)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Phone: +65-6535-3688 CEO, ING Insurance Asia Pacific:


Fax: +65-6535-8329 Jacques Kemp
ING Asia Pacific Limited CEO, ING Investment Management
39/F Asia Pacific: Chris Ryan
One International Finance Centre Revenue: USD$197.93 billion
1 Harbour View Street (FYE 12/07)
Central, Hong Kong Net Income: USD$12.65 billion
Phone: +852-3762-8200 (FYE 12/07)
Fax: +852-2522-4162 No. of Employees: 120,000
www.ing.asia No. of Employees in Asia: 15,000

KEY COMPETITORS
BUSINESSES IN ASIA
PACIFIC Citigroup
Fortis
Wholesale Banking
Société Générale
Retail & Private Banking
UBS
ING Direct
Investment Management
Real Estate Investment EMPLOYMENT CONTACT
Management
www.ing.jobs
Platform Services
Life Insurance
Retirement Services

LOCATIONS IN
ASIA PACIFIC
Australia • China • Hong Kong •
India • Japan • Korea • Malaysia •
New Zealand • Philippines •
Singapore • Taiwan • Thailand

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ING

THE SCOOP

Six lines extend throughout the world


Amsterdam-based ING Group is one of the 20 largest financial institutions
in the world, serving more than 75 million customers throughout Europe,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

the U.S., Canada, Latin America, Asia and Australia. Through ING Direct,
the firm offers savings accounts, mortgages, mutual funds and payment
accounts, to customers in Australia, Canada, France, Germany and Austria,
Italy, Spain, the U.K. and the U.S. In May 2007, ING Direct announced
that it would launch in the Japanese market as well. The firm also provides
life insurance in Central Europe, Asia and South America. In an attempt to
simplify its many services offered throughout the world, ING reorganized
its business structure in 2004 into six lines: Insurance Americas, Insurance
Europe, Insurance Asia Pacific, Wholesale Banking, Retail Banking; and
ING Direct. In 2008, the company ranked No. 9 on the Forbes Global 2000
list.

For Asia Pacific, ING’s insurance and asset management operations are
headquartered in Hong Kong. Its investment banking operations (operating
as ING Wholesale Banking) are headquartered in Singapore, where the firm
has had operations since 1987 and currently maintains about 300
employees. Throughout the region, ING Wholesale Banking has about 800
employees, with offices in China, Hong Kong, India, Indonesia, Japan,
Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand.

In India, ING runs both its retail banking and corporate banking businesses
under the ING Vysya Bank brand name. Vysya Bank was one of the top
private sector banks in India, having been established in 1930 in Bangalore.
ING made a major investment in the bank and took over management of the
combined entity in 2002.

Overall, about 15,000 employees work for ING in the Asia Pacific region.
The company's Asia Pacific insurance group runs life insurance operations
as well as asset and wealth management activities in Australia, New
Zealand, Hong Kong, Japan, South Korea, Malaysia and Taiwan. In
addition to being well established in these locations, ING is eyeing growth
in India, China and Thailand. In 2007, ING’s insurance business in Asia
Pacific accounted for 6 percent of ING’s total profit for the year. ING holds
a 16 percent stake in Bank of Beijing in China and a 44 percent stake in
ING Vysya Bank in India.

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ING

Primary color
ING Group will have you seeing orange. The Amsterdam-based financial
institution has orange splashed all over its marketing campaign, possibly in
recognition of the company's Dutch roots—the Dutch royal family is called
the House of Orange after the official color of King William III, who
defended the Netherlands in the late 1600s. The firm traces its roots back
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

to the founding of Dutch bank De Nederlanden van 1845. Nationale


Levensverzekering-Bank was founded in 1863; those two companies came
together 100 years later to form Nationale-Nederlanden, which became the
largest insurer in the Netherlands. NMB Postbank Groep came about in
1986 after the merger of Rijkspostspaarbank (founded in 1881) and
Postcheque en Girodienst (founded 1918). Nationale-Nederlanden and
NMB Postbank Group merged in 1991, forming Dutch mouthful
Internationale Nederlanden Group; the tongue-tied began calling the new
company ING Group, a name that has stuck. ING has grown into an asset
management, banking and insurance giant thanks in part to a number of
major acquisitions after the 1991 merger.

Big buys in Asia


In March 2005, ING purchased a 20 percent stake in Bank of Beijing, one
of China's largest city banks, for EUR 166 million. Bank of Beijing,
renamed from Beijing City Commercial Bank, was founded in 1996 and is
now China's 16th-largest commercial city bank. The bank employs more
than 3,600 people at 116 branches, and at the time of purchase had total
assets of EUR 18.9 billion. In September 2007, the Bank of Beijing
launched an initial public offering of shares in Shanghai, and shares nearly
doubled on the first day of trading.

One of ING’s largest Asia Pacific endeavors to date came in December


2007, when the firm finalized the acquisition of a 30 percent stake in TMB
Bank PCL in Thailand for EUR 460 million. ING is working closely with
TMB and the Thai Ministry of Finance on a post-agreement plan.
Established in 1957, TMB is one of Thailand’s largest banks, with
approximately EUR 14 billion in total assets, over 5 million customers and
472 branches across Thailand.

Teaming up in Malaysia
In November 2007, ING formed a 10-year alliance with Public Bank
Berhad, Malaysia’s second-largest banking group. This alliance will see the
Public Bank exclusively distributing ING’s insurance products via the

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ING

bank’s distribution channels (including nearly 300 national and regional


branches) to its small- and medium-sized industry and corporate clients.
The agreement enables both parties to cooperate throughout the entire Asia
Pacific region. The alliance is intended to make ING and Public Bank one
of the top three players in Malaysia’s bancassurance sector over a three-year
span.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Asia Pacific-inspired board


ING’s focus on the Asia Pacific region was apparent in March 2008, when
three out of four of its newly appointed supervisory board members had
affiliation with the region. The new appointees included Harish Manwani,
Unilever’s president of Asia, Africa, Central & Eastern Europe; Aman
Mehta, former CEO of Hongkong & Shanghai Banking Corporation
(HSBC) in Hong Kong; and Jackson Tai, the former vice chairman and
CEO of DBS Group Holdings, for which he worked for eight years in
Singapore.

The future is now


ING, which sells its life insurance products in Asia through banks,
securities houses and other channels, has been working on improving brand
awareness in the Asia Pacific region. One of the firm's methods has been
through sponsorship of events. In 2007, for example, ING was one of the
sponsors of the Asian Football Confederation's Asian Cup.

ING Asia Pacific may also attract some tech-savvy staffers with its blog,
My Cup of Cha, at www.ingblogs.com/mycupofcha. The blog, to which
Asia Pacific Insurance CEO Jacques Kemp frequently contributes, talks
about the company's activities in the region. Topics include branding, e-
business, marketing, strategy and more. My Cup of Cha was modeled after
ING’s Our Virtual Holland blog, which beat out Microsoft and
PricewaterhouseCoopers in 2007 to win the European Excellence Award for
blogs in the Corporate Media category. Another interesting initiative that
the firm has undertaken is through the virtual world of Second Life, in
which ING maintains a strong presence on its own island. On the ING
island, residents of the virtual world can visit the firm's "Cha Lounge,"
which is a place to "listen to our lounge music, read, talk and learn about
tea, virtually taste it or buy it for real world consumption."

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ING

Ethical standards
ING has identified three areas to work on in order to control the
environmental effects of its operations: energy consumption, business
travel and paper consumption. The company is also a signatory to the
Equator Principles, which apply certain policies and standards set by the
World Bank and the International Finance Corporation to project finance
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

transactions, thus making sure environmental and social risks are properly
assessed and managed. ING also refuses to finance controversial weapons
or companies directly involved with their manufacture or trading, and in
asset management, the bank will not invest in companies involved in the
manufacturing of such weapons.

To give a bit back in the regions where it does business, including Asia, the
company entered into a partnership with UNICEF in 2005. The
partnership, called Chances for Children, provided 50,000 children in
Brazil, Ethiopia and India with access to primary education. In 2007, ING
and UNICEF committed to providing 115,000 children with education.

GETTING HIRED

Pick a region, any region


Graduates and experienced professionals alike can get a feel for working at
ING through the firm’s career site at www.ing.jobs. (As of the time of
writing, the Asia Pacific careers page at www.ing.asia remains under
construction.) The site has a careers section with job listings from all
around the world. Prospective applicants will be directed to the proper
country site, some of which require registration to get access to all
opportunities. In the Asia Pacific region, ING welcomes both starters and
experienced professionals who are looking for career opportunities in a
"dynamic, international work environment." Requirements and openings
vary depending on the office and position. Most sites for the Asia Pacific
region are in English, and candidates can select from local sites for China,
Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore,
South Korea, and Taiwan, Thailand.

ING offers internships and three-year traineeships in many of the


company’s offices. Internships are available in business areas such as asset
management, banking, insurance, IT, marketing, human resources and
operations. The three-year ING Talent Programme is open to holders of a
Master’s degree and focuses on different ING business areas, including

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ING Asia/Pacific

finance, investment management, process management, risk and wholesale


banking. Traineeships are based in the Netherlands and can be applied for
online through the firm’s career web site. Applicants must speak English in
order to be considered.
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Asia Pacific region.
J.P. Morgan Investment Bank

Asia Pacific Headquarters


THE STATS
Chater House
8 Connaught Road Employer Type: Division of
Central, Hong Kong JPMorgan Chase & Co.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

www.jpmorgan.com Chairman & CEO, JPMorgan Chase:


Jamie Dimon
Investment Bank co-Chief Executives:
BUSINESS AREAS Steven D. Black & William T. Winters
Advisory, Mergers & Acquisitions Revenue (JPMorgan Chase & Co.):
and Industry Sector Coverage • USD$71.3 billion (FYE 12/07)
Equity Capital Markets • Debt Profit (JPMorgan Chase & Co.):
Capital Markets • Cash Equities • USD$15.3 billion (FYE 12/07)
Equity Derivatives • Credit & Rates Investment Bank Net Income:
Markets • Foreign Exchange • USD$3.1 billion (FYE 12/07)
Commodities • Futures & Options • No. of Offices: Offices in more than 60
Research • Principal Investments countries globally
No. of Offices in Asia: 25 offices in 14
Other lines of business in
nations
Asia Pacific
No. of Employees: 180,000 (worldwide)
Asset Management • Private
No. of Investment Bank Employees:
Banking • Treasury & Securities
26,000 (worldwide)
Services
No. of Employees in Asia: Over 20,000

LOCATIONS IN
ASIA PACIFIC
Australia • China • Hong Kong •
India • Indonesia • Japan • South
Korea • Malaysia • Pakistan •
Philippines • Singapore • Sri Lanka
• Taiwan • Thailand • Vietnam

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PLUSES KEY COMPETITORS


• “Very open,” “laid-back”, “people-
Credit Suisse
oriented” culture
Deutsche Bank
• Managers are “fantastic,”
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Goldman Sachs
“professional,” “approachable” and
Morgan Stanley
“fair”
UBS
• “Not as political as other houses on
the street”
EMPLOYMENT CONTACT

MINUSES www.jpmorgan.com/careers
• “Relatively long hours”
• “Systems and processes need
updating”
• Formal training at senior levels
not as intense as at junior levels

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J.P. Morgan Investment Bank

THE SCOOP

A world player
J.P. Morgan is the investment bank division of JPMorgan Chase & Co., a
leading global financial services firm with more than USD$1.6 trillion in
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

assets and over 180,000 employees in 60 countries around the world. The
firm’s investment banking division, J.P. Morgan Investment Bank, one of
the top “bulge bracket” global I-banks, has offices throughout the Asia
Pacific region. The firm consistently ranks at the top of the investment
banking league tables and wins industry awards from major financial
publications.

Parent JPMorgan Chase also boasts powerful asset management,


commercial banking, private banking, securities and treasury operations.
Its clients include corporations, institutional investors, hedge funds,
governments and affluent individuals in more than 100 countries, and it is
a component of the Dow Jones Industrial Average.

In the Asia Pacific region, J.P. Morgan Investment Bank provides a wide
range of investment banking products and services across Asia and an
industry coverage team that focuses on key sectors including: consumer,
healthcare and retail; financial institutions; financial sponsors; natural
resources; general industries; real estate; and technology, media and
telecommunications. The firm works with a broad range of issuer clients,
including corporations, institutions and governments, and provides
comprehensive strategic advice, capital raising and risk management
expertise.

Historic names
One of the legendary names of American banking, J.P. Morgan’s roots
stretch back to 1799, when JPMorgan Chase’s earliest predecessor, The
Manhattan Company, was chartered to supply “pure and wholesome” water
to the occupants of New York City. J.P. Morgan & Co. was itself
established by J. Pierpont Morgan in 1861 as a sales and distribution office
for the European securities firm, J.S. Morgan & Co., run by J. Pierpont’s
father. Teaming up with Anthony Drexel in 1871 to form private merchant
banking partnership Drexel Morgan & Co., by 1882 J. Pierpont Morgan was
making considerable investments in United States infrastructure, in
particular Mexico’s railways. In 1940 the company went public, becoming
J.P. Morgan & Co. Incorporated.

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Sixty years later, JPMorgan merged with Chase Manhattan in a deal valued
at approximately USD$38.6 billion. The deal was completed on the first
day of 2001, instantly creating the third-largest financial institution in terms
of assets in the U.S., behind Citigroup and Bank of America. On July 1,
2004, JPMorgan Chase officially merged with Bank One Corporation for a
purchase price of USD$58.5 billion. Upon the merger, the combined
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company possessed USD$1.1 trillion in assets, rivaling Citigroup’s


USD$1.2 trillion. One of the largest financial mergers in U.S. history, the
deal boosted JPMorgan Chase’s ability to compete with Citigroup not only
in investment banking and commercial lending, but also in consumer
banking, which was Bank One’s key strength. The new company was now
positioned to offer services in investment banking, financial services for
consumers and businesses, asset and wealth management, private equity
and financial transaction processing.

In the Asia Pacific region, J.P. Morgan’s beginnings go back to 1872, when
the bank’s first office opened in Australia. The firm has been in Hong
Kong, Japan and China since the 1920s and has had a strong commitment
to the region ever since. The firm’s regional headquarters is located in
Hong Kong, where it has over 78 years of operating history. Today, J.P.
Morgan has more than 25 offices in 14 nations throughout Asia. The firm
has about 20,000 employees in the region. More than 2,900 employees are
based at the firm’s regional headquarters in Hong Kong.

Praise in Asia
J.P. Morgan’s investment banking business in Asia has been recognized by
some of the leading financial publications. FinanceAsia and The Asset have
both named J.P. Morgan Best Foreign Investment Bank in Hong Kong.
Euromoney named the firm Best Equity House in Hong Kong, Japan and
Singapore, as well as the Best M&A House for 2008 in Japan, India and
Asia Pacific. In addition, the firm’s research team was ranked No. 1 in
Institutional Investor’s latest top All-Asia (excluding Japan) Research Team
Poll, taking 26 spots in the rankings. Other recent awards include being
named 2007 Best Structured Equity House by IFR Asia magazine for the
fourth consecutive year, as well as Best High Yield House and Best Fixed
Income House by FinanceAsia.

For its joint lead underwriting on Sony Financial Holdings’ USD$2.9


billion IPO in October 2007, J.P. Morgan won a number of year’s best IPO
awards from publications including FinanceAsia, Asiamoney, Euromoney,
Nikkei Bond and Financial Weekly, as well as the Asia Pacific Equity Issue
of the Year from IFR. In other major IPOs, J.P. Morgan served as joint

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bookrunner on the USD$2.84 billion IPO for China Railway Engineering,


the largest IPO in Hong Kong in 2007. J.P. Morgan was also the exclusive
financial advisor for Chinese insurer Ping An Insurance’s acquisition of 50
percent of Belgian-Dutch financial services provider Fortis Investments in
April 2008, marking Asia’s largest asset management transaction to date.
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The firm garnered particularly high praise for its derivatives business: Asia
Risk magazine named J.P. Morgan as the Equity Derivatives House of the
Year for 2007. Risk also named it the Best Derivatives House over the past
20 years as well as Best Credit Derivatives House—Pioneer and Modern
Great.

Winning where it counts


Both in Asia and internationally, J.P. Morgan’s investment banking team is
known for being a significant player on all of the major Thomson Financial
league tables—which are now called the Thomson Reuters league tables,
following the announcement of a merger between Thomson and Reuters. The
tables are available to the public at www.thomsonreuters.com/business_units/
financial/league_tables. In 2007, the firm continued in the winning tradition,
nabbing top spots on many of the tables.

J.P. Morgan took the No. 1 spot in the all-important imputed fee category
for global equity and equity related deals, earning USD$1.67 billion in
imputed fees from its 403 deals, giving it a five-spot jump on the tables. J.P.
Morgan also took the No. 1 ranking in global loan syndications and global
high-yield bonds for the third year in a row. The firm ranked No. 2 for all
global debt, equity and equity-related deals. Its proceeds were USD$554
billion from 1,606 deals.

In Asia, J.P. Morgan jumped up four spots to No. 5 in the Asian G3


Currency bonds, completing 19 deals with total proceeds of USD$3.2
billion, giving it a 6.7 percent market share. The firm was also the top
bookrunner for all Asian convertibles, with 17.3 percent of the market share
and USD$4.4 billion in proceeds.

In announced Asian (excluding Japanese) M&A deals, J.P. Morgan came in


at No. 5, slipping from the top spot it held in 2006, working on 37 deals and
gaining 8.3 percent market share. However, in Chinese-announced M&A
deals, the firm leaped four spots from No. 9 to No. 5 in 2007, advising on
nine deals for a 6.6 percent share of the market.

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Better than expected in a rough year


With the subprime crisis the top financial headline throughout 2007, J.P.
Morgan fared significantly better than its competitors. J.P. Morgan’s
investment banking income was down sharply in the third and fourth
quarters of 2007, largely due to losses in the credit market. In the fourth
quarter net income only amounted to USD$124 million, a decrease of 88
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percent from the USD$1 billion in net income the firm booked for the 2006
fourth quarter.

However, J.P. Morgan weathered the subprime storm admirably, with its
year-end investment banking income dropping by a scant USD$400
million. In the increasingly volatile financial markets, J.P. Morgan’s results
were viewed as mainly positive and were attributed to shrewd hedges that
saved the company from further losses. As of March 2008, the firm had
announced USD$3.3 billion in total charges due to mortgage backed
securities, far less than many of its main rivals.

And although the investment banking division posted a small loss,


JPMorgan Chase posted slightly more than a 2 percent increase in earnings
despite a write-down of USD$2 billion. For the fourth quarter of 2007,
JPMorgan Chase was also able to report a relatively healthy net income of
USD$2.97 billion.

Rescuing Bear
In March 2008, after news surfaced that New York-based Bear Stearns was
facing a cash shortage in the midst of the industry-wide credit crisis, the
firm’s clients withdrew approximately USD$17 billion in two days, sending
what was already a financial institution on very shaky ground into
proverbial earthquake mode. As a result, JPMorgan stepped in on March
16, announcing that it would be purchasing Bear for USD$236 million in
stock—or just USD$2 a share, 97 percent less than Bear’s market value just
one week earlier. (The backlash from Bear shareholders at such a measly
per share offer resulted in JPMorgan raising its bid one week later to
USD$10 per share.) To help finance the deal, the Federal Reserve agreed
to provide JPMorgan with a USD$30 billion credit line, which, according
to The Wall Street Journal, was “believed to be the largest Fed advance on
record to a single company.”

The news of Bear’s end meant ominous things for financial markets (and
beyond), and the U.S. Federal Reserve immediately cut lending rates for
banks in an effort to try to stabilize the wildly fluctuating markets.
Meanwhile, in a statement, JPMorgan Chase & Co Chairman & CEO Jamie

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Dimon assured Bear Stearns’ clients and counterparties that they “should
feel secure that JPMorgan is guaranteeing Bear Stearns’ counterparty risk.”

In April 2008, JPMorgan also added some security to more than 100
undergraduate and grad-school students. After it was announced that about
half of the recent job offers made by Bear Stearns would be rescinded,
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JPMorgan assured summer interns affected by the announcement that they


“will be offered 10 weeks of pay if they work for a certain nonprofit
organization and will get an early chance to apply for fall positions.”
Meanwhile, the firm said that “graduates denied full-time jobs will keep
their signing and relocation bonuses and will have access to career
services.” The cuts came mostly in areas where there was overlap with
JPMorgan such as M&A, equity underwriting and corporate finance.

Dimon announced in May 2008 that JPMorgan had secured positions


available for about 40 percent of Bear’s 14,000 employees. At the end of
May, the acquisition of Bear became official, as Bear Stearns’ shareholders
approved the deal in a brief meeting presided over by the firm’s chairman,
James Cayne.

GETTING HIRED

A competitive hiring process


J.P. Morgan Asia’s hiring process is “very competitive.” Indeed, “with an
organization this large,” J.P. Morgan has “a constant influx of talent.” Even
though “quality control is a concern,” there’s also a “vigorous,” “tough”
initial screening process, along with a “fairly rigorous process of
evaluation” ensure that those accepted will “work with the brightest
minds.” Though you can apply on the site under the “careers” link, there
are other ways the firm finds candidates: J.P. Morgan recruits from “top
universities all over the world” and has “a pretty comprehensive global
recruiting program.” One insider reports that the India investment banking
office “recruits mostly from the premier business schools in India for entry-
level positions.”

During the interview process, expect your assessment to be “interactive”


but “very thorough.” Prior to an offer being made, you’ll likely go meet
“with around 80 percent of the team”—that is, about six to eight people.
Questions might include queries about “past experience,” but “the main
goals of the interviews were to gauge compatibility with the team.” You
may also field “questions testing responses to see if you can stay calm and

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analytical under stressful situations.” Note that the interviewing experience


may vary, as it is “very dependent on your [intended] line of business.”

Plan your summer


J.P. Morgan offers summer internship programs, which the firm advises as
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a step closer to a full-time position. The internship program “will get your
foot in the door and provide us the opportunity to work with you and see
how you fit in the environment.” Internships also let you “understand the
firm, people and job.”

Regardless, even if you don’t intern at J.P. Morgan, “to have some type of
internship experience at a top investment bank is a very big boost.” One
insider admits the firm uses the internship program “as a weeding-out
program for the first years.” For their part, J.P. Morgan provides “on-the-
job training.” Still, for “fresh MBA students, a summer internship is very
critical.” Just don’t assume you’ll automatically receive a full-time job
offer at the conclusion of your internship. “Summer hires may or may not
be given offers to join full time,” confesses one insider. The firm notes that
getting hired depends on individual performance during the internship.

OUR SURVEY SAYS

Great times with the team


Insiders call the atmosphere at J.P. Morgan Asia “great,” “collegial,”
“academic” and “people-oriented.” It’s a “meritocracy” where “people are
eager to teach” and “share their experience.” It’s even called “relatively
nurturing and gentle,” which is out of the ordinary for an investment of J.P.
Morgan’s size. Indeed, the corporate culture is “a little milder than other
investment banking firms.” There’s a lot of “teamwork” and a goal to “be
the best in the class.” Though the culture “can be a high-pressure one as
well,” it’s also “a very open culture where managers are open to feedback
on all issues concerning employees.”

In terms of time you’ll spend at the office, it’s a “24-7 culture” with
“relatively long hours” that can range up to “70 to 80” per week, depending
on deal flows. And “as an analyst, you are expected to be available anytime
and all the time.” But then again, “most analysts know what they are
getting into when they join the firm, so this is not really an issue.” Hours
can also be “flexible depending on who and which team you work for.”
Weekend work, too, is hardly an anomaly. “Some months you come in on

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more than one weekend, and other weekends you don’t,” says one insider.
However, “some people come in every weekend.” One source adds, “As
long as the work gets done, our managers don’t really care when you are or
are not in the office.”

Chatting with the boss


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Speaking of managers, insiders report that they mostly tend to be


“fantastic,” “professional,” “approachable,” “fair” and “open.” They’re
also “generally available to discuss issues and guide you through your
development.” One insider reports that his “direct superior takes the time
to think through your development in conjunction with daily routines, and
challenges you while providing opportunity to take on new projects.” Just
make sure you don’t get too big for your britches. “There is a clear
manager/subordinate relationship” (albeit a “very respectful” one).
Management also “tends to take in opinions from different directions and
makes us feel as though we’re standing on the same platform.” Even
grabbing a casual conversation with superiors is no problem. “It is easy to
walk into my manager’s office and have a chat about anything,” confides
one insider.

Built for comfort


In general, company offices could use a little more breathing room. “Space
is becoming a constraint,” acknowledges one insider. Another contact
working in the research department is sitting pretty, and says the cubicles
are “very secluded” and have “very comfortable spacing.” Dress in the
office is also mostly built for comfort. The typical dress code is business
casual “always, except for client contact”—that dress is “casual at work but
more formal when meeting with clients or companies.”

Compensation and perks receive high marks from employees, who report
that they “are well taken care of.” Depending on individuals and locations,
the firm also provides a “commuting allowance,” “housing allowance,”
“after-hours meals and transportation,” “corporate discounts,” “a stock
awards program” and “membership at a dining club.”

Training is outstanding in the junior level


Training opportunities are also good. “I enjoy J.P. Morgan’s emphasis on
making sure junior employees receive proper training and exposure,” says
one insider. Another contact says, “I have learned a great deal due to the
program,” and “have been given chances to rotate in different offices—

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including Singapore and New York—to gain extra connection and


experience.”

Another worker affirms the positive sentiments, adding, “I feel the firm has
given me a perfect structure and flexibility for me to grow my career.” The
firm notes that, upon joining, new J.P. Morgan Investment Bank analysts
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and associates are admitted to the Global Training Program, which typically
lasts for eight to 10 weeks in New York. During this program, new
employees are trained alongside other first-year analysts and associates
from J.P. Morgan’s global offices. Training programs could use a little
work at higher levels, however. One contact notes that “training at the
junior level is very well organized” but “training at the senior level is less
so.” Typically, “you learn here mostly by observation than formal
approach.” As far as advancement within the firm goes, “the firm promotes
younger members of the team to work to their potential and will give an
analyst or associate as much responsibility as they want to take.”

Putting forth the effort for diversity


J.P. Morgan Asia “makes the effort to increase diversity in the workplace,”
one insider says. Another agrees, adding that he thinks “there is a very
serious effort to recruit, train and retain talented women.” That said, it’s not
easy, since “the industry in general has a difficult time finding women who
are truly interested and committed to the lifestyle in this line of business.”
Still, all in all, there seems to be “a lot of programs in place to promote
diversity—especially in recruiting.”

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Kookmin Bank

9-1 Namdaemun-ro 2-ga


THE STATS
Jung-gu, Seoul, 100-703
South Korea Employer Type: Public Company
Phone: +82-2-2073-7114 Ticker Symbol: KB (NYSE),
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Fax: +82-2-2073-8396 6000 (KRX)


www.kbstar.com CEO: Kang Chung-Won
Revenue: KRW 22.53 trillion
(FYE 12/07)
BUSINESSES Net Income: KRW 2.76 trillion
Retail Banking (FYE 12/07)
Corporate Banking No. of Employees: 18,235
Capital Markets & International No. of Offices: 1,204
Banking
Trust Management
KEY COMPETITORS
Bank of Korea
LOCATIONS IN Hana Bank
ASIA PACIFIC Korea Exchange Bank
China Shinhan Bank
Hong Kong Woori Bank
Japan
New Zealand EMPLOYMENT CONTACT
South Korea
Vietnam E-mail: mailus@kbstar.com

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Kookmin Bank

THE SCOOP

No. 1 on all counts


South Korea’s largest financial institution, both in terms of market
capitalization and asset value, Kookmin Bank has dominated the country’s
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banking scene since its 2001 merger with the Housing & Commercial Bank
of Korea. The deal, which was encouraged by the South Korean
government to boost the local banking industry, formed a powerhouse with
over KRW 162 trillion in assets. In 2006, Kookmin planned a second major
merger, setting its sights on the state-owned Korea Exchange Bank (KEB).
That acquisition would have given Kookmin a much-needed entry into
foreign markets—KEB has several international offices and robust foreign
exchange and corporate banking business lines. However, the deal was
called off after KEB’s owner, American equity fund Lone Star, pulled the
plug amidst a massive government investigation.

Before taking the top spot at Kookmin, CEO Kang Chung Won made his
name as the head of SeoulBank, where he oversaw its sale to another South
Korean-based bank, Hana Bank. Kookmin ranked No. 461 in the 2008
Fortune Global 500, down from its 2007 ranking at No. 349.

Hi, Hannuri
In late 2007, Kookmin made a big buy, offering KRW 266 billion for a 95.8
percent stake in Hannuri Investment and Securities Company, which had
been owned by a group of American investors. Hannuri, which was
established in 1995, offers institutional equity and fixed income sales,
research, domestic and cross-border corporate finance and mergers and
acquisitions (M&A), structured finance, financial engineering and
derivatives trading. The acquisition was part of Kookmin’s preparation for
South Korean regulatory changes that will allow the nation’s financial
institutions to offer a wider range of services. The law, known as the
Capital Market Consolidation Act, becomes effective in 2009. Meanwhile,
Kookmin’s purchase of Hannuri was approved by financial regulators in
February 2008.

Cleaning house
Kookmin did some internal reorganizing in November 2007, again in
anticipation of the Capital Market Consolidation Act. The bank’s board of
directors approved a plan to establish a financial holding group, a move

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intended to help smooth Kookmin’s transition from commercial bank to an


international diversified financial services company. A task force has been
assembled to proceed with the creation of the holding group.

Then, in late December 2007, Kookmin announced that it had consolidated


some of its small business departments in its head office. According to
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bank officials, the move helped reduce overlap between departments that
performed similar internal functions. It also set up a group charged with
leading overseas expansion and investment banking efforts. At the same
time, Kookmin named new deputy presidents to oversee strategy,
marketing, lending, business support, computer systems and human
resources. A spokesman told The Korea Herald that the increased
efficiency would help the bank expand its sales capacity—and prepare for
growth stemming from the Capital Market Consolidation Act.

Kazakhstan could be next


According to published reports in January 2008, Kookmin may be planning
an expansion into the Central Asian market by purchasing a 50 percent
stake in Kazakhstan’s JSC Bank CenterCredit. Kookmin was said to be in
talks with CenterCredit officials, with an offer of KRW 1 trillion on the
table. The news came as a surprise to many South Korean analysts, since
Kookmin’s attitude toward international acquisitions has historically been
conservative, if not cautious. Its only previous international acquisition
came in 2003, when Kookmin joined a consortium, led by Temasek of
Singapore, which bought a 51 percent stake in Bank Internasional
Indonesia.

A CenterCredit spokesman refused to comment on the news, but Kookmin’s


stock rose more than 2 percent. According to South Korea’s Maeil Business
newspaper, Kookmin’s plan is to buy a 30 percent share of CenterCredit for
KRW 600 billion, then increase its holdings to 50.1 percent by 2010 with
additional payments totaling KRW 400 billion.

Who’s on first?
In February 2008, for the first time, Kookmin rival Shinhan Financial
Group took the title of South Korea’s No. 1 financial services firm by
market capitalization. The numbers were close, however: Shinhan’s
winning market cap was KRW 19.57 trillion, while Kookmin dropped to
KRW 19.51 trillion. The very next day Kookmin recovered, closing with a
market cap of KRW 19.41 trillion—while Shinhan fell back to KRW 19.35
trillion.

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Still, the back-and-forth was cause for debate about the future of South
Korea’s two biggest banks. Analysts noted that Shinhan has the edge in
business platforms and assets—in recent years, it has made three major
acquisitions: Goodmorning Shinhan Securities, Chohung Bank (CHB) and
LG Card. Shinhan is also strong in areas such as brokerage, credit cards
and investment banking. Meanwhile, Kookmin is considered to have a
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superior retail banking platform, thanks in large part to its 2001 merger with
Housing & Commercial Bank of Korea. South Korea’s financial
community also remains aware of the fact that foreign investors hold a
combined 79.1 percent stake in Kookmin, whereas non-Korean investors
hold just 56.6 percent of Shinhan. But Kookmin’s reorganization efforts
and plans to expand after the enactment of the Capital Markets
Consolidation Act have won it praise. The bank has also said it will acquire
non-banking financial services firms as it moves toward establishing its
group holding company.

Cross-border problems
In mid-February 2008, as markets reopened from the Lunar New Year
holiday, Kookmin’s stock hit its lowest point in three years—a ripple effect
from the United States’ depressed housing market. Other Asian stocks fell
amidst speculations about an American recession that could drag down
economic growth worldwide. Concerns about U.S. subprime-backed
securities persisted, too, as many major banks continued to report losses.
South Korea’s Kospi index fell 3.3 percent. Kookmin’s shares went down
6.5 percent to KRW 58,000, its worst performance since June 2004.

GETTING HIRED

Beware of blocks
After installing a number of proprietary Kookmin applications on your
computer to simply access the company’s web site, the “Career
opportunitis” [sic] link on Kookmin’s English page yields little. There are
no job postings or even the most basic of information. If you are interested
in working for Kookmin, you can e-mail your resume to
mailus@kbstar.com. This address can also be used for general hiring
questions.

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Asia Pacific region.
Korea Development Bank

16-3 Yeouido-dong
THE STATS
Yeongdeungpo-gu
Seoul, 150-973 Employer Type: Government-owned
South Korea Company
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Phone: +82-2-787-6450 CEO and Chairman: Min Euoo-Sung


Fax: +82-2-787-6496 Net Income: KRW 2.05 trillion
www.kdb.co.kr (FYE 12/07)
No. of Employees: 2,100
No. of Offices: 56
BUSINESSES
Corporate Banking
KEY COMPETITORS
Investment Banking
International Banking Hyundai Securities
Funding Activities Samsung Securities
Corporate Restructuring
Consulting EMPLOYMENT CONTACT
Research
Trust & Bancassurance “Contact Us” from the “About KDB”
link at www.kdb.co.kr

LOCATIONS IN
ASIA PACIFIC
China
Hong Kong (through subsidiary)
Japan
Kazakhstan (through subsidiary)
Singapore
South Korea

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Korea Development Bank

THE SCOOP

Beyond reconstruction
The Korea Development Bank (KDB) was founded in 1954 as the Korea
Reconstruction Bank, part of a government effort to provide financing for
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

the restoration of infrastructure destroyed in the Korean War. The bank also
provided support for some of the country’s core industries, particularly in
the energy sector.

In the years immediately following its formation, the Korea Reconstruction


Bank issued the country’s first industrial finance bonds, then went on to
fund supply chains for energy, chemical and export industries in
conjunction with a five-year economic development plan. Stock
underwriting, bond guarantee and foreign capital services were added to the
bank’s roster of businesses, and in 1969 it was renamed the Korea
Development Bank. In the 1980s and 1990s, KDB launched its trust
business, received government authorization to approve applications for
foreign direct investment, started issuing global bonds and began equity
investment activities, focusing especially on high-tech companies and
small- to mid-sized enterprises (SMEs).

Nowadays, KDB provides a range of financial services, including


investment banking, corporate banking, global banking, consulting and
restructuring to customers in Asia and Europe. Headquartered in Seoul,
KDB is still wholly owned by the South Korean government. Under the
terms of its ownership, the government is responsible for the bank’s
solvency. Any annual net loss must be offset by government reserves, and
the government can provide capital infusions (in the form of property,
securities or cash) to the bank without parliamentary approval. After the
Asian financial crisis of 1997, the South Korean government passed a law
that allows emergency credit extensions to KDB if it becomes necessary.

In South Korea, KDB operates through a number of subsidiaries. KDB


Capital Corporation was established in 1999 and handles lending, leasing,
credit cards and venture capital. Daewoo Securities, which became a
subsidiary in May 2000, offers services including securities trading,
brokerage, underwriting and sales of beneficiary certificates. Finally, in
May 2004, KDB Asset Management Corporation (formerly known as Seoul
Investment Trust Management) became a subsidiary. It deals with asset
management, investment trust management and investment advisory
services.

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Korea Development Bank

In addition to its South Korean operations, KDB has five international


subsidiaries: KDB Asia Ltd., which is based in Hong Kong; KDB Bank
(Hungary) Ltd.; KDB Ireland; Banco KDB Do Brasil, in Sao Paulo; and
UzKDB Bank in Tashkent, Kazakhstan. Its international branch offices are
located in Guangzhou, China; London; New York; Shanghai; Singapore;
and Tokyo. More recently, representative offices have been opened in
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Frankfurt and Beijing.

Private time
Investment banking makes up about 80 percent of KDB’s business. In
January 2008, reports surfaced that South Korea’s new government planned
to combine KDB’s investment banking division with subsidiary Daewoo
Securities and then sell off the consolidated company. If the deal happens,
it will be South Korea’s biggest M&A transaction to date. Reuters quoted
South Korea’s senior secretary for national policy planning, Kwak Seung-
jun, as saying that the combined KDB-Daewoo sale could raise more than
KRW 20 trillion.

Lee Myung-bak, South Korea’s current president, ran on a platform of


promises to privatize state-owned assets and to encourage economic
development by allowing South Korean corporations to own banks. KDB
already owns a 39 percent share in Daewoo Securities; it’s also a major
stakeholder in industrial companies like Hyundai Engineering, Daewoo
Shipbuilding and Marine Engineering, and Hynix Semiconductor.

For its part, in February 2008 KDB set up a task force to study the changes
it would need to make for its investment banking business to become
privatized. At the same time, KDB began considering the possibility of
selling off its shares of Korean industrial companies—possibly to other
banks—as a way of streamlining and raising capital. Still, even if the
government goes through with the sale, KDB’s international banking,
corporate restructuring and funding businesses would remain under state
control.

Not so fast
Addressing plans to privatize KDB, the bank’s governor and chairman, Kim
Chang-Lok, told The Korea Herald that he would not fully support the plan
until the Korean investment banking industry—and KDB’s own investment
banking business—had more time to grow. “Korea’s investment banking is
at an infant stage, and not even a toddler stage yet, compared with global
ones,” he said. “However, I’m confident that KDB’s investment banking

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Korea Development Bank

will build its position, at least in Asia, in five years.” Kim also noted that
as a state-owned entity, KDB had still managed to pay billion-won
dividends for three consecutive years and maintained an excellent capital
ratio. “Compared to other public corporations, the bank’s macro indexes
have greatly improved.” He added that spinning off KDB’s investment
banking unit while keeping other business under government control would
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

render the privatization “meaningless.”

Privatization in four years


Despite Kim’s reservations, the Lee Myung-bak government has bulldozed
ahead with the deal. Plans are set to complete the privatization of KDB by
2012. The first step in 2008 is the creation and transformation of a holding
company, the Korea Development Fund (KDF). After its establishment, the
KDF looks to be listed on the South Korean stock exchange in 2009. Per
the plan, the 49 percent government stake in KDF is to be sold by 2010,
followed by disposal of the remaining 51 percent share by the end of Lee
Myung-bak’s term in 2012.

Making the leap


According to Thomson Financial (now Thomson Reuters), in 2007 KDB
ranked No. 2 in Asia (excluding Japan and Australia) in syndicated loans by
imputed fees, marking a giant leap from its 2006 rank of No. 17. In 2007,
KDB worked on 31 issues, earning USD$12.8 million in fees. In the fourth
quarter of 2007, KDB was the top underwriter of Asia Pacific (excluding
Japan and Australia) loans, holding nearly 10 percent of the market share.
KDB was also the No. 6 bookrunner for syndicated loans in Asia (excluding
Japan and Australia), with 24 issues and USD$7.4 billion in proceeds, and
came in as the No. 5 mandated arranger in the region. These rankings
represented yet another leap from 2006, when KDB was Asia’s No. 19
arranger and No. 19 bookrunner.

In global project finance loans, KDB ranked as the world’s No. 19


mandated arranger in 2007, up from its spot at No. 36 in 2006. In 2007 the
bank had 17 global project finance loan issues with proceeds of USD$3.2
billion. On the Asia Pacific tables, State Bank of India held on to its rank
as No. 1 project finance mandated arranger, but KDB nabbed an additional
3.5 percent of the market share and jumped five places to No. 2, with
USD$3.1 billion from 15 transactions.

As of the conclusion of 2007, KDB held assets of KRW 122.6 trillion and
its net income for 2007 totaled KRW 2.05 trillion. The bank was also listed

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Korea Development Bank

in Asia Risk’s 2007 Top 10 Asian Banks and won Dealogic’s award for 2007
Best Mandated Deal Arranger for Public-Private Partnership.

Onward to ‘11
For several years, KDB has been working toward a set of goals it calls
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“Vision 2011.” According to the bank, Vision 2011 is designed “to help
KDB effectively carry out its role as a public policy institution and also
heighten its competitiveness to cope with the increasing globalization of
finance.”

The first stage of Vision 2011 took place from 2003 to 2006 and involved
ramping up core businesses of investment banking, corporate banking,
international banking, corporate restructuring and consulting services in
order to become a corporate finance leader in South Korea. Stage two,
which runs from 2007 to 2011, aims to make KDB a top player across Asia
by increasing its competitiveness, improving asset quality and bringing
profitability in line with its global competitors.

GETTING HIRED

Not much to go on
There is no specific hiring information on KDB’s English site at
www.kdb.co.kr. Under “Networks and Subsidiaries,” you can find an
extensive list of offices in the Asia Pacific region, with direct contact
information for each. Branches include Guangzhou, China; Shanghai;
Singapore; and Tokyo, with a subsidiary in Hong Kong. Representative
offices are also present in Beijing and Shenyang, China.

Links to KDB’s South Korean subsidiaries—KDB Capital Corporation,


Daewoo Securities and KDB Asset Management Corporation—are also
provided. If you can read Chinese or Korean, you can certainly try to find
career information from the firm’s main web site.

The “Contact Us” link from KDB’s site gives you a chance to send your
questions about careers and other unavailable information. Alternately, you
could send a resume directly to the company’s headquarters at Korea
Development Bank, 16-3 Yeouido-dong, Yeongdeungpo-gu, Seoul, 150-
973, South Korea—or call 82-2-787-5821.

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Kotak Mahindra Capital
Company
3rd Floor, Bakhtawar
THE STATS
229 Nariman Point
Mumbai, 400 021 Employer Type: Subsidiary of
India Kotak Mahindra Group
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Phone: +91-22-6634-1100 Managing Director: Falguni Nayar


Fax: +91-22-2282-6632 No. of Employees: 116
www.kmcc.co.in No. of Offices: 5

DEPARTMENTS KEY COMPETITORS


Equity Product Group HDFC Bank
Mergers & Acquisitions ICICI Bank
Structured Finance and Advisory
Services EMPLOYMENT CONTACT
Financial Sponsors Group
Infrastructure Products www.kmcc.co.in/join_us.html

LOCATIONS IN
ASIA PACIFIC
Chennai, India
Mumbai, India
Mauritius

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Kotak Mahindra Capital Company

THE SCOOP

Preeminent Indian investment bank


Kotak Mahindra Capital Company (KMCC) is the investment banking arm of
Kotak Mahindra Group. The group is a leading financial institution in India
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

with over 20,000 employees. KMCC was originally founded in 1995 as a joint
venture between Kotak Mahindra and U.S. investment bank Goldman Sachs.
Like its parent, KMCC is headquartered in Mumbai, but has its own office.

The firm offers equity issuances, M&A advisory, structured finance services,
financial sponsorship and infrastructure services. KMCC has experience
across all major industry sectors—banking and financial services, fast-moving
consumer goods, pharmaceuticals and healthcare, energy and infrastructure,
automobiles, aviation and transportation, telecom, technology, retailing, and
media and entertainment. The company has played a key role in several
industry-defining deals, such as the IPOs for Tech Mahindra, Hughes Software
and Maruti Udyog. According to the Prime league tables, KMCC has
managed an unmatched 66 percent of all domestic equity offerings above INR
3 billion from April 2003 to June 2008. KMCC has also made a name for itself
by being the first Indian investment bank to register with the Securities &
Exchange Commission in the U.S. and the Securities & Authority in the U.K.

Through its association with Kotak Mahindra Bank and its subsidiaries in
New York, London, Mauritius and Dubai, KMCC enables Indian
corporations to access international capital markets. In addition to working
for top technology companies, including British Telecom and Sony, KMCC
has also worked its magic for leading financial institutions like Citigroup
and Warburg Pincus.

For its achievements, KMCC’s investment banking operations have been


conferred with some of the leading industry awards in 2008, including Best
Investment Bank in India and Best Equity House in India by FinanceAsia
as well as Best Domestic Equity House by Asiamoney.

Elite seven
In addition to its M&A and equity capital markets groups, KMCC has what it
calls its Financial Sponsors Group (FSG). Set up in 2005, FSG is an initiative
to provide the full suite of investment banking services for leading global and
domestic private equity and hedge funds. The firm’s FSG desk has seven
experts who work closely with companies, acting as buy- and sell-side
advisors for deals in a wide variety of industries. FSG’s advisory and

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Kotak Mahindra Capital Company

execution offerings include private equity financing, venture funding,


mezzanine financing, referential allotments, buyouts, pre-IPO services, PIPE
(private investment in public equity), secondary sales and block purchases.

KMCC has also recently set up an Infrastructure Group to provide the entire
gamut of investment banking solutions to public and private sector
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corporations engaged in infrastructure development. The services offered


include bid advisory services, partner search and strategic alliances, project
advisory services, debt and quasi-debt mobilization, private equity
mobilization, and project-level acquisitions and divestitures.

Goldman becomes a competitor


With Goldman Sachs, the two firms enjoyed a mutually beneficial
relationship in their joint venture until May 2006, when Goldman decided
to go it alone. Kotak bought out Goldman’s 25 percent stake after Goldman
announced plans to invest USD$1 billion in investment banking, private
equity, real estate and private wealth management in India.

“The Indian market represents tremendous growth and opportunity,”


Brooks Entwistle, CEO of Goldman Sachs’ India operations, told The
Hindu Business Line of his firm’s decision to end ties with KMCC. “Now,
more than ever, there is a compelling case for us to build an onshore
presence that is fully integrated with our global businesses.”

Good advice
KMCC lent its merchant banking and advisory services to several big deals in
2007 and 2008. The firm was the book running lead manager (BRLM) on
Reliance Power’s INR 115.6 billion IPO in January 2008, the global
coordinator and BRLM on DLF’s INR 91.9 billion IPO in June 2007 and the
BRLM for Power Grid Corp. of India’s INR 29.8 billion IPO. KMCC also
successfully completed some marquee qualified institutional placements (QIP)
for GMR Infrastructure (INR 39.7 billion), Infrastructure Development Finance
Co. (INR 21 billion) and Bank of India (INR 13.6 billion), among others.

KMCC showcased its leadership in the M&A space by advising on some of the
largest and most complex M&A transactions, including managing the entry of
Irish buildings materials major Cement Roadstone Holdings (CRH) into India
when it acquired a 50 percent stake in My Home Industries. KMCC acted as
exclusive advisor to Gokaldas Exports for sale of its controlling stake to The
Blackstone Group, the largest buyout by a private equity fund in garments.
KMCC also was exclusive advisor to the Bombay Stock Exchange and

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Kotak Mahindra Capital Company

managed the first demutualization of the stock exchange in India. It also


worked in advisory capacity for SREI Infrastructure on its joint venture with
BNP Paribas Lease Group—the largest M&A transaction in India for a non-
banking financial company.

According to the 2008 Prime league tables, Kotak was ranked No. 1 for
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

fund raising through IPOs and QIPs. Indata ranked KMCC No. 1 in value
of announced M&A transactions in India in 2007, while Bloomberg placed
KMCC at No. 3 in value of announced M&A transactions in India in 2007.

Tight hold on the local market


Despite a number of big-time international banks setting up shop in India,
local players like KMCC still dominate. While KMCC came in at No. 1 for
domestic fund raising on Bloomberg’s 2007 league tables, Goldman Sachs,
Credit Suisse and Lehman Brothers were unable to crack the top five in this
category. According to Bloomberg data, KMCC’s market share increased
from 5.3 percent in 2006 to 13.4 percent in 2007, allowing the firm to bump
Merrill Lynch from the top spot.

One theory on why KMCC and other local shops still have a leg up on the
big-name players is that Indian customers like doing business with Indian
banks. “Every transaction in our business has three aspects—functionality,
trust and brand. People tend to overemphasize on the brand aspect,” Vallabh
Bhansali, chairman of Indian firm Enam Securities, told the The Wall Street
Journal. “But we have seen that even if you keep a low profile, people
would still like to work with you.

GETTING HIRED

Take a financial expedition


On the “Careers” section at www.kotak.com, you can explore links to the
company’s different divisions, with careers information on each individual page.
The bank promotes its workplace as an atmosphere “where you can contribute,
innovate, work and grow with other intelligent and motivated people.”

For KMCC, you can submit your resume for the investment banking division at
www.kmcc.co.in/join_us.html. You can also send in your resume with a cover
letter to KMCC’s mailing address given above and address it to the HR
department.

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Lehman Brothers

Regional Headquarters
THE STATS
Roppongi Hills Mori Tower
31st Floor Employer Type: Public Company
6-10-1 Roppongi Ticker Symbol: LEH (NYSE)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Minato-ku, Tokyo, 106-6131 Chairman & CEO: Richard S. Fuld, Jr.


Japan CEO Asia: Jasjit S. Bhattal
www.lehman.com Net Revenue: USD$19.3 billion
(FYE 11/07)
Asia-Pacific Regional Net Revenues:
BUSINESSES USD$3.15 billion (FYE 11/07)
Capital Markets Net Income: USD$4.2 billion
Investment Banking (FYE 11/07)
Investment Management No. of Employees: 28,556 (FYE 11/07)
Asia Pacific Regional No. of Employees:
5,102 (FYE 11/07)
LOCATIONS IN
No. of Principal Offices in Asia: 10
ASIA PACIFIC
No. of Offices: 40 (worldwide)
Bangkok
Beijing
KEY COMPETITORS
Hong Kong
Mumbai Goldman Sachs
Seoul Merrill Lynch
Shanghai Morgan Stanley
Singapore
Sydney PLUSES
Taipei
Tokyo • ”One of the best training programs
on the Street”
• “Responsibility for juniors in deals”
• “The people I work with”

MINUSES
• “Few perks”
• “The hours”
• ”It takes a long time to receive
expense reimbursements”

EMPLOYMENT CONTACT
See “Careers” at www.lehman.com

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Lehman Brothers

THE SCOOP

Editor's note: Tumultuous events in the world financial markets related to


the ongoing global credit crisis took place just prior to the printing of this
guide, making a brief update necessary. Upon the September 10, 2008
announcement of USD$3.9 billion in losses, Lehman Brothers was in talks
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

to sell the firm, but ultimately failed to find a buyer which was willing to
acquire it without receiving emergency funding from U.S. federal officials.
On September 15, the firm's holding company, Lehman Brothers Holding
Inc., filed for Chapter 11 bankruptcy protection in the U.S., marking the
largest bankruptcy in U.S. history in terms of assets held. However, its
subsidiaries, including its broker-dealers, were not included in the
bankruptcy filing as of the time of this writing.

From the American South to the Far East


In 1850, brothers Henry, Emmanuel and Mayer Lehman formed a
commodities brokerage and trading firm in Montgomery, Ala. Eight years
later, Lehman Brothers opened a satellite office in New York, followed by
the acquisition of a seat on the New York Stock Exchange in 1887. Lehman
remained an independent company until 1984, when it was purchased by
American Express, only to be spun off a decade later. Now an independent
public company, Lehman Brothers is headquartered in New York with
regional headquarters in London and Tokyo. In 2007, it was ranked the No.
1 most admired securities firm by Fortune magazine, and CEO Richard S.
Fuld, Jr. was named to Barron’s The World’s Most Respected CEOs list.

Lehman’s investment banking division provides financial advisory and


capital raising services to corporations and governments around the world.
Its bankers are organized into industry, product and geographic groups.
Lehman’s capital markets group provides sales, trading, execution, finance,
and research services through the equities, fixed income and capital markets
prime services divisions. The investment management division delivers
financial advice and services to high-net-worth individuals, mid-sized
businesses and large institutional investors. Because Lehman adheres to a
“One Firm” philosophy, all divisions work closely together to meet the
needs of its clients worldwide.

The investment bank has operated in Asia for more than a century. In the
1880s, Jacob Schiff—a partner with Kuhn, Loeb—established investment
banking relationships in Japan and Europe. Lehman Brothers opened a

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Lehman Brothers

Tokyo office in 1973, and a 1977 merger with Kuhn, Loeb enhanced the
company’s global presence.

Today, Lehman Brothers’ Asia Pacific headquarters is located in central


Tokyo’s Roppongi Hills area. The company is the only major foreign
investment bank in Asia with headquarters in Tokyo. The firm is a leader
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in Japan’s fixed income and equity markets. In Japan, Lehman has a


prominent investment banking franchise in capital raising and M&A.
Lehman also has a strong and growing presence in the rest of Asia with
another nine principal offices in the Asia Pacific region, including
additional trading hubs in Hong Kong and Singapore. Clients include
corporations, government institutions, hedge funds, private equity firms
and high-net-worth individuals. Lehman has received a number of Asia
Pacific accolades recently—it was named Best Credit Derivatives House
2008 by The Asset, and was also named China’s Best M&A House for 2008
by Euromoney magazine.

Fixed income falls


Lehman was one of only a few Wall Street banks to escape massive losses
from U.S. subprime mortgages in 2007, even though it had been the No. 1
underwriter of subprime-related securities in 2006. Still, its 2007 fourth
quarter profits of USD$886 million were down 12 percent from the same
period in the previous year, the result of decreases in its fixed income
business.

Negative valuation adjustments on trading assets, principally in the firm’s


securitized products and real estate businesses, resulted in Lehman’ fixed
income capital markets segment taking a net revenue reduction of
USD$830 million at the close of 2007. These valuation adjustments were
partly offset by valuation gains on economic hedges and liabilities, as well
as realized gains from the sale of certain leveraged loan positions.
Lehman’s equities business posted record net revenue in the fourth quarter
of 2007, and for the full fiscal year, it posted revenue of more than USD$4
billion.

Overall in 2007, Lehman’s capital markets revenue rose just 2 percent


versus 2006. Investment management and investment banking picked up
the slack, climbing 28 percent and 24 percent, respectively. Furthermore,
in the first quarter of 2008, the investment management division posted
record net revenue of USD$968 million, up 39 percent versus the first
quarter of 2007.

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Lehman Brothers

Deluxe deals
Globally, Lehman Brothers advised on many of the world’s biggest M&A
deals throughout 2007 and into the first half of 2008. Lehman advised
Altria Group on its USD$113 billion spin-off of Philip Morris International
in 2008, the largest global spin-off in history, as well as Altria’s USD$62
billion spin-off of Kraft in 2007. Additionally, in the first half of 2008,
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Lehman advised Hewlett-Packard on its USD$13 billion acquisition of


Electronic Data Systems, the largest ever strategic IT transaction. In 2007,
the firm served as financial advisor to ABN AMRO on its USD$99 billion
sale to a banking consortium made up of the Royal Bank of Scotland, Fortis
and Santander.

Lehman was also a major force in debt and equity capital raises for leading
financial institutions in 2007 and the first half of 2008, advising Fannie
Mae, Freddie Mac, WaMu, AIG, CIT Group and MBIA among others. The
firm completed GlaxoSmithKline’s USD$9 billion bond offering in 2008,
the largest corporate issuance since 2002. In 2007, Lehman served as sole
active bookrunner for CVS Caremark’s USD$5.5 billion high-grade bond
deal, the largest such transaction in the U.S. for the year. As of mid-2008,
Lehman is currently advising Yahoo! on its review of strategic alternatives
including Microsoft’s USD$44 billion unsolicited acquisition proposal.

In Asia, the firm has been involved in several recent groundbreaking deals.
In 2007, Lehman Brothers acted as senior bookrunning lead manager for
DLF Ltd’s USD$2.25 billion IPO, India’s largest IPO at that time. Lehman
was also joint global coordinator on China CITIC Bank’s USD$5.9 billion
concurrent Hong Kong and Shanghai IPOs, the largest IPO on the Hong
Kong Stock Exchange and the second-largest IPO globally in 2007. In
2008, Lehman was a joint book runner for the Republic of Indonesia’s
USD$2 billion fixed rate senior notes and its USD$2.2 billion re-opening of
three existing tranches of the bonds, which marked Indonesia’s biggest-ever
dollar bond.

In addition, the firm acted as lead financial advisor to Aluminum


Corporation of China (Chinalco) in the acquisition of a 12 percent stake in
Rio Tinto plc for USD$14.1 billion in February 2008. The transaction was
the largest-ever Chinese outbound investment and also the largest-ever
cross-border M&A transaction involving a Chinese company.

As of August 2008, Lehman is the lead financial advisor on two major


deals—to China Oilfield Services Limited (COSL) in its USD$3.8 billion
acquisition of Awilco Offshore ASA (if completed, it will be the largest-
ever public market takeover of a European company by a Chinese

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Lehman Brothers

company) and to China Unicom in its RMB 110 billion sale of its CDMA
business and network to China Telecom at the center of a major
restructuring of China’s telecommunications industry.

On the tables
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In announced Asia (excluding Japan) M&A deals, Lehman ranked No. 13


in 2007 and Lehman’s momentum in this area is evident—the firm had
grabbed the No. 1 spot as of June 2008 in announced and completed M&A
deals in Asia (excluding Japan). Lehman advised on 21 Asian M&A deals
during 2007, worth a total of USD$12.2 billion. In Japanese announced
M&A deals, the firm also rose significantly in the rankings, leaping to No.
12 from No. 54. During 2007, Lehman worked on 23 Japanese merger and
acquisition deals worth USD$10.9 billion.

Worldwide, Lehman ranked No. 9 for announced M&A by deal value,


according to Thomson Financial (now Thomson Reuters), and No. 7 for
worldwide completed deals in 2007. These ranks represented 283 deals
worth USD$776.8 billion and 255 deals worth USD$738.6 billion,
respectively. On the U.S. league tables, Lehman made the top five, placing
No. 4 in announced transactions and No. 5 in completed. In global debt,
equity and equity-related deals, Lehman held on to its No. 7 ranking in
2007, and held steady at No. 9 in global equity and equity-related
underwriting. In global IPO volume, the firm rose one spot to No. 9.
Meanwhile, Lehman slipped one spot to No. 6 in global debt deals and fell
one spot to No. 6 in U.S. investment grade debt deals.

For the first half of 2008, Lehman moved up to No. 7, from No. 9 in
worldwide announced M&A and to No. 5 from No. 7 in worldwide
completed M&A. Lehman also advised on three top 10 M&A announced
deals in this period and four top 10 M&A completed deals. Lehman also
moved up significantly in worldwide equity and equity-related
underwriting from No. 9 at the end of 2007 to No. 5 for the first half of
2008. On the U.S. league table, Lehman finished the first half of 2008 at
No. 2, up from No. 6 in 2007.

Expanding in the land down under and India


Lehman’s burgeoning strategy for expansion in Australia took a major leap
forward in March 2007, when the firm acquired 100 percent of Grange
Securities Limited, one of Australia’s leading investment and advisory
firms. The 12-year-old Grange held strong positions in the Australian fixed
income, structured credit, hybrids and high yield markets. It also offered

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Lehman Brothers

investment management, equities, corporate finance, asset management and


private client services.

Grange and Lehman had collaborated on international business deals for


several years, and the acquisition gives Lehman Brothers an Australian
advantage over other global banks as it is now able to offer full services in
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capital markets, investment banking and investment management.

In January 2007, the firm continued to expand its franchise in the emerging
Indian market. Within a span of just over a year, Lehman Brothers India
has established a presence in equities, fixed income, investment banking,
investment management and proprietary investments and now boasts a
team of over 150 employees. In addition to aggressive internal growth, the
firm also acquired the Institutional Equity Group of Brics Securities, one of
the leading brokerage firms in India, in August 2007 to bolster its platform
for equity brokerage and equity research businesses.

Two new heads


In early June 2008, Lehman Brothers named Bart McDade as its new
president and chief operating officer, and Ian Lowitt as chief financial
officer. A Lehman veteran of over 25 years, McDade served as global head
for both the firm’s Equities and Fixed Income divisions prior to his new
appointment. In addition to his role as CFO, Lowitt continues to serve as
co-chief administrative officer, responsible for global oversight of many of
the firm’s infrastructure based divisions.

In Asia, Lehman continues to be led by Jasjit S. Bhattal, who has been the
chief executive officer for the Asia Pacific region since July 2000. Helping
Jasjit in Asia are Hyung Lee, Christopher Manning and Glen Schiffman,
who lead the capital markets, investment management and investment
banking businesses in the region, respectively.

Mortgage hurts
As was the case with most big Wall Street firms, Lehman Brothers recently
experienced job reductions. In February 2008, it was reported that Lehman
Brothers would be further reducing its workforce by 200 jobs in its
mortgage capital business in the U.K., which were in addition to the
approximately 3,000 cuts that were announced in late 2007 and early 2008.

In January 2008, it was reported that Lehman planned to lay off


approximately 140 fixed income employees. Previously, in September
2007, the firm restructured its residential mortgage origination business,

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scaling down its operations in the U.K. and U.S., and closing down its
South Korean mortgage unit completely. This restructuring meant the loss
of approximately 850 jobs worldwide.

GETTING HIRED
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Fit first
“Lehman is very selective in the hiring process,” sources say, and its goal
is “to find the perfect fit for its culture.” “Though it seems like the trend is
that more and more analysts are being hired each year, the standard for
hiring has not decreased at all,” a source says. “It is still an extremely
competitive and highly selective process at Lehman.” An insider in Asia
notes, “Be prepared for interviews with the whole team.”

A Seoul-based source estimates that his office “receives around 100


applications for one or two spots, and this is for only entry-level
candidates.” To thin the herd, “senior management takes many different
criteria into account before making a final decision,” and interviews may be
conducted by anyone “from an analyst to managing director.” Lehman
“recruits in the U.S.” and “across the world” for Asia employees, offering
“informal road shows that tour different cities.” Those interested in the
firm’s Asia offices may also search and apply for region-specific jobs on the
Lehman Brothers web site.

Show off your brain


The interview process “is different for each candidate,” sources say, though
most candidates will go through four to seven interviews. “In most cases
you will meet with people who are likely to be working together on the
same desk,” an insider explains. Another employee recalls meeting with
“the head of recruiting, various other people from different levels and
different functions,” and yet another experienced “six interviews, with
someone in human resources, a managing director, a senior vice president,
a vice president, an associate and an analyst.” One contact who had four
interviews says, “Colleagues of mine were interviewed by up to 10
employees, ranging from senior associates to managing directors.”

Expect “a lot of questions on personality,” background “and the reason you


want to work at Lehman” as well as leadership potential and experience.
“Most of the questions focused on character,” a source says. The firm notes
that other key topics evaluate problem solving, teamwork ability and

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initiative. Questions to expect, an insider notes, include: “How do you feel


about working in a team? Have you had any experience working in a team?
Can you multitask?” And for candidates with backgrounds in finance:
“What are some of the technical skill-sets you have?” One employee
believes part of the interviewers’ goal was “to test how I think.”
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More and more important


Employees who participated in Lehman’s summer program give the
experience high marks. “I really enjoyed working with the people, and the
firm has a relatively flat organizational structure,” one former summer
analyst says. “I was paid similar to a first-year analyst and did pitches,
industry overviews and trading comps.” “Highlights of my internship were
two office-wide presentations at the middle and end of the internship,” says
another source.

Working at the firm during the summer can also open the door to a full-time
job. “The firm certainly keeps track of which interns stand out from the
pack,” an insider says, “particularly their attitude toward work and their
ability to work in the larger team.” “Participation in summer internships is
vital in seeking employment at Lehman,” says another. “A significant
portion of our hires come from the internship class. Unlike other firms that
may put a cap on the total amount of full-time hires they may hire from the
internship class, for Lehman, as long as you are capable and are a good fit
to our culture, you can secure a full-time position.” A first-year analyst tips,
“I was told during the time of my application for a summer internship that
the firm would ideally like to migrate to a recruiting model where all new
full-time hires were drawn from the internship class.”

OUR SURVEY SAYS

In it together
Lehman’s offices are full of “team players,” insiders say, and “people of all
levels are approachable and patient to transfer their knowledge to you.”
Sources praise the “great culture” and “lots of opportunities to show your
abilities.” Says a source, “I am very happy working at the firm—not just
because of the work that I do, but also because of the people I am fortunate
enough to work with.”

Employees describe themselves as “passionate about the firm,” and say


they’re “proud to be part of the organization.” Lehman “recognizes

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Lehman Brothers

excellence at all levels and encourages us to take initiative.” However,


some say there’s still “some interoffice politics” and “a relatively old-
fashioned, conservative” vibe. “Employees are still required to wear formal
attire to work,” a respondent notes. But aside from a few people “with
massive egos,” colleagues “are very helpful.” The corporate culture also
“very firmly advocates diversity” with regards to women and minorities.
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“Just come visit our offices and take a look at the number of women and
ethnic minorities on the floors,” a senior analyst notes. “That says it all.”

Doing the time


The firm notes that, like most banks, hours vary by the division you work
in. In the markets businesses—fixed income and equities—hours generally
map to trading hours. According to one analyst on the banking side, there’s
“frequently” weekend work to be done, and sources say their workloads
during the week are hardly light. “I arrive at the office a little before 7 a.m.
and normally stay till around 10 or 11 p.m.,” one analyst says. “On days
where corporate earnings are announced, or to help prepare for senior
analysts’ marketing trips, I may stay at the office until 2 or 3 a.m.” “I work
at least 12 hours a day, but if you are done early you can leave,” another
insider explains. “Face time is not as important as the almighty bucks you
bring in.” Still, many employees say the work is worth it. “Although
working hours are long, the amount I have learned in the past two years
make it all worthwhile,” one respondent says.

For all the hard work they do, Lehman employees give the firm above-
average marks on pay. Their one complaint: bare-bones perks. “No gym
memberships,” sighs a source. They do get “individual investment
opportunities and health care coverage,” plus a “meal allowance if you
work past 8 p.m. Transportation reimbursement works the same way.”

Fix up, look sharp


Offices are said to be pretty nice: a Hong Kong employee says there’s
“enormous space on the desks.” He adds, “However, like all Asian office
space, it is an open environment, so there’s less privacy.” “We recently
moved into a new office,” a Seoul source says. “Compared to the
employees in the next room, we have relatively more space, although it
feels like a fishbowl as the junior analysts are located in the middle of the
room.”

As for dress, “our firm is one of the most conservative” out there. “We
usually have to wear ties, even if there is no client contact during working

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Lehman Brothers

hours,” an insider explains. Says another, “A suit and tie is required for
men, while women generally wear suits or a skirt and blouse. During the
summer, we have business casual Fridays, but even our casual days are
conservative.”

Go team
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“It feels like a team” at Lehman, thanks in part to “a great management


team.” “Superiors respect the effort and time you have used on their
projects, and they make sure to include you with interactions with clients,
which I feel is vital to feeling part of the team,” a contact says. “If we are
encountering difficulties either with our work or career options, their doors
are always open,” adds another. Yet another source notes, “The senior
analyst I work with directly has a lot of experience in this industry and has
worked with many juniors. He’s brilliant and well-respected in the field,
but is also very humble and patient. He knows how to manage a team and
expects the most out of everyone.”

While “everyone is serious about their work,” insiders say their bosses try
to keep the mood light when there’s time for it. “When there are down
times, everyone takes a break with jokes and fun.”

A variety of training
Sometimes the pressures of the business keep superiors from doing a lot of
training on the job. As one insider says, “My boss is very nice. She gives
a lot of independence but sometimes doesn’t have time to teach her
analysts. You have to be proactive to get questions answered.”

As for structured programs, new hires kick off with “a few weeks training
in New York,” and one analyst calls this “one of the best training programs
on the Street.” Analysts hired for Asia offices may have additional “special
training,” and there’s firmwide, “ongoing training focusing on different
areas—some are techniques such as credit training and others are
qualitative, like public speaking.”

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Macquarie Group

No. 1 Martin Place


THE STATS
Sydney, NSW 2000
Australia Employer Type: Public Company
Phone: +61-2-8232-3333 Ticker Symbol: MQG (ASX)
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Fax: +61-2-8232-7780 Managing Director & CEO: Nicholas


www.macquarie.com.au Moore
Head of Macquarie Capital: Michael
Carapiet
OPERATING GROUPS Total Income: AUD$8.2 billion
Banking & Financial Services (FYE 03/08)
Macquarie Securities Net Profit after Tax: AUD$1.8 billion
Macquarie Funds (FYE 03/08)
Macquarie Capital No. of Employees: 13,596 (worldwide)
Real Estate No. of Macquarie Capital Employees:
Treasury & Commodities 4,263
No. of Offices: Offices in 25 countries
LOCATIONS IN
ASIA PACIFIC KEY COMPETITORS
Australia Deutsche Bank
China Goldman Sachs
Hong Kong UBS Investment Bank
India
Indonesia EMPLOYMENT CONTACT
Japan
Malaysia www.macquarie.com.au/careers
New Zealand
Philippines
Singapore
South Korea
Taiwan
Thailand

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Macquarie Group

THE SCOOP

Expanding from down under


Best known in its home country of Australia, where it is a market leader in
investment and financial services, Macquarie Group is also an international
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powerhouse. As of March 31, 2008, 57 percent of its total operating income


came from international markets. Headquartered in Sydney since its
inception, the bank evolved from Hill Samuel Australia Limited, which was
established in 1969 as a subsidiary of the U.K. merchant bank Hill Samuel
& Co. In 1985, a banking license was acquired and operations began under
the name Macquarie Bank, after Lachlan Macquarie, an early Australian
governor who is credited with establishing Australia’s banking business,
among other things. In 1996, Macquarie Bank listed on the Australian stock
exchange.

In Australia and New Zealand, as well as around the world, Macquarie acts
for a wide range of institutional, corporate, government and retail clients.
In the Asia Pacific region, Macquarie offers a full range of investment,
financial market and advisory products and services. In Asia, Macquarie
has offices in China, Hong Kong, India, Indonesia, Japan, South Korea,
Malaysia, the Philippines, Singapore, Taiwan and Thailand. In Europe, the
Middle East, Africa and the Americas, Macquarie focuses on particular
business areas.

Macquarie, named by FinanceAsia as the Most Innovative Investment Bank


and Best M&A House for 2007, has reported successive years of record
profits and growth since 1992 and today employs approximately 13,500
people in 25 countries.

Six at the core


Macquarie’s business is organized into six core operating groups: Banking
and Financial Services, Macquarie Capital, Macquarie Securities,
Macquarie Funds Group, the Real Estate Group and the Treasury and
Commodities Group, with each focusing on specific products and markets.
In addition to the six operating groups, Macquarie has a network of support
area teams, including risk management, corporate affairs and information
technology.

Macquarie Capital brings together Macquarie Group’s wholesale


structuring, underwriting, corporate advisory, infrastructure and specialist
funds, private equity and specialized equipment financing businesses. The

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group provides a wealth of services, including: specialist capabilities in


project financing; mergers and acquisitions; takeovers and corporate
restructuring advice; equity capital markets and equity and debt capital
management; specialized infrastructure and specialist fund management;
and specialized leasing and asset financing.
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In June 2008, Macquarie announced the establishment of its two new


groups, Macquarie Securities and Macquarie Funds Group. Macquarie
Securities combines the operating activities of Macquarie Capital Securities
and the Equity Markets Group. Macquarie Securities is a full service
securities business in Australia and Asia, specializing in: institutional and
corporate stockbroking; equities research; equity-linked investment, trading
and risk management products; services for hedge funds, including market
access, leverage, stock borrowing and execution; stock borrowing and
lending; and structured equity finance. In Europe, Africa and the Americas,
Macquarie Securities provides a select range of products and services.

Macquarie Funds Group commenced operations in August 2008,


combining the funds and funds-based structured product businesses of the
Funds Management Group, Equity Markets Group and Macquarie Capital.
The combined group will oversee combined funds under management of
AUD$70 billion and AUD$7 billion in funds-based structured products.
Macquarie Funds Group will not include Macquarie’s specialist
infrastructure and real estate funds operations.

The Banking and Financial Services Group is the primary relationship


manager for Macquarie Group’s retail client base with operations in
Australia, New Zealand, Asia, North America and Europe. The group was
formed in February 2008 through the merger of the Banking and
Securitisation Group and the Financial Services Group. Macquarie’s retail
banking and financial services businesses are brought together under
Banking and Financial Services, providing a full range of wealth
management products and services to financial advisors, stockbrokers,
mortgage brokers, professional service industries and consumers.

The Real Estate Group is a diverse international business offering a range


of services including real estate fund and asset management, investment
and development finance, unlisted equity raising, real estate development
and development management, real estate investment banking and
advisory, real estate securitization and research. Businesses are located in
Australia, South Africa, Asia, North America and Europe.

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Macquarie Group

Treasury and Commodities oversees commodity, energy and environmental


financial products; physical and derivatives structuring and trading;
commodity (metals, bullion and agricultural) and energy finance;
Macquarie’s treasury operations; futures (listed derivatives) execution and
clearing; debt arrangement, structuring and placement activities; interest
rate and credit derivatives structuring and trading; and foreign exchange
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trading and structuring.

New structure
In November 2007, Macquarie Bank Limited restructured and Macquarie
Group Limited was established as the parent of the Macquarie Group. The
Macquarie Group, listed on the Australian Securities Exchange, is now
made up of a banking group and a non-banking group.

The banking group is comprised of Banking and Financial Services,


Macquarie Securities, Macquarie Funds Group, Real Estate and Treasury
and Commodities. The non-banking group includes Macquarie Capital, as
well as some activities from Macquarie Securities and Treasury and
Commodities.

Macquarie Capital chief takes over


In February 2008, Nicholas Moore, head of Macquarie Capital, was
appointed to replace retiring Allan Moss as managing director and CEO of
Macquarie Group Limited. Moss, who held the post for almost 15 years,
officially stepped down in May 2008.

Of Moore’s appointment, Macquarie chairman David Clarke said in a


statement, “Nicholas has spearheaded the development of our Macquarie
Capital business which provides more than 60 percent of the group’s
profits... He is globally recognised as a financial services leader and is
ideally qualified to take Macquarie’s global businesses to the next stage.”

Response to the global mortgage crisis


In March 2008, Macquarie made a decision to reduce its Australian
residential mortgage origination services for both retail and wholesale
customers due to the significant increase in the cost of funding mortgages
and current conditions in the global mortgage securitization market.
Macquarie said it would substantially reduce new residential mortgages in
Australia but would continue to serve its existing Australian customers.

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Macquarie Group

Deteriorating conditions in Australia’s housing-loan markets have resulted


in a sharp rise in the cost of funding mortgages and significant reductions
in the availability of funding from both the domestic and international
mortgage securitization markets. However, Macquarie’s CFO, Greg Ward,
insists that the housing crisis is unlikely to tarnish Macquarie’s predicted
record year in 2008. Ward said in a statement, “We have previously advised
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the market that in full year 2007, the retail and wholesale residential
mortgage businesses represented less than one percent of Macquarie Group
profits. The impact of the decision to wind-back the business is not
financially material.”

GETTING HIRED

A different kind of vacation


Through Macquarie’s Australian careers link at www.macquarie.com.au/
careers, job seekers can read about and apply for the firm’s various available
full-time positions, as well as its graduate and professional programs. Paths
are available for experienced hires, IT and administrative, as well as
information on campus recruiting. There’s also information about
Macquarie’s work environment and current employees, including video
presentations. Worldwide opportunities, including Asia Pacific careers in
China, Hong Kong, India, Japan, South Korea, Malaysia, New Zealand, the
Philippines and Singapore can be browsed at www.macquarie.com/com/
about_macquarie/careers/index.htm

The firm’s Australian summer internship program grants university


undergraduates (generally in their penultimate year) the opportunity to join
various teams within Macquarie, typically from December through
February each year. Throughout this time, students benefit from hands-on
experience, exposure to the financial services sector, and insight into the
careers opportunities offered at Macquarie. Similar opportunities are
available on many of the local career sites throughout the rest of the Asia
Pacific region.

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Merrill Lynch

Regional Headquarters
THE STATS
(non-Japan Asia)
Merrill Lynch (Asia Pacific) Limited Employer Type: Public Company
15th Floor Citibank Tower Ticker Symbol: MER (NYSE)
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3 Garden Road Chairman & CEO: John A. Thain


Central, Hong Kong Revenue: USD$62.6 billion
(FYE 12/07)
Regional Headquarters (Japan)
Net Income: USD$ -7.8 billion
Merrill Lynch Japan Securities Co.
(FYE 12/07)
Ltd.
No. of Employees: 63,100
Nihonbashi 1-chome Building
No. of Offices: 900
1-4-1 Nihonbashi
Chuo-ku, Tokyo 1038230
Japan KEY COMPETITORS
Citigroup
www.ml.com Goldman Sachs
Lehman Brothers
BUSINESSES Morgan Stanley

Global Markets & Investment


Banking PLUSES
Global Wealth Management • “Culture of meritocracy”
• “Pay is great”
LOCATIONS IN • People “know when to work and
when to play”
ASIA PACIFIC
Australia
China
MINUSES
Hong Kong • “High pressure to perform”
India • Politics “can be difficult to avoid”
Indonesia • Some schedule unpredictability
Japan
Malaysia
EMPLOYMENT CONTACT
Singapore
South Korea See ml.com/careers
Taiwan
Thailand

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Merrill Lynch

THE SCOOP

Editor's note: Tumultuous events in the world financial markets related to


the ongoing global credit crisis took place just prior to the printing of this
guide, making a brief update necessary. On September 14, 2008, after a 48-
hour period of negotiation, Merrill Lynch reached an agreement to sell the
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

firm to Bank of America at USD$29 per share, bringing the sale to a total
of approximately USD$50 billion. The sale is still pending approval by
U.S. federal regulators and the shareholders of both companies.

Wall Street and the world


Merrill Lynch is one of the world’s largest wealth management, capital
markets and advisory companies, with over 63,000 employees, offices in 40
countries and total client assets of approximately USD$1.6 trillion.
Founded in 1914 by Charles E. Merrill, who quickly brought his friend (and
former YMCA roommate) Edmund Lynch into the business, Merrill Lynch
is now headquartered in lower Manhattan, not far from its original location
on Wall Street.

Merrill Lynch is divided into two business segments—Global Markets and


Investment Banking (GMI) and Global Wealth Management (GWM),
which includes Global Investment Management and the Global Private
Client Group. GMI’s subdivisions include global sales and trading; fixed
income, currencies and commodities (FICC); global equities; and
investment banking. Since February 2006, Merrill has held a significant
stake in BlackRock, a top global investment management firm with
USD$1.3 trillion in assets under management.

Merrill Lynch has a major presence in the Asia Pacific region, with offices
in India, China, Japan, South Korea, Hong Kong, Taiwan, Thailand,
Singapore, Indonesia and Australia. The firm’s first office in Asia opened
in 1960 in Hong Kong. Since then, it has expanded throughout Asia
through joint ventures and investments in the region.

Pan-Asian bailout
Wall Street firms may have been tripping over each other to get in on the
flourishing Asian markets in the start of 2007, but the tables quickly turned
when many American and European firms lost billons of dollars as a result
of their exposure to the subprime market. Asian entities sprang to pump
money into the same mightiest investment banks in the world as these
former giants struggled to maintain liquidity.

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Merrill Lynch

Merrill Lynch’s losses in 2007 were worse than most: as of June, the firm
had USD$32 billion in exposure to collateralized debt obligations. This
exposure led to write-downs of nearly USD$16.7 billion in just one year
and an annual net loss of USD$7.8 million. CEO Stan O’Neal retired in
October 2007 as a result of the credit collapse, and his replacement John
Thain worked to get the situation under control, stating that the firm’s
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recent results were “clearly unacceptable.”

But relatively good news was soon to come in the form of sovereign wealth
funds and cash-rich Asian firms, which have seen this period in banking
history as a prime investment opportunity. The first break came in
December 2007, when Singaporean government-owned investment firm
Temasek Holdings and U.S.-based firm Davis Selected Advisors pumped
USD$6.2 billion into Merrill Lynch’s coffers. In January 2008, the firm got
an additional cash injection of USD$6.6 billion from the Kuwait Investment
Authority, Japan’s Mizuho Financial Group and the Korean Investment
Corporation.

The China effect


Merrill Lynch has had a significant presence in China since late 2003 when
it partnered with Bank of China International (China) Ltd. to establish a
joint venture fund management company. In 2005, the firm teamed up with
the Royal Bank of Scotland and Hong Kong’s Li Ka-shing Foundation to
buy a 10 percent stake in the Bank of China. Merrill Lynch and Li Ka-shing
paid approximately USD$1.5 billion, while the Royal Bank of Scotland put
up the remaining USD$1.6 billion. The strategic move was a success. In
May 2006, the Bank of China went public in the world’s biggest share
offering since 2000. The IPO raised USD$9.7 billion and was heavily
oversubscribed.

Merrill Lynch made profits on another Chinese IPO in 2006, but for an
entirely different reason. It was chosen for the coveted spot of lead
underwriter to the Industrial & Commercial Bank of China’s IPO. The buzz
around the debut was historic, as many felt that ICBC had the potential to
break the world record of USD$18.4 billion set by a Japanese mobile phone
company called NTT DoCoMo Inc. ICBC didn’t disappoint. The firm’s
dual offering on the Shanghai and Hong Kong stock markets raised
USD$21.9 billion and was the largest initial public offering ever. Merrill
Lynch split the enormous USD$350 million in underwriting fees with
Credit Suisse and Deutsche Bank, who were co-underwriters on the deal.

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Merrill Lynch

Meet John Thain


CEO John Thain, who took the reins on December 1, 2007, is widely seen
as one of Wall Street’s best and brightest. He began his career at Goldman
Sachs, rising from a bond trader position to chief operating officer. At the
New York Stock Exchange, he took over when former head Richard Grasso
was fired amidst controversy over his salary. Thain managed to restore
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confidence within the NYSE board, helped the Exchange go public and led
the acquisition of Euronext, creating the world’s first trans-Atlantic stock
exchange.

Table-toppers
Merrill Lynch’s good fortune in the Asian investment banking market
remained in effect in 2007. According to Thomson Financial (now
Thomson Reuters), Merrill ranked No. 6 in all Asia (excluding Japan and
Australia) IPO volume, working on 25 deals representing 4.6 percent of the
total market share. The proceeds from the deals were USD$3.9 billion,
slightly lower than the proceeds the firm underwrote in 2006, when it
ranked No. 4 in Asian IPOs. Merrill also ranked No. 7 in Asia common
stock underwriting, and No. 8 in Asian convertible deals. Globally, Merrill
dropped one spot to No. 6 for all IPOs, with proceeds of USD$17.9 billion
on 92 deals.

Merrill scored similarly prominent positions in the Asian fixed income


market. Largely as a result of its work co-managing the largest deal of the
year (Indian bank ICICI’s USD$2 billion G3 bond deal), the firm placed
No. 4 in the category of Asian G3 Currency Bonds, with USD$3.6 in
proceeds and 7.7 percent of the total market share. That was a jump of six
spots from 2006, when the bank only had 4.9 percent of the market share.

In global announced M&A deal volume in 2007, Merrill Lynch slipped a


bit, falling three spots to No. 8, working on 355 deals worth a total of
USD$788 billion that represented a 17.6 percent market share. In Asian
M&A financial advisory, Merrill leaped five spots to No. 8, working on 42
deals worth USD$24.2 billion, which was good enough for a 5.4 percent
share of the market.

Credit where credit is due


Merrill Lynch’s domestic operations were disappointing in 2007, but its
Asian divisions earned it accolades that gave the troubled firm a much-
needed boost. In February 2008, The Asset, a magazine that covers the
finance world in Asia, named Merrill Lynch its Best Investment Bank of

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2007. The Asset also awarded Merrill the top spot in a wide variety of
individual countries including Best Equity House in India, Best Debt House
in South Korea and Best Equity House in Pakistan. The magazine
acknowledged the firm’s difficulties in other realms during the year,
explaining that overall Merrill was the winner because of the bank’s
individual innovative strategy: “Applying a consistent and committed
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approach to this belief, this bank has stood out—and in a year like 2007,
with the difficulties in the public market, it is in the editors’ view—
redefining the borders of Asia’s capital markets.”

Eugene steps in
In February 2008, Eugene McQuade, the former president of Freddie Mac,
took over as president and vice chairman of Merrill’s banking group, which
primarily provides loans and mortgages to the firm’s clients. McQuade,
who resigned from Freddie Mac in September 2007 after turning down an
offer to become the firm’s CEO, replaced McIntyre “Mack” Gardner, who
stepped down in January 2008 shortly after Merrill’s former CEO Stan
O’Neal resigned. McQuade has also previously worked for Bank of
America and FleetBoston Financial. He’ll oversee Merrill Lynch Bank
USA and Merrill Lynch Bank & Trust Co., reporting to Robert McCann,
president of the firm’s global wealth management unit.

More recently, Tom Sanzone joined the senior management team in March
2008 as executive vice president and chief administrative officer. His
responsibilities include overseeing the firm’s technology, operations and
corporate services groups. In addition, Fares Noujaim, a former vice-
chairman at Bear Stearns, was named president of the firm’s business in the
Middle East and North Africa, a newly created senior management position.
He is also global head of sovereign wealth funds and is based in New York
and the Middle East.

The cruelest month


In April 2008, Merrill announced that it had endured a USD$1.96 billion
loss for the first quarter of the year, a figure that stood in stark contrast to
the USD$2.03 billion in earnings it booked in the first quarter of 2007.
Revenue also plummeted, falling to USD$2.93 billion from the USD$9.6
billion it reported in 2007. Merrill attributed much of the losses to
USD$6.5 billion in mortgage-related write-downs.

The bad news unfortunately didn’t end there. Merrill also announced plans
to slash 3,000 positions by the end of 2008. The cuts were largely spurred

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on by a USD$6 billion write-down and its third quarterly loss in a row.


Previously, Merrill had written down USD$24 billion in subprime-related
debts, and had already decreased its U.S. headcount by 1,100 in the first
quarter of 2008. The most recent wave of cutbacks was expected to
continue to affect Merrill’s bottom line in 2008, producing a USD$350
million restructuring charge for the second quarter.
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May and June weren’t much better for Mother Merrill, as Wall Street
analysts predicted in late June that Merrill would post anywhere from
USD$3.5 billion to USD$5.4 billion in additional write-downs when the
firm announces its second quarter 2008 results in mid-July.

GETTING HIRED

Market variables
The selection process at Merrill Lynch’s Asia offices is said to be “very
competitive,” and the odds of getting hired are “correlated highly to market
conditions.” Another source notes that the firm has its pick of “top-tier
graduates from the leading Ivy League schools,” as well as “laterals from
across the globe.”

“Basically, the only way to get into the entry-level analyst pool is through
the summer internship program,” explains an analyst. Merrill Lynch’s
careers site all but confirms this, noting that in some Asia offices “the
majority of our full-time classes are filled through our summer programs
and, as such, we generally do not actively recruit from campus for full-time
opportunities.” However, “In instances where full-time opportunities
become available, information will be posted on the ml.com/careers site.”
Full-time analyst and associate opportunities are primarily available in
Hong Kong, Japan and Australia.

Interning is the way in


The importance of the summer internship can’t be overemphasized—
though some new hires still come from outside the summer program,
sources say the firm “would like to recruit our entry-level, full-time
employees from this pool.” That’s why the internship is designed “to
mirror the work and responsibilities of a full-time analyst or associate.” A
former summer analyst recalls being paid “the same base salary as a first-
year analyst.”

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Because the summer program serves as a pipeline into the firm, the
internship recruitment process itself is “highly competitive, with thousands
of applicants from all the best universities in the U.S. and abroad.”

Bring it
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Potential full-time hires and potential summer hires will find a similar
recruitment process, which includes “resume screening, phone interviews,
on-site interviews” and, in some cases, an “online aptitude test.” Questions
may cover “views on the market,” “why Merrill Lynch?” and “more
importantly, what do you bring to the table?” A Hong Kong source “was
asked mainly questions to test my knowledge on the job I was interviewing
for, ideas for the future of the business and what I could add to the team.”
Candidates meet with several different interviewers—anywhere from five
to 20—and may wind up speaking with employees from all levels of the
firm, from “sales traders to team members to research analysts” to “very
senior officers.”

OUR SURVEY SAYS

Have a little fun


It’s a “very collegiate culture” at Merrill Lynch, with a “focus on
teamwork.” “Performance and leadership are recognized and rewarded,”
an associate says. “Everyone is encouraged to come up with innovative
solutions.” “It’s very performance-driven,” explains an analyst, “so
everyone works very hard—not competitively against each other, but in
tandem.” A managing director says Merrill encourages a “down-to-earth,
friendly environment,” and another sources describes the culture as
“professional with a hint of fun thrown in.”

Because it’s a meritocracy, newcomers have opportunities to show their


stuff fairly soon, insiders say. “Even analysts will have a chance to work
directly with clients and lead deals if they’ve proven their capabilities in
previous experience,” says a contented employee.

In-house training
Sources say they enjoy “open, constant and close dialogue” with
supervisors and managers, who “take exceptionally good care of their teams
and encourage team culture.” Of course, there “is still a reporting line,” but
“team members never get looked down upon by supervisors.”

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“Formal training is on par with the industry,” a Hong Kong insider opines,
“but that can only get you so far. You learn a lot on the job, and compared
to my counterparts at other firms, colleagues here are a lot more helpful in
informal training.”

Some overtime required


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Work weeks vary depending on the deal at hand, as well as seniority, but
insiders say 60 hours per week is average, though that figure can climb as
high as 90 hours per week for some. “All-nighters are not uncommon when
working on live deals and rush requests,” a source says. Merrill’s attitude
is “work hard on the weekdays and relax on the weekends,” says a director.
He adds, “I travel about once a week, thus the weekdays are tough—but the
tradeoff is that weekends are usually sacred.” “Long hours are expected in
this business,” shrugs another source. “Life is easier with connectivity
options, like BlackBerrys and remote access.” And while Merrill
employees sometimes “need to work until late in the evenings and on
weekends,” many find “the time is flexible and you can work from home or
wherever you are.” Plus, a recent hire notes, “I would say there’s relatively
more free time than at other firms.”

Insiders say they’re satisfied with their compensation and benefit packages,
which include base pay, bonuses and extras—like “stock option programs,”
a subsidized gym membership, “meals and taxis covered after 9 p.m.,”
“medical insurance, a housing allowance and per diems” when on the road.
Employees can also “trade through the Merrill Lynch brokerage at very low
cost.” To improve the package, one source says the firm could have more
transparency when it comes to bonuses, linking them directly “to revenue
or income contributed by each group.”

Think smart
Most of Merrill’s Asia offices receive good ratings on location and upkeep.
A Singapore source appreciates his office’s “location close to the mall, with
easy transportation access,” and others say they enjoy the “not too formal”
dress code—”no suits,” cheers a Hong Kong insider. However, some
employees choose to keep things “formal, to anticipate meetings,” and, of
course, “client contact” requires dressing up in “full formal.” But for the
most part it’s “smart casual for day-to-day, meaning shirt and slacks without
tie or jacket” for men and similar smart casual attire for women.

The firm is said to be doing well in its efforts to promote diversity, too.
“The firm takes women’s rights seriously, and has a policy of gender

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diversification with special attention to women’s rights,” explains one


source. Coming in at No. 1 on the 2008 Diversity Edge Magazine list of
“The Best Companies for Diverse Graduates,” Merrill was also honored for
its leadership in the field of diversity at the end of 2007 by Working Mother
Media’s Diversity Best Practices, and sped up the charts on Diversity Inc.’s
2008 diversity rankings—placing No. 7 among the top 50 companies. The
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firm also notes four active networks it maintains in the Asia Pacific region:
for professional women; for parents and care-givers; for lesbian, gay,
bisexual and transgendered individuals; and for young professionals.

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Mitsubishi UFJ Financial
Group
4-5 Marunouchi 1-chome
THE STATS
Chiyoda-ku
Tokyo, 100-8330 Employer Type: Public Company
Japan Ticker Symbol: MTU (NYSE)
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Phone: +81-3-3240-8111 President and CEO: Nobuo Kuroyanagi


Fax: +81-3-3240-8203 Revenue: JPY 6.5 trillion
www.mufg.jp (FYE 03/08)
Net Income: JPY 636.6 billion
(FYE 03/08)
DEPARTMENTS No. of Employees: 80,846
Retail Banking
Corporate Banking
KEY COMPETITORS
Trust Assets
Citigroup
Mizuho Financial Group
LOCATIONS IN Sumitomo Mitsui Financial Group
ASIA PACIFIC
Australia EMPLOYMENT CONTACT
Bangladesh
China Send resumes to:
Hong Kong 4-5 Marunouchi 1-chome, Chiyoda-ku
India Tokyo, 100-8330 Japan
Indonesia Fax: +81-3-3240-8203
Japan
Malaysia
Myanmar
New Zealand
Pakistan
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam

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Mitsubishi UFJ Financial Group

THE SCOOP

Global giant
Mitsubishi UFJ Financial Group (MUFG), a result of the 2005 merger
between Mitsubishi Tokyo Financial Group and UFJ Holdings, is the
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

world’s biggest bank by assets—the firm has roughly JPY 193 trillion to
call its own. MUFG’s more than 80,000 employees provide deposit,
lending, leasing, investment advice and trust services in Japan and
internationally in more than 40 other countries. In 2008, MUFG ranked No.
118 on the Fortune Global 500.

MUFG operates in three core business areas: retail banking, corporate


banking and trust assets. In corporate banking, which accounts for over 60
percent of MUFG’s business, the firm focuses primarily on investment
banking, offering advisory services on mergers and acquisitions,
inheritance-related business transfers and stock listings. Mitsubishi UFJ
Securities, a 60-year-old securities arm with 6,000 employees and 120
offices, became a subsidiary of MUFG in September 2007. The firm also
operates Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Trust and
Banking. In the U.S., MUFG owns 65 percent of UnionBanCal, parent to
Union Bank of California.

Mega deal
The merger of Mitsubishi Tokyo and UFJ reduced Japan’s mega-banks to
three, as the combined company joined the ranks of competitors Mizuho
Financial Group and Sumitomo Mitsui. Mitsubishi Tokyo, a banking
powerhouse and one of the sole Japanese banks to remain healthy in the
1990s, saw a chance to secure a competitive position against the two other
mega-banks by teaming up with struggling UFJ. In the fiscal year prior to
the merger, UFJ lost USD$3.7 billion and was clearly the weakest of
Japan’s big four banking groups.

Subprime lite
Now in its third year operating as a joint company, MUFG is happy as a
clam with its position as the largest of Japan’s three mega banks and the
world’s largest financial institution by assets. But reality started hitting in
late 2007, as the firm began feeling waves—albeit relatively small ones—
from the U.S. subprime loan fiasco. For the fiscal year ended March 2008,
the firm reported net income of JPY 636.63 billion, down about 28 percent

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from the previous fiscal year. Despite this, full-year revenues increased
from JPY 6.22 trillion to JPY 6.5 trillion, up nearly 5 percent over the
previous fiscal year.

Although acknowledging some loss, MUFG is suffering a much lighter


blow in comparison to that being endured by U.S. and European banks
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hammered by the subprime crisis. This is causing some to wonder if Japan


is relatively immune, or whether something more nefarious is going on. A
February 2008 BusinessWeek article notes the possibility that Japan may be
hiding billions of dollars in subprime losses. “Its biggest banks, which
include mega banks Mitsubishi UFJ Financial Group, Mizuho Financial
Group, and Sumitomo Mitsui Financial Group, have admitted to only
[USD]$5 billion or so of subprime-related losses, a remarkably small figure
considering the losses at American and European banks already run to more
than [USD]$130 billion.”

Looking to Singapore for growth


In February 2008, Mitsubishi’s securities unit, Mitsubishi UFJ Securities,
offered USD$118 million to more than triple its stake in Kim Eng Holdings,
Singapore’s largest publicly traded brokerage. The move came as Japanese
banks are increasingly looking outside their borders, as lending continues
to decline in Japan. According to Bloomberg, Japan’s three biggest
banks—Mitsubishi UFJ, Sumitomo Mitsui Financial Group and Mizuho
Financial Group—announced more than USD$1 billion of investments in
Asian firms outside Japan in the past year. Mitsubishi UFJ and Kim Eng
said in a statement that they planned to set up a venture to invest mainly in
Asian equities, which will manage about USD$700 million within two
years. According to Bloomberg, Mitsubishi UFJ is also considering a stake
in the parent company of Yuanta Securities Co., Taiwan’s biggest stock
brokerage and Kim Eng’s largest shareholder.

GETTING HIRED

Experts, unite
On MUFG’s web site at www.mufg.jp/english, the bank’s “management
philosophy” aims to provide “the opportunities and work environment
necessary for all employees to enhance their expertise and make full use of
their abilities.” If you’re a good citizen, it probably won’t hurt your

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chances—MUFG also details how it contributes to communities, including


its support of employee volunteer programs.

But one thing the firm doesn’t have on its site is actual job listings. If
you’re interested in applying, your best bet is probably to mail your
materials to the firm’s physical address: 7-1, Marunouchi 2-chome
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Chiyoda-Ku, Tokyo 100-0006, Japan.

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Mizuho Financial Group

1-5-5 Otemachi
THE STATS
Chiyoda-ku
Tokyo, 100-0004 Employer Type: Public Company
Japan Ticker Symbol: 8411 (TYO),
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Phone: +81-3-5224-1111 MFG (NYSE)


Fax: +81-3-5224-1055 President and CEO: Terunobu Maeda
www.mizuho-fg.co.jp Revenue: JPY 4.57 trillion
(FYE 03/08)
Net Income: JPY 311.23 billion
DEPARTMENTS (FYE 03/08)
Retail Banking No. of Employees: 51,714
Corporate Banking No. of Offices: 770
Asset and Wealth Management
KEY COMPETITORS
LOCATIONS IN Citigroup
ASIA PACIFIC Mitsubishi UFJ Financial Group
Australia Sumitomo Mitsui Financial Group
China
Hong Kong EMPLOYMENT CONTACT
India
Japan www.mizuho-fg.co.jp/saiyou/
Malaysia pre_index.html
Philippines (Japanese language only)
Singapore
South Korea
Taiwan
Thailand
Vietnam

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THE SCOOP

Digging for gold


Mizuho Financial Group, one of Japan’s three mega banks and the country’s
second-largest financial institution in terms of assets, offers a range of
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financial services, including banking, securities, trust and asset


management. Aligned into three main divisions—corporate, retail, and
asset and wealth management—Mizuho caters mostly to Japanese
corporations, such as financial institutions, public sector entities and
foreign corporations, including foreign subsidiaries of Japanese
corporations. The firm, which has more than 50,000 employees operating
from over 700 locations, is the parent company of Mizuho Bank, Mizuho
Corporate Bank, Mizuho Securities, and Mizuho Trust & Banking.

Mizuho is known as the most aggressive of Japan’s three mega banks,


which include rivals Mitsubishi UFJ Financial Group and Sumitomo Mitsui
Financial Group. That distinction has won the company praise, but also
recently led to the firm suffering the biggest subprime losses among the big
three. Mizuho, whose name means “golden ears of rice” in Japanese, will
have to dig deep for gold in the coming years—the firm suffered a 50
percent decrease in net income for fiscal 2008.

21st century discovery


Mizuho Financial Group was created in September 2000 through the
establishment of Mizuho Holdings as a holding company of the firm’s three
predecessor banks—Dai-Ichi Kangyo Bank, Fuji Bank and Industrial Bank
of Japan. The respective securities subsidiaries of the predecessor banks
merged to form Mizuho Securities, while the trust banks merged to form
Mizuho Trust & Banking.

Another major step in Mizuho’s development occurred in April 2002, when


the operations of the three predecessor banks were realigned into a
wholesale banking subsidiary, Mizuho Corporate Bank, and a banking
subsidiary serving retail and small and mid-sized enterprises, Mizuho Bank.
As an additional step for realigning the group structure, Mizuho Financial
Group was established in January 2003 as a corporation organized under
Japanese law; a few months later, it became a holding company through a
stock-for-stock exchange with Mizuho Holdings.

As part of a new strategic plan initiated in 2006—which Mizuho called


“Channel to Discovery”—the firm realigned its entire business operations

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Mizuho Financial Group

into the three groups it currently operates. In connection with this


realignment, the firm established Mizuho Private Wealth Management Co.,
a private banking subsidiary, and converted Mizuho Holdings from an
intermediate holding company into Mizuho Financial Strategy, an advisory
company that provides advisory services to financial institutions.
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Not much security in securities


In March 2007, Mizuho’s two affiliate brokerage firms, Mizuho Securities
and Shinko Securities, announced plans to merge, which would have
created Japan’s fourth-largest securities firm in terms of assets and the
third-largest in operating revenues. However, in November 2007, the firms
said the merger would be postponed from January to May 2008, because
they needed more time to configure the deal to account for the significant
loss Mizuho Securities expected to post for fiscal 2008. Another
postponement was announced in April 2008, pushing the merger back to
May 2009 at the earliest.

Mizuho Securities is one of the firms that has been burned by the spread of
the U.S. mortgage crisis. The firm reported around JPY 27 billion in net
losses for the six months ended September 30, 2007, largely due to a plunge
in the prices of securities products linked to U.S. subprime mortgage loans.
The second half proved to be drastically worse, as MUFG posted a loss of
JPY 220 billion in the fourth quarter alone, bringing total losses for the year
to a whopping JPY 420 billion—primarily due to its securities arm. In a
last-ditch effort, MUFG said in December 2007 that it would inject around
JPY 150 billion into Mizuho Securities, which will in turn issue the full
amount in new shares to Mizuho’s wholesale banking division, Mizuho
Corporate Bank.

Partnering in India
Mizuho announced in February 2008 that its securities unit was forming an
alliance with an Indian firm, Tata Capital, to offer investment banking,
private equity and wealth management services. The companies did not
offer details on the size of investments they plan to make, saying only that
they had signed a preliminary agreement to cooperate on buyout
investments and cross-border mergers and acquisitions. As part of Tata
Group, Tata Capital is associated with one of the largest companies in
India—the parent company has revenue of more than USD$29 billion.
Reporting on the partnership in February 2008, Bloomberg explained,
“Japanese banks including Mizuho are seeking to expand in faster-growing

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Asian economies as lending declines at home. Mizuho’s corporate-banking


arm will cooperate with State Bank of India, India’s biggest bank by assets,
to sell syndicated loans to Japanese companies in the world’s second-most
populous nation.”
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GETTING HIRED

Go Mizuho
You’d better beef up your Japanese language skills before looking for
career opportunities with Mizuho. Mizuho’s Japanese language careers
page can be found at www.mizuho-fg.co.jp/saiyou/pre_index.html.
Unfortunately, the firm doesn’t feature any careers information on its site in
English—clicking the “Careers” link in English will simply redirect you to
the firm’s Japanese page.

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Morgan Stanley
(Investment Banking)
Morgan Stanley
THE STATS
Asia Pacific Head Office
Employer Type: Public Company
(Until December 2008)
Ticker Symbol: MS (NYSE)
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30th Floor
Chairman & CEO, Morgan Stanley:
Three Exchange Square
John J. Mack
Central, Hong Kong
CEO, Morgan Stanley Asia:
(From December 2008) Owen Thomas
Level 46 Chairman, Morgan Stanley Asia:
International Commerce Centre Stephen Roach
1 Austin Road West Net Revenue: USD$5.49 billion
Kowloon, Hong Kong (FYE 11/07)
Net Income: USD$1.47 billion
(Remaining unchanged) (FYE 11/07)
Phone: +852-2848-5200 No. of Employees worldwide: 57,845
Fax: +852-2845-1012 No. of Employees in Asia: 5,122
www.morganstanley.com No. of Offices worldwide:
More than 600

BUSINESSES KEY COMPETITORS


Institutional Securities
Citi Institutional Clients Group
Investment Management
Goldman Sachs
Global Wealth Management
J.P. Morgan
Merrill Lynch
LOCATIONS IN UBS Investment Bank
ASIA PACIFIC
Australia (Sydney and Melbourne) EMPLOYMENT CONTACT
China
www.morganstanley.com/careers/
Hong Kong
recruiting/asia_pacific
India
Indonesia
Japan
Singapore
South Korea
Taiwan
Vietnam

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Morgan Stanley

THE SCOOP

Global powerhouse
One of the leading investment banking firms in the world, Morgan Stanley’s
business is divided into three practice areas: investment management, wealth
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

management and institutional securities. Morgan Stanley Investment


Management (MSIM) provides global asset management products and
services, including equity, fixed income alternative investments and a direct
investing business. It also includes the firm’s private equity businesses and its
real estate funds (MSREF). Morgan Stanley's global wealth management unit
caters to individuals and small- to medium-sized businesses and institutions,
offering retirement plan services, brokerage and investment services, financial
and wealth planning, annuity and insurance, credit, trust and banking, and cash
management. In Asia, the wealth management business is entirely focused on
private wealth management for ultra-high net worth individuals, families and
trusts. The institutional securities unit covers Morgan Stanley’s world-
renowned investment banking, sales, trading, financing, research and risk
management analytics operations.

Today, the New York-based bank has more than 600 offices in 33 countries
worldwide. It's had a presence in Asia Pacific for over 30 years, and
currently has more than 3,400 employees in its offices in Hong Kong,
Beijing, Shanghai, Zhuhai (China), Taipei, Seoul, Singapore, Jakarta,
Hanoi, Mumbai, Sydney and Melbourne.

Deep roots
In 1854, American Junius J. Morgan joined a London banking business. His
son, J. Pierpont Morgan, decided to follow in his father's footsteps back
home—and as one of America's most powerful financiers, Pierpont Morgan's
name became synonymous with wealth and commerce in the country's early
industrial years. Pierpont Morgan was succeeded by his son J.P. Morgan, who
formed J.P. Morgan & Co. In 1935 Henry Morgan and Harold Stanley left J.P.
Morgan & Co. to form Morgan Stanley in New York, with offices on Wall
Street. Morgan Stanley continued to grow, managing some of the biggest
IPOs and bond issues of the 1940s and 1950s.

Morgan Stanley expanded its banking business to include asset


management in 1975, when it debuted asset management services for
institutional clients. The firm opened a private wealth management
department two years later, in 1977, and went public in 1986. This was the

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Morgan Stanley

same year the Discover card was launched by Sears, Roebuck (the product
of a merger between Sears, Roebuck and Dean Witter Reynolds).

Dean Witter Discover separated from Sears, Roebuck in 1993 and Morgan
Stanley purchased the venerable Van Kampen mutual fund family in 1996.
The following year Morgan Stanley and Dean Witter, Discover & Co.
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merged, creating a global powerhouse and a leader in worldwide asset


management, securities and credit services. In 2007, the Discover unit was
spun off. Under the terms of the divestiture deal, shareholders received one
share of Discover stock for every two shares of Morgan Stanley.

Eyes on Asia
The firm's primary businesses in Asia Pacific include corporate finance,
mergers and acquisitions advisory, direct investment, equities and fixed
income research, sales and trading, foreign exchange and commodities,
private wealth management and investment management. Morgan Stanley
is also planning on launching retail fund management operations in South
Korea, China and Taiwan over the next two years—all part of an expansive
push into Asian investment management.

The focus on investment management marks a timely change for Morgan


Stanley, which has generally focused on real estate, private equity and
hedge funds in the Asian market, as well as institutional fund management
and alternative investments. In a recent interview with the Financial Times,
Blair Pickerell, the head of Morgan Stanley Investment Management for
Asia, said, “If you are seriously interested in building a long-term asset
management business globally, you can't afford not to be in China.”

In Vietnam, Morgan Stanley received regulatory approvals for a joint venture


in February 2008. The venture, in which Morgan Stanley owns a 49 percent
stake, is based in Hanoi and operates as Morgan Stanley Gateway Securities
Joint Stock Company (Morgan Stanley Gateway Securities). Following final
regulatory and license approvals, the joint venture will be able to conduct a
range of services in Vietnam including investment banking advisory and
underwriting, brokerage services, research and principal investing.

China connection
Morgan Stanley was one of the many unfortunate investment banks who
recorded losses in the fourth quarter of 2007, when USD$5.7 billion in write-
downs due to holdings in the subprime market caused a loss of USD$3.59
billion. The majority of the hit was reported on the books as a failure of the

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Morgan Stanley

fixed income sales and trading business. In 2006, that department had net
revenue of USD$2.3 billion. In 2007, it was recorded as having a loss of
USD$7.9 billion. CEO John Mack tried to show some personal accountability
for the firm’s disappointing quarter by refusing his yearly bonus.

In December 2007, the firm followed in the footsteps of banks such as UBS
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and Citigroup and agreed to a long-term investment from a sovereign


wealth fund. The fund, the state-owned China Investment Corporation
(CIC), bought a USD$5 billion, 9.9 percent stake in Morgan Stanley.

Executive shift
In November 2007, Morgan Stanley CEO John Mack made some major
management changes. The most notable departure was that of co-president
Zoe Cruz, who had overseen Morgan Stanley’s trading and risk operations.
Cruz (the 16th most powerful woman in the world, according to Forbes
magazine) had been widely seen as Mack’s most likely successor.

Morgan Stanley Asia saw the departure of its then-CEO in January 2008,
when Hans Schuettler decided to retire and move back to his native
Germany after only two years on the job. Schuettler was head of Asia at the
bank during the meteoric rise of the Asian markets. He was succeeded in
February by Owen Thomas, who previously worked in New York as
president of Morgan Stanley Investment Management. Thomas is now
based out of Morgan Stanley Asia’s head office in Hong Kong.

Before Schuettler’s departure, Morgan Stanley made several personnel


moves in the Asia Pacific region, underscoring its focus on its businesses in
this part of the world. In the summer of 2007, it hired Blair Pickerell as a
managing director and head of Morgan Stanley Investment Management
(MSIM) for Asia. Pickerell had previously been responsible for HSBC’s
investment management business in the Asia region. The firm also
welcomed back Carlos Oyarbide from Credit Suisse, in a new role as chief
operating officer for Morgan Stanley China. Oyarbide had previously
worked for Morgan Stanley in Asia as a senior managing director in its
investment banking division and had been involved in some of China’s
largest IPOs, including China Unicom and Sinopec, in 2000.

The road ahead


Despite setbacks, Morgan Stanley ended up ahead of analyst expectations
when the first and second quarters of 2008 rolled around. While the
company’s overall first-quarter 2008 profits were down 42 percent from the

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Morgan Stanley

year before and revenue decreased 17 percent compared to the first quarter
of 2007, the firm’s equity trading group managed to bring in the best quarter
in its history. However, the firm also took two major first-quarter 2008
write-downs, worth a combined USD$2.3 billion, related to its mortgage
and loan businesses. In the second quarter of 2008, the firm posted net
income of USD$1.02 billion, down from the USD$2.36 billion it booked in
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

the second quarter of 2007. Net revenue decreased 38 percent to USD$6.5


billion, while investment banking saw revenue dive 49 percent compared to
the second quarter of 2007, and the firm's fixed income and trading division
experienced an 85 percent fall in revenue.

On top of the tables


An M&A powerhouse, Morgan Stanley shot up the Thomson Financial
(now Thomson Reuters) league tables to No. 1 in completed worldwide
M&A, completed European M&A and completed Americas M&A by deal
volume in 2007, up from its No. 3 ranking in 2006 in all three categories.
In completed Asia (excluding Japan) M&A by volume, the firm fell from its
top ranking in the previous year to No. 4 in 2007, advising on 56 deals
worth over USD$36.7 billion. China was also big for Morgan Stanley, as
the firm was No. 1 in announced M&A by volume, and No. 1 by number of
completed deals with 15 deals worth USD$4.6 billion. Overall, in 2007,
Morgan Stanley advised on 431 M&A deals worldwide worth a total of
USD$1.3 trillion.

Morgan Stanley remains one of the top players on the investment banking
league tables. In addition to its scores on the M&A charts, the firm ranked
No. 6 in global debt deal volume in 2007, with 1,055 deals that had
proceeds of over USD$361.2 billion. On the charts for Asian equity capital
markets, Morgan Stanley was the No. 4 bookrunner in Asia (excluding
Japan and Australia) with proceeds of about USD$16.7 billion across 68
deals, representing a 7.5 percent market share. In Asia, the firm ranked No.
2 for Asia (excluding Japan and Australia) IPOs with proceeds of nearly
USD$8.7 billion on 31 deals. Morgan Stanley also completed seven deals
in the category of Asian G3 currency bonds (excluding Japan and Australia)
in 2007, enough to give it a No. 10 ranking. The deals totaled USD$1.6
billion worth of proceeds, accounting for a 3.5 percent share of the market.

In Asia, Morgan Stanley also rates highly for its equity franchise, ranking
No. 3 in equity and equity-linked transactions from 2007 until mid-2008,
with a 9.6 percent market share.

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Morgan Stanley

GETTING HIRED

High achievers, please


Morgan Stanley's recruiting page at www.morganstanley.com/about/careers/
recruiting/index.html has a great deal of information on the firm's culture,
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diversity and dedication to social responsibility, as well as upcoming recruiting


events at universities worldwide.

In addition to entry-level and experienced hire positions, Morgan Stanley


offers a variety of analyst-level programs in Asia Pacific for graduates who
might not necessarily have “extensive job experience or knowledge of the
financial world.” The firm seeks “high achievers who share integrity,
intellectual curiosity and the desire to work in a congenial atmosphere with
like-minded people.” In Asia Pacific, analyst programs include opportunities
in investment banking, private equity, private wealth management, research,
and sales and trading. For investment banking, there is a two- to three-year
full-time analyst program and a 10-12 week summer analyst program
available. More information is available on the recruitment page.

For associate-level programs (open to those with several years of professional


experience, an MBA or other advanced degree), opportunities are available in
investment banking, private equity and private wealth management.

Giving back
Morgan Stanley has a number of programs in place as an equal
opportunities employer in Asia and aims to help local communities. The
firm, with nearly a third of all officers in the region being female, also has
an active women’s network for its female professionals across the region.

In nearly every location in Asia, Morgan Stanley has an employee-led


charity committee that organizes volunteers for local community projects
and fundraising. Every June, the firm also organizes its annual “Global
Volunteer Month”—a series of employee-led community service initiatives
which are sponsored by the firm across the globe. Apart from supporting
educational and health causes for underprivileged children, Morgan Stanley
sponsors the arts and remains attentive to environmental matters.

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National Australia Bank

500 Bourke St.


THE STATS
GPO Box 84A
Melbourne, 3001 Employer Type: Public Company
Australia Ticker Symbol: NAB (ASX),
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Phone: +61-3-9641-3500 NAZBY (OTC)


Fax: +61-3-8641-4916 Managing Director, CEO & Executive
www.nab.com.au Director: John Stewart
Total Assets: AUD$564 billion
(FYE 09/07)
DEPARTMENTS Net Profit: AUD$4.5 billion
Agribusiness Banking (FYE 09/07)
Business Banking No. of Employees: 38,433
Personal Banking No. of Offices: 1,240 (worldwide)
Private Banking
Wealth Management
KEY COMPETITORS
ANZ
LOCATIONS IN ASIA Commonwealth Bank
PACIFIC Westpac
Australia
China (representative office) EMPLOYMENT CONTACT
Hong Kong
India (representative office) See “Careers at NAB” section of
Japan www.nab.com.au
New Zealand
Singapore

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National Australia Bank

THE SCOOP

Representing Australia
National Australia Bank (NAB) represents Australia for National Australia
Bank Group, an international financial services organization whose history
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traces back to 1858 with the establishment of the National Bank of


Australasia. NAB Group is organized around four regions: Australia, New
Zealand (Bank of New Zealand), the U.K. and Europe (Yorkshire Bank and
Clydesdale Bank), and the Americas (Great Western Bank). Business
handled in each region includes retail banking, business banking, corporate
banking, wealth management services, and transactional and custodial
operations. In addition, the group operates nabCapital, which focuses on
debt, risk management and investment products for corporate and
institutional customers.

With more than 38,000 employees, NAB services customers through more
than 790 branches, 150 business banking centers, 110 regional agribusiness
locations and three major contact centers. NAB also maintains a strong
presence in Asia, with branches in Hong Kong, Japan and Singapore and
representative offices in China and India. The firm’s Asian operations are
focused on corporate and institutional banking as well as personal financial
services.

Five pieces of the pie


NAB’s business is divided into five main areas: business banking, private
banking, agribusiness banking, personal banking and wealth management.

NAB’s business banking division is Australia’s largest business lending and


business deposit taker. The bank provides lending, deposit, transaction,
custody, asset finance, financial planning and merchant services to more
than 800,000 customers ranging from small- to medium-sized enterprises to
corporate clients. Its 5,650 business-banking and 450 financial-planning
specialists are located at more than 150 business-banking centers
throughout Australia.

The firm’s private banking division caters to the needs of a select group of
high-net-worth clients. Agribusiness handles banking services for rural
Australian businesses, agriculture, forestry and fishing industries.
Servicing a range of customers, from small family farming enterprises to
large multinational operations, the bank’s 550 agribusiness banking

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National Australia Bank

specialists operate through more than 110 regional locations across


Australia.

Personal banking offers financial solutions to 3.5 million customers in


Australia. The bank provides a range of deposit, lending, credit and
transaction products as well as an Australia-wide network of 790 branches,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

3,200 Australia Post outlets, 1,300 ATMs and internet and telephone
banking access.

Through a network of financial advisers, NAB’s wealth management


business provides wealth management services and quality financial
planning advice on investments, insurance and superannuation.

In May 2007, NAB launched NAB Health, a specialized banking business


to meet the financial needs of medical practitioners, healthcare and aged
care facilities, and investors in Australia’s AUD$90 billion healthcare
sector.

Nabbing Asia
Though NAB has been operating since 1858, it only reached out to its Asian
neighbors as recently as 1969, when it opened a representative office in
Tokyo. The Tokyo office quickly became a branch with full operations.
When NAB merged with the Bank of New Zealand in 1994, the firms
combined their Tokyo offices in order to expand their Japanese presence.

In recent times, as the economy has grown in nearby regions such as China,
Singapore and India, NAB has expanded its presence significantly in these
countries. Currently, NAB has branches in Hong Kong, Singapore, and
Tokyo and representative offices in Beijing and Mumbai. The Hong Kong
branch was established in 1986 and provides a range of services including
multicurrency deposits, mortgage financing, treasury sales and telegraphic
transfers.

The bank has been active in Singapore since 1981 and today has a
wholesale banking license that allows it to offer deposit, lending and
investment services. NAB also operates a merchant bank in Singapore
called National Australia Merchant Bank (Singapore), Ltd. Another
Singaporean subsidiary of NAB is Medfin Finance, a financial services
company for healthcare providers which has been in operation for over 17
years.

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National Australia Bank

A more perfect Union


As Chinese regulators have softened up toward foreign investors, many
multinational corporations have sought to get in on the action. In March
2008, NAB made sure it didn’t miss its chance to own a piece of the
growing Chinese economy when it gained approval to buy a 20 percent
stake in China-based trust firm Union Trust & Investment for RMB 300
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

million. NAB became the first foreign company to benefit from more
relaxed laws that allow foreign companies to acquire a maximum of 20
percent in Chinese trust firms. The alliance of NAB and the Fujian-based
company will most likely result in the offerings of services such as
infrastructure trusts, annuity management and real estate investment trusts.
NAB is also allowed one member to represent them on Union Trust’s board
and has chosen nabCapital CEO John Hooper.

This was NAB’s first major point of entry into the Chinese market, though
the company did enter into a collaboration with China UnionPay in
November 2006 which allowed China UnionPay’s customers to access
NAB’s banks in Australia.

In the service of the government


In September 2007, NAB unveiled a strategy to capture business from the
Australian government. A new specialized business unit was formed to
meet the financial needs of the AUD$335 billion general government and
AUD$20.5 billion local government sectors.

Helen Silver, a former deputy secretary of the Australian Department of


Treasury, will head the government business unit. Silver remarked, “With
respective revenues of [AUD]$32 billion and [AUD]$44 billion for the
Victorian and NSW governments, their income streams compare with those
earned by some of Australia’s largest companies. Federal government
income of [AUD]$260 billion is about five times the size of some of the
country’s top firms.”

Three spots down


NAB showed up on the Thomson Financial (now Thomson Reuters) league
tables for debt capital markets in 2007, but the results weren’t particularly
positive for the Australian bank. The firm dropped from second place in
2006 to fifth in 2007 on the table reflecting all Australian debt deals. NAB
completed 18 deals with proceeds of USD$4.58 billion and a market share
of 7 percent. That’s a drop of 5.1 percent in market share percentage from

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National Australia Bank

2006, when the firm’s proceeds represented 12.5 percent of the total market
share.

GETTING HIRED
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Find your niche


Graduates, professionals and executives all get their own space within the
careers section at www.nab.com.au, which provides job-seekers with the
tools to get in at the bank. You can conduct a job search, sign up for job
alerts and be sent an e-mail when a position opens that meets your
specifications, or just learn about what day-to-day life at the firm is like.
The bank also details possible career paths in different groups, including
human resources, IT, legal, marketing, banking and relationship
management, financial planning, insurance and superannuation, customer
service, call center, administration, and consulting and project management.

If you’re just wondering about the basic application procedure, the firm also
covers that, guiding prospective employees through the typical interview
process. Make sure to put your thinking cap on well ahead of time—
according to the web site, the firm does cognitive, psychometric and
competency testing for all of its candidates. If you have any general
questions on the hiring process that are not answered on the careers page,
send an e-mail to nab.careers@nab.com.au.

In addition to its Australian graduate programs, NAB kicked off its Asian
graduate program in early 2008 for Hong Kong and Singapore nationals.
The Asian program includes a 12-month assignment in Australia alongside
participants in the Australian graduate program.

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Nomura Holdings

Japan Headquarters
THE STATS
1-9-1, Nihonbashi, Chuo-ku
Tokyo 103-8645 Employer Type: Public Company
Japan Ticker Symbol: NMR (NYSE),
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Phone: +81-3-5255-1000 8604 (TYO)


Fax: +81-3-3278-0420 CEO (Nomura Holdings and Nomura
Securities): Kenichi Watanabe
Asia and Oceania Regional Total Revenue: JPY 1.59 trillion
Headquarters (FYE 03/08)
30/F Net Income: JPY -67.85 billion
Two International Finance Centre (FYE 03/08)
8 Finance Street No. of Employees: 18,995
Central, Hong Kong No. of offices: 179 (in Asia Pacific)
Phone: +852-2536-1111
Phone: +852-2536-1888 KEY COMPETITORS

www.nomura.com Daiwa Securities Group


Nikko Cordial

DEPARTMENTS
EMPLOYMENT CONTACT
Domestic Retail
Global Markets www.nomura.com/europe/careers
Global Investment Banking
Global Merchant Banking
Asset Management

LOCATIONS IN ASIA
PACIFIC
Australia
China
Hong Kong
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand (affiliate)
Vietnam

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Nomura Holdings

THE SCOOP

All over Asia


Japanese-based Nomura Holdings is one of the world’s largest securities
and investment banking firms. The company was founded on December
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

25, 1925 and ever since has been a force of dominance domestically and
abroad. Nomura has offices all over the world including major subsidiaries
in the U.S. and the U.K. In the Asia Pacific region, the firm has offices in
Australia, China, Hong Kong, Indonesia, South Korea, Malaysia, the
Philippines, Singapore, Taiwan, Thailand and Vietnam.

Nomura operates through five main areas of business: domestic retail,


global markets, global investment banking, global merchant banking and
asset management. The domestic retail banking section operates branches
through Nomura’s home country of Japan, and also offers consulting
services and financial products. The global markets division provides
global fixed income, global equity and asset finance services. The global
investment banking division provides a wide variety of investment banking
services including underwriting debt, equity and other securities, as well as
providing financial advisory for a diverse range of business transactions.
Nomura’s global merchant banking arm conducts private equity deals in
Japan, Europe and the U.S. Finally, the firm’s asset management business
develops and manages investment trusts and investment advisory services
through its subsidiary, Nomura Asset Management Company.

Saving Ashikaga
Nomura made a strategic purchase in March 2008 that allowed it to take
over Japanese lender Ashikaga Bank after a two year bidding war.
Ashikaga Bank is a regional bank and top lender that was nationalized by
the Japanese government in 2003, only to be put up for sale again in 2006.
Nomura’s JPY 280 billion bid for Ashikaga was looked on with approval by
locals who wanted a domestic company to buy the bank. Ashikaga was a
casualty of the 1997 Asian financial crisis and the move to nationalize it
was an attempt to save the ailing bank.

Aussie alliances
Nomura tapped into the resources of its neighboring Australia recently with
two strategic alliances which will significantly boost its business in the
entire Asian region. The first alliance was an agreement to establish a

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Nomura Holdings

commodity derivative business with Australian investment banking giant


Macquarie Bank Limited. The two companies will focus on energy risk
management products such as Japanese Customs-cleared Crude (JCC—also
known colloquially as the “Japanese Crude Cocktail”), but will also offer
derivatives in agricultural and metals. The alliance with Macquarie was
announced in June 2007.
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Later that month, Nomura made another investment in Australia when it


bought a minority stake in Calliva Group Limited, a Sydney-based
investment manager with AUD$130 million in assets. The two companies
plan to work together to offer products to the Australian superannuation
market.

Subprime shakeup
Nomura’s business in the U.S. subprime debacle suffered so significantly
that the Japanese firm announced in October 2007 it would pull out of the
troubled mortgage-backed securities markets altogether. At the time the
decision was made, the firm estimated its total losses due to subprime
fallout at JPY 140 billion. In order to cut costs, the firm also announced
that it would cut about 20 percent of its employees in its U.S. offices—
about 300 people altogether. Nomura’s CEO, Nobuyuki Koga, agreed to
return 30 percent of his pay from 2007 in an attempt to take responsibility
for the massive losses incurred by his firm during the year.

But Koga’s salary sacrifice wouldn’t be enough to save his job. In March 2008,
Nomura Holdings announced that it was ousting its former CEO because of his
failed ability to significantly boost profits. Koga was replaced by Kenichi
Watanabe, a 30-year veteran of Nomura who previously served as executive
vice president of Nomura Securities. Although Koga did not retain his position
as head of Nomura Holdings, the company did not fire him altogether—he is
now the chairman of Nomura Securities. From a remark he made at a press
conference shortly after Nomura reported its second-quarter losses for 2007,
Koga showed that the subprime debacle came so swiftly one could barely
prepare for it. “The pace of the collapse in the residential mortgage-backed
securities market was quicker than we expected,” he said.

The firm will also augment its team in 2008 to make room for two new faces
in top executive spots. Takumi Shibata, former president of the asset
management division, will become Nomura’s chief operating officer, while
Hiromi Yamaji will take over the position of CEO of global investment
banking.

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Nomura Holdings

Still top dog in Japan


Nomura may have had a tough year due to its unfortunate depth in the U.S.
subprime market, but the firm is still the king of the Thomson Financial
(now Thomson Reuters) league tables when it comes to equity capital
markets in its home country of Japan. The firm’s involvement in the Sony
Financial deal, on which it acted as co-bookrunner with J.P.Morgan,
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catapulted Nomura to the top spot in the category of Japanese equity and
equity-related deals. The firm’s No. 1 ranking was due to its 75 deals with
proceeds of USD$10.3 billion, representing a whopping 40.9 percent of the
total market share. Nomura also took the top spot on the equity charts for
the categories of Japan common stock, Japan IPOs, and Japan convertibles.
Internationally, the firm was ranked No. 10 for imputed fees due to equity-
related deals, with fees totaling USD$348.9 million from 169 deals.

In M&A financial advisory, Nomura held on to its 2006 spot as the top fee
earner in Japan with imputed fees in 2007 of USD$151 million coming from
147 deals. In the category of all completed Japanese M&A, Nomura just
missed the top spot. It placed second to Merrill Lynch by less than USD$100
million. The firm’s total value in Japanese M&A in 2007 was still impressive
however, at USD$34.4 billion. The value represents 25.7 percent of the total
share. In 2006, Nomura placed third in the category of all completed M&A.

Nomura also showed modest growth in 2007 on the debt capital markets table,
where it was ranked No. 3 in the category of all Japanese bonds in yen with
193 deals that had proceeds of USD$26 billion. In 2006, the firm was ranked
fifth in that same category with 12.4 percent of the market share, 0.2 percent
less than in 2007. Nomura also scored fourth in the category of imputed fees
for Japanese bond deals, pulling in USD$66 million in fees from 377 deals.

GETTING HIRED

London calling
Graduates for Asia are hired through Nomura’s International Programme, in
which the successful graduate will attend a five-to-six week training
program in London with all other international (non-Tokyo) graduates and
then work in the London office for six to eight months. After this period,
they will transfer to an office in Asia, most often in Hong Kong or
Singapore. You can apply online at www.nomura.com/europe/careers.
Competition for the program is fierce and those interested are advised to
submit their applications no later than the end of September.

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Asia Pacific region.
OCBC Group

65 Chulia Street
THE STATS
#29-00 OCBC Centre
Singapore, 049513 Employer Type: Public Company
Phone: +65-6318-7222 Ticker Symbol: OCBC (SGX)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Fax: +65-6533-7955 CEO: David Conner


www.ocbc.com Chairman: Cheong Choong Kong
Total Assets: SGD$174 billion
(FYE 12/07)
BUSINESSES Net Income: SGD$4.28 billion
Consumer Banking (FYE 12/07)
Private Banking No. of Employees: 10,000
Corporate/SME Banking No. of Offices: 460 (worldwide)
Investment Banking
Transaction Banking
KEY COMPETITORS
Treasury
Stock Broking DBS Group Holdings
Insurance United Overseas Bank
Asset Management
EMPLOYMENT CONTACT
LOCATIONS IN See the “Careers” link at
ASIA PACIFIC www.ocbc.com.sg/global/main/
China index.shtm
Malaysia
Singapore

OCBC Bank operates in:


Australia
Brunei
China
Hong Kong
Indonesia
Japan
Malaysia
Myanmar
Singapore
South Korea
Taiwan
Thailand
Vietnam

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OCBC Group

THE SCOOP

Singapore’s longest established local bank


Oversea-Chinese Banking Corporation (OCBC), which bills itself as
“Singapore’s longest established local bank,” began in 1932 when Chinese
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Commercial Bank, Ho Hong Bank and Overseas-Chinese Bank joined


forces. Today, OCBC offers a wide range of specialist financial services,
from consumer, corporate, investment, private and transaction banking to
treasury and stock-broking services to meet the needs of its consumer and
business customers. OCBC Bank has a network of more than 460 branches
and representative offices in 15 countries and territories including
Singapore, Malaysia, Indonesia, China, Hong Kong, Brunei, Japan,
Australia, the U.K. and the U.S. In 2007, the bank booked total income of
SGD$4.28 billion, a healthy jump from the SGD$3.84 billion it earned in
2006.

In addition to its flagship OCBC Bank, the OCBC Group oversees OCBC
Securities Private Limited (its stockbroking arm that offers a full range of
brokerage services for equities and derivatives trading), Great Eastern (the
biggest insurance company in Singapore and Malaysia with SGD$46.5
billion of assets and about 3 million policy holders), Lion Global Investors
(one of the largest asset management companies in Singapore and Southeast
Asia) and Bank of Singapore Limited (which the firm calls “Singapore’s
first pure internet bank”) in Singapore.

In Malaysia, OCBC has been operating in the country for more than seven
decades and its subsidiary, OCBC Bank (Malaysia) is one of the top five
foreign banks there today. With a network of 29 branches located across
both the peninsula and East Malaysia, the bank renders its services to a
diverse range of individuals, as well as corporate and small- and medium-
enterprise (SME) clients, including sole proprietorships and partnerships. It
offers a broad spectrum of specialist financial services in Malaysia
including consumer, corporate and business, investment, premier,
transaction and Islamic banking, and global treasury services.

OCBC’s subsidiary in Indonesia, PT Bank NISP is the tenth-largest bank in


the country with over 350 branches and offices. In China, other than its
locally-incorporated subsidiary, OCBC Bank (China), it also has a strategic
investment in a local bank, Bank of Ningbo.

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OCBC Group

Honors all around


OCBC has consistently received accolades for its products and services
over the years. Some of the recent awards won by the bank in 2008 include
the Most Innovative Payment Product Award from China UnionPay, the
Best Deposit-Linked Product as well as Excellence in Mobile Phone
Banking in The Asian Banker’s annual Excellence in Retail Financial
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Services awards, and Best SME Cash Management Solution Bank at The
Asset’s Triple A Asset Asian Awards. In 2007, the bank was recognized as
the Third Strongest Bank in Asia Pacific and also as having the Best Multi-
Channel Capability as well as Excellence in Multi-Channel Distribution by
The Asian Banker. In addition, it won the Gold Award for Best Contact
Centre of the Year from the Contact Centre Association of Singapore. The
bank was also voted Best Cash Management Bank by Asiamoney and
FinanceAsia in 2007. Other awards won by the bank in the same year
include Best Cash Management Solution in South East Asia, Best
Secondary Offering in South East Asia and Best Trade Finance Bank by
investment magazine Alpha South East Asia.

Additionally, Lion Global Investors, which has SGD$33 billion in assets


under management as of March 31, 2008, regularly receives a number of
awards for its performance. In 2008, the asset management company won
10 honors at The Edge-Lipper Singapore Funds Awards.

On the Thomson Reuters league tables for the first half of 2008, OCBC is
currently ranked No. 5 for the Top Bookrunners of Asia-Pacific Syndicated
Loans and No. 6 for Top Mandated Arrangers of Asia-Pacific Syndicated
Loans.

A few new ventures


In May 2008, OCBC said that it was raising around SGD$1 billion from a
non-convertible preference share offering. The firm confirmed that the
transaction had already received approval from the Monetary Authority of
Singapore and the Singapore Exchange. The bank did not confirm other
details, but Singapore publication The Straits Times reported that OCBC
will be offering these shares to retail investors, as opposed to recent
institutional investor-only preference shares, which competitors such as
DBS Group Holdings have begun to offer.

The firm has a few more projects up its proverbial sleeve as well. In June
2008, the bank announced that it would be partnering with online shopping
service comGateway to launch ShopOnline, which connects customers in

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OCBC Group

Asia with more than 300,000 internet shops based in the U.S. In its initial
stages, the service will be available to cardmember clients of OCBC Bank.

Looking ahead
OCBC’s core earnings have nearly tripled over the past five years, from
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

SGD$667 million in 2002 to about SGD$1.88 billion in 2007. An annual


10 percent earnings-per-share growth target was exceeded in 2006 and 2007
with 13 percent and 32 percent, respectively. OCBC enjoys one of the
highest credit ratings among Asian banks and has a solid capital base, sound
liquidity and funding position. Besides investing heavily in strengthening
and transforming its businesses over the years, the bank has also enhanced
its credit processes and risk management capabilities. OCBC has also
launched a number of differentiated product and service initiatives as a
result of insights from customer research aimed at building a competitive
advantage in the market, and plans to seize further growth opportunities by
expanding in Singapore and overseas.

GETTING HIRED

Transition in
The careers link at www.ocbc.com tries to offer its prospective employees
a few new angles, even describing its “career transition program” for
candidates who’ve considered a career in banking but might not have had
the necessary background to successfully apply. Information is also
available on OCBC’s management associate program for those with an
MBA or master’s degree and at least two years of work experience. The
firm also offers a general job posting section, including current openings in
the firm’s Singapore, Malaysia and China offices.

Internships run 10 weeks and are awarded to Singaporean citizens or


permanent residents studying overseas as well as students in their “pre-final
and final year pursuing their undergraduate or post-graduate studies in
Singapore” who have “excellent academic results and involvement in extra-
curricular activities.”

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Asia Pacific region.
Ping An Securities

1st Floor, Ping An Building


THE STATS
Bagua 3rd Road
Futian District Employer Type: Subsidiary of
Shenzhen, 518040 Ping An Group
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

China Chairman & CEO: Ye Licheng


Phone: +86-40-0886-6338, Net Income: USD$206.9 million
+86-755-8242-2251 (FYE 12/07)
www.pa18.com No. of Offices: 24

DEPARTMENTS KEY COMPETITORS


Investment Banking BOC International
Equities China Galaxy Securities
Research China Merchants Securities
GF Securities
Guotai Junan Securities
LOCATIONS IN Haitong Securities
ASIA PACIFIC
Beijing EMPLOYMENT CONTACT
Guangzhou
Hong Kong job.pingan.com (in Simplified Chinese)
Shanghai
Shenzhen
Other major cities in China

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Ping An Securities

THE SCOOP

Backed by an insurance giant


Ping An Securities is the securities arm of Ping An Group, China’s second-
largest insurer. Located in Shenzhen, in Guangdong Province in southern
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

China, the firm began operations in 1991 as a securities department within


its parent company. Ping An Securities was formally established as a
subsidiary in October 1995 with approval from People’s Bank of China.
With the backing of its well-known parent—in 2007, Ping An Group was
named one of the Top Ten Brands Most Favored by Chinese Internet
Users—Ping An Securities has grown over the years from a regional
securities house into an integrated, nationwide company.

Ping An Securities handles a variety of financial services through six main


divisions: investment banking, fixed earnings, asset management,
brokerage, research and derivative products. The firm had reason to
celebrate at the end of 2007, when it posted a more than twofold jump in
income for the year. Flying high thanks to the booming Chinese securities
market, Ping An reported USD$206.9 million in unaudited net income for
the fiscal year ended December 31, 2007, up from about USD$84 million
in 2006.

Innovation is the name of the game


In 2004, Ping An acted as lead underwriter on four IPOs in the primary
market, earning a top ranking that year for equity offerings. The following
year, the firm pushed forward reforms on non-tradable shares for
domestically listed companies. Of all the listed companies that have
announced share reforms, Ping An Securities successfully sponsored 20,
ranking as one of the top-five securities firms in China. Among members
of the Shenzhen Small and Medium Enterprises Board, Ping An Securities
ranked second among all securities firms in China in 2005.

Ping An Securities was a pioneer in helping to develop a next-generation


trading system for the Shanghai Stock Exchange. The firm played a crucial
role, setting up a risk-supervision project and proposing the route for
developing derivative products domestically. For this, the firm was named
an Annual Financial Innovator in 2005 by the Securities Association of
China and Capital Circle magazine. These organizations also named Ping
An the Most Influential Corporate Brand and Best Investment Banking
Team for that year.

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Asia Pacific region.
Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Ping An Securities

Trumped by Morgan Stanley


Ping An Group was poised in March 2007 to become China’s first insurer
to own a mutual fund company, as Ping An Securities had reached the final
stages of buying a controlling stake in Jutian Fund Management. Based in
Shenzhen, Jutian is one of the country’s oldest stockbrokers. Ping An,
which had been in talks with Jutian for around six months, wanted a 35
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

percent stake in the fund. But by October 2007, Ping An saw the fund slip
through its fingers, when U.S. investment bank Morgan Stanley swooped in
and scooped up Jutian for USD$8.6 million. Perhaps Ping An dodged a
bullet: Jutian’s operations were suspended by the China Securities
Regulatory Commission in late 2006 for misusing clients’ funds.

Joint venture with Singapore firm


China Daily reported in January 2008 that Ping An Securities was planning
a joint venture fund management company with UOB Asset Management,
Singapore’s largest asset manager. By way of background, the newspaper
reported that Ping An “has been seeking to enter the fund management
business after it expanded into securities, banking and trust.” It’s unclear
exactly what the nature of UOB’s relationship with Ping An Securities will
be, but industry watchers are calling the venture a move on Ping An’s part
to strengthen its framework as a financial holding company.

GETTING HIRED

Chinese language skills required


Ping An Securities offers absolutely no information about careers on its
English web site. If you can read Simplified Chinese, check out the firm’s
jobs page at job.pingan.com for more information, including regularly
updated job postings.

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RBC Capital Markets

17/F Cheung Kong Center


THE STATS
2 Queen’s Road
Central, Hong Kong Employer Type: Subsidiary of
Phone: +852-2848-1388 Royal Bank of Canada
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

www.rbccm.com Chairman & CEO: Charles Winograd


Co-Presidents: Doug McGregor & Mark
Standish
BUSINESSES No. of Employees: 3,300 (worldwide)
Global Credit No. of Offices: 75 (worldwide)
Global Investment Banking &
Equity Markets
KEY COMPETITORS
Global Markets
Global Research Bank of America
CIBC World Markets
Citigroup
LOCATIONS IN
ASIA PACIFIC
EMPLOYMENT CONTACT
Beijing
Hong Kong www.rbccm.com/careers
Mumbai
Singapore
Sydney
Tokyo

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advice articles, employee surveys and other information on top careers in the LIBRARY 267
Asia Pacific region.
Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
RBC Capital Markets

THE SCOOP

Part of the Royal family


RBC Capital Markets is part of the Royal Bank of Canada, which has four
other business segments: Canadian Banking, Insurance, International
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Banking and Wealth Management. RBC Capital Markets is an international


corporate and investment bank, serving corporations, governments and
high-net-worth clients around the world. Its 3,300 employees work from 75
offices worldwide. In the Asia Pacific region, RBC Capital Markets has
offices in Beijing, Hong Kong, Tokyo, Mumbai and Singapore. 55 percent
of its revenue was generated outside of Canada in fiscal 2007.

The Royal Bank of Canada began operation in 1869 and today has over
USD$650 billion in assets, and more than 15 million clients in North
America, Europe and Australia. Based on assets, RBC is the fifth-largest
bank in North America and one of the top 20 globally. Until 2001, RBC
Capital Markets was known as RBC Dominion Securities. The former
Dominion Securities was created in 1901 and purchased by the Royal Bank
of Canada in 1988. In 2000 and 2001, RBC added several boutique
acquisitions to its investment banking arm, including American firms Dain
Rauscher Wessels and Tucker Anthony Sutro. These last two acquisitions
resulted in the formation of RBC Capital Markets in November 2001.

RBC Capital Markets’ business is segmented into municipal finance,


corporate finance and investment banking, debt finance, infrastructure
finance, global treasury services, equity sales & trading, global credit, fixed
income and currencies, sales and trading, global financial institutions,
financial products, research and corporate banking.

In Asia Pacific, RBC Capital Markets has key offices in Sydney (108
employees), Tokyo (65 employees), Hong Kong (38 employees),
Singapore, Beijing and Mumbai. The firm continues to expand its
operations in the region.

Winograd catches who Fell


In October 2007, RBC Capital Markets said goodbye to its chairman, Tony
Fell, who announced his retirement after a 48-year career with the firm.
With this announcement, Capital Markets CEO Chuck Winograd added the
role of chairman to his title.

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RBC Capital Markets

Fell began his career with RBC in 1959 when he joined the research
department of Dominion Securities at the age of 20, after graduating from
St. Andrew’s College in Aurora, Ontario. By 1965, he had become manager
of the department and, in 1967, decided to transfer into to the investment
banking business development group. Fell was appointed a director of the
firm in 1969 and in 1972 became an executive vice president. In September
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

1973, Dominion Securities merged with the investment banking firm of


Harris & Partners Limited, and Fell was appointed president of the
combined company at age 34. In 1980, Fell was appointed CEO, a position
he held for 19 years. Fell was appointed a vice chairman of RBC in 1996
and a deputy chairman in 1998, before taking on the role of chairman of
RBC Capital Markets in 1999, a position he held for eight years.

Hometown favorite
According to the Thomson Financial (now Thomson Reuters) 2007
investment banking league tables, RBC Capital Markets was the pride of its
home country, ranking No. 1 in Canadian-announced M&A, up from No. 3
in 2006. The firm announced 67 deals worth a total of $157 billion. RBC
Capital Markets made significant strides in U.S. M&A, jumping 16 places
in U.S. announced deals to No. 20 (from No. 36 in 2006). In Australia, the
firm ranked No. 23 in announced M&A deals, and No. 22 in completed
ones. RBC was impressive on a global scale in 2007 as well, coming in at
No. 20 in worldwide announced M&A, up from No. 31 in 2006.

RBC Capital Markets has also found success in the Australian debt issuance
market. The company has consistently ranked No. 1 on the KangaNews
Kangaroo league tables since 1996.

Brothers in banking
RBC Capital Markets may not have a huge presence in Hong Kong just yet,
but its sister subsidiary, RBC Investment Services (Asia) Ltd., is entirely
devoted to providing clients there with a “broad range of investment
choices.” The investment firm is an extension of RBC’s long presence in
Hong Kong, which stretches back to 1969. In fact, RBC was the first
foreign member to be formally admitted into the Hong Kong Stock
Exchange. RBC Investment Services (Asia) is a full service brokerage, and
also offers international advisory services for portfolio management.

RBC also has private banking and wealth management services in Asia.
These offices are headquartered in Singapore and offer deposits, foreign

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RBC Capital Markets

exchange services, loan, investment management, custody, and trust


services for individuals with investable assets of more than SGD$500,000.

GETTING HIRED
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

No current Asia Pacific hiring information


RBC Capital Markets maintains offices in Beijing, Hong Kong, Tokyo,
Mumbai, Sydney and Singapore; however, it does not currently provide
information about careers in Asia Pacific on its web site at
www.rbccm.com/careers. Your best bet may just be to contact the office of your
choice directly from the addresses listed at www.rbccm.com/offices/asia.html.

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Rothschild

16th Floor, Alexandra House


THE STATS
16-20 Chater Road
Central, Hong Kong Employer Type: Private Company
Phone: +852-2525-5333 Chairman: Baron David de Rothschild
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Fax: +852-2810-6997 Net Income: GBP 63 million


asia.rothschild.com (FYE 03/07)
No. of Employees: 2,000
No. of Offices: 40
DEPARTMENTS
Investment Banking
KEY COMPETITORS
Corporate Banking
Private Banking & Trust Barclays Capital
Real Estate Goldman Sachs
Venture Capital Lazard
Asset Management
EMPLOYMENT CONTACT
LOCATIONS IN ASIA www.rothschild.com/careers
PACIFIC
Australia
China
Hong Kong
India
Indonesia
Japan
Malaysia
Philippines
Singapore

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Asia Pacific region.
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Rothschild

THE SCOOP

The Rothschild empire


The Rothschild family’s prominence and affluence are so famous in Europe
that the word “Rothschild” in French is actually used as a synonym for great
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

wealth. During World War II, the Nazis incorporated elements from a 1934
Hollywood film about the family called The House of Rothschild as
propaganda to show the purported egregious wealth of the Jewish people,
and in the Hebrew language version of the song “If I Were a Rich Man”
from Fiddler on the Roof, the translation of the title of the song is “If I Were
a Rothschild.” The family is not only known for its opulence, but also for
its philanthropy and community work.

So it makes perfect sense in today’s global economy that N.M. Rothschild


& Sons, an investment bank founded by Nathan Mayer Rothschild in 1811,
would be spreading the family’s renown throughout every corner of the
world. The bank has offices 40 offices worldwide in North America,
Africa, the Middle East, Europe and South America. In the Asia Pacific
region, the bank has offices in Beijing, Hong Kong, Jakarta, Kuala Lumpur,
Melbourne, Mumbai, Shanghai, Singapore, Sydney and Tokyo.

The London office of N.M. Rothschild & Sons is situated on the same
corner it was back in 1811: the New Court at St. Swithin’s Lane. But the
institution has changed drastically through the years. A French branch
called de Rothschild Freres was founded by James Mayer Rothschild in the
early 19th century, and was later nationalized by a socialist French
government in 1982. In that year, Baron David de Rothschild, the current
chairman of N.M. Rothschild & Sons, rebuilt a new bank from scratch with
only three employees. In 2003, the British arm and the French arm of the
Rothschild’s bank came together under the leadership of a new holding
company called Concordia B.V. Concordia owns a controlling interest in
Rothschild Continuation Holdings, the parent company of N.M. Rothschild.

M&A mavericks
N.M. Rothschild’s is known for its global prowess in M&A deals, garnering
top spots in the global rankings in terms of numbers of deals. In 2007, the
company ranked No. 8 for all announced European deals and No. 7 for all
completed deals, according to Thomson Financial (now Thomson Reuters).
Globally, it was ranked No. 10. Rothschild also ranked in the top 10 earners
for imputed fees in Chinese M&A. It saw its earnings jump 62.9 percent in

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Rothschild

that category, shooting up to No. 8 on the league tables. All in all,


Rothschild raked in USD$12.3 million in fees as a result of four Chinese
M&A deals.

In fact, some of the bank’s biggest deals in the M&A arena were in China.
The bank advised BBVA on its USD$1.3 billion investment in China’s
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

CITIC International Holding Company as well as South Korean


telecommunications giant SK Telecom’s USD$1 billion strategic alignment
with China Unicom. In the overall Asia (excluding Japan) M&A tables,
Rothschild ranked No. 16 in announced deals and No. 11 in completed
ones. The firm’s M&A work did not go unnoticed. In Acquisitions Monthly
magazine’s annual awards for 2007, Rothschild was ranked Best M&A
Bank of the Year.

Though the company may be known as a primarily an M&A house, its


investment banking branch also handles debt advisory and restructuring,
equity capital markets, private placements and privatization services.

In the equity capital markets category, one of the company’s top deals was
advising online business-to-business trade company Alibaba.com in its
USD$1.5 billion IPO on the Hong Kong Stock Exchange. The firm racked
up major profits in India with its debt advisory business, working on deals
such as the offer made for Corus Group by Tata Steel, valued at
approximately GBP 6.2 billion. The company also worked out a hedging
strategy with Cairn India related to its USD$1.9 billion IPO.

No more ABN AMRO


In 1994, ABN AMRO formed a joint venture with Rothschild for the
arranging and underwriting of equity transactions in Europe, Asia and
Australia. However, due to recent acquisition of ABN AMRO by a
consortium of banks led by the Royal Bank of Scotland, the joint venture
was dissolved as of December 31, 2007. For now, Rothschild is operating
as an independent equity advisory business.

Rumor has it, however, that the firm could be shopping around for a new
joint venture which can help it restore its capabilities as an underwriter.
Chairman David de Rothschild, the Rothschild Group chairman, said the
following upon the announcement of the news: “This is a logical time for
the two banks to pursue their separate paths, although in doing so we part
as firm friends. We are excited by the potential for furthering Rothschild’s
franchise as trusted adviser in the equity capital markets and the new
opportunities which our chosen model will create for us.”

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Rothschild

The Rothschilds lose a leader


In June 2007, Baron Guy de Rothschild, the father of the current chairman
of N.M. Rothschild, passed away at the age of 90. Baron Guy was
instrumental in building the organization to its current level of prestige.
After the bank was nationalized in 1982, it was his fervent protests and cries
of unfairness that gave his son the impetus and inspiration to reconstruct the
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

bank. As the great-grandson of James Rothschild, Baron Guy de


Rothschild kept the family tradition alive as the fourth generation to run the
French arm of the bank. Baron Guy once said of the Rothschild banking
empire, “We are a family. Not an impersonal corporation.”

GETTING HIRED

If you were a Rothschild


The careers area on Rothschild’s web site at www.rothschild.com/careers
provides a section devoted to Asian graduates. Graduates are asked to
apply online—the firm provides detailed information about timelines and
the two-round interview process. The first round includes verbal and
quantitative tests; the second round includes panel interviews.

The hiring process for the Asian Graduate Programme is administered


through Rothschild’s regional headquarters in Hong Kong, but graduates
can be placed throughout the region in its offices including Hong Kong,
Beijing, Shanghai, Singapore, Mumbai, Jakarta and Kuala Lumpur.

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Royal Bank of Scotland

36 St. Andrews Square


THE STATS
Edinburgh, EH2 2YB
United Kingdom Employer Type: Public Company
Phone: +44 (0) 131 556 8555 Ticker Symbol: RBS (NYSE, LSE)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Fax: +44 (0) 131 557 6140 Chairman: Sir Tom McKillop
www.rbs.com Group CEO: Sir Fred Goodwin
Revenue: GBP 33.4 billion (FYE 12/07)
Net Income: GBP 7.55 billion
DEPARTMENTS (FYE 12/07)
Global Markets No. of Employees: 170,000
Group Manufacturing No. of Offices & Global Branches: 2,720
Regional Markets
Group Functions
KEY COMPETITORS
RBS Insurance
Barclays
Citigroup
LOCATIONS IN HSBC Holdings
ASIA PACIFIC
Australia • China • Hong Kong • EMPLOYMENT CONTACT
India • Indonesia • Japan • South
Korea • Malaysia • New Zealand • Graduate recruitment for RBS Group:
Pakistan • Philippines • Singapore • www.makeitrbs.com
Taiwan • Thailand • Vietnam
Graduate recruitment for Global
Markets: www.rbs.com/gmgraduates

Careers: www.rbs.com/careers

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Royal Bank of Scotland

THE SCOOP

The Royal family grows a little larger


The Royal Bank of Scotland Group (RBS) operates in more than 50
countries, providing approximately 40 million customers with retail and
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corporate banking, financial markets, consumer finance, insurance and


wealth management services. The company boasts more than 100,000
employees in the U.K., 26,000 in the Americas and 170,000 worldwide.
But not long ago, it had a lot fewer insiders. From 1998 to 2008, the firm
expanded rapidly, growing its international staff from just 30,000. During
that time, it also grew its annual income, which swelled from GBP 3 billion
to more than GBP 30 billion—thanks in part to the 29 acquisitions it made
during the decade. Today, RBS is also one of the top five banks in Asia for
corporate and institutional customers.

In October 2007, after a long bidding war with Barclays, a consortium of


banks led by the Royal Bank of Scotland was successful in acquiring Dutch
banking giant ABN AMRO for a price tag of EUR 71.9 billion. The buyout
was the largest financial services takeover ever. RBS’ partners in the ABN
AMRO buyout were Banco Santander and Fortis. These two banks have
assumed much of ABN AMRO’s European and international business, but
RBS gained control of its Asian operations, extending the company’s
already significant presence there.

A failed expedition launches a financial superpower


RBS can trace its roots back to the Darien Company, which launched a
disastrous expedition to establish a Scottish trading company in Panama in
1699. England compensated the Scottish creditors eight years later—
because it had promised support and then pulled out, which ultimately led
to the expedition’s failure. The entrepreneurial creditors began lending the
money they were given and eventually, in 1727, received a royal charter and
became the Bank of Scotland. RBS opened its first branch in 1873 and,
almost a century later, merged with the National Commercial Bank in 1968.

With the acquisition of National Westminster Bank (NatWest) in 2000—the


biggest takeover in the history of British banking—and the August 2004
purchase of Charter One Financial, the 40th-largest lender in the U.S., RBS
continues to grow its businesses around the world.

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Royal Bank of Scotland

New name in private banking


Much of RBS’ Asian business comes from its private banking branches
situated throughout the region, with major offices in Hong Kong, Tokyo,
Singapore and the United Arab Emirates. Private banking for RBS is done
through its Coutts subsidiary, which was acquired as part of the Natwest
deal in 2000.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

In January 2008, RBS made its mark more distinctive by renaming its
private banking division RBS Coutts. RBS Coutts taps into the significant
wealth growth of Asia by serving clients with more than USD$500,000 in
investable assets or clients with a net worth of more than USD$5 million.
In 2007, Asiamoney magazine named RBS Coutts the No. 1 wealth
manager for clients with assets of more than USD$25 million.

Strategic alliance
RBS joined a consortium of investors including the Li Ka Shing Foundation
and Merrill Lynch in 2006, buying a 10 percent share in one of China’s
largest banks: the Bank of China. The group shelled out about USD$3.1
billion for a stake in China’s second-biggest lender, with RBS investing
USD$1.6 billion dollars. RBS’s goal is to build on Bank of China’s
distribution strength and expand its credit card, wealth management,
corporate banking and personal insurance business lines in China.

The two banks are cooperating in the key areas of corporate governance,
risk management, financial management, human resources and information
technology. Bank of China went public on the Hong Kong and Shanghai
exchanges in June 2006, diluting RBS’ stake from 10 percent to 4.26
percent. The Chinese government holds a 67 percent stake.

Rosy results
Despite subprime losses, the Royal Bank of Scotland outperformed analyst
expectations in 2007 with an 18 percent profit increase and an 11 percent
increase in revenue. RBS attributes its solid earnings to its domestic
banking operations, which remained stable despite fluctuating markets.
Profits for the year were GBP 7.7 billion, up from GBP 6.5 billion in 2006.

The firm’s path through the volatile 2007 markets was not all smooth
sailing. In December, RBS announced that it would have to write-down
GBP 1.5 billion (USD$3 billion), due to problems in the credit markets.
The write-downs were broken down into three categories: asset backed

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Royal Bank of Scotland

mortgages (including collateralized debt obligations), leveraged loans and


other mortgage-related assets.

Capital markets kudos


In the capital markets, RBS showed its strength in 2007. According to
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Thomson Financial (now Thomson Reuters), in the fourth quarter, RBS was
the leading underwriter for international securitizations, holding a 13.4
percent market share. For all of 2007, RBS was the No. 9 bookrunner in
global debt, with 787 deals worth USD$282.2 billion. It was also the No.
5 manager of global mortgage-backed securities and No. 6 manager of
global asset-backed securities, with 97 deals worth USD$79.8 billion and
141 deals worth USD$67.3 billion, respectively. On the global project
finance tables, RBS fell from its 2006 top spot to No. 2, working on 68
issues worth USD$11.8 billion.

GETTING HIRED

The Royal salute


Dedicating a whole domain name solely to graduate recruitment, RBS offers
www.makeitrbs.com to save you the hassle of hunting around on a labyrinth-
like web site. The firm runs a total of 30 different graduate programs, ranging
from Global Markets (including all areas of investment banking), finance, risk
and retail to group technology and technology integration. International
placements, professional development and rotational opportunities are also on
offer.

RBS maintains a helpful careers web site at www.rbs.com/careers that allows


jobseekers to learn about opportunities in Asia Pacific, with Global Markets
opportunities for graduates available at www.rbsmarkets/gmgraduates.
Information on Asia Pacific is sorted by location: Hong Kong, Japan,
Singapore, Australia and India. Opportunities are available in Global Markets
in Hong Kong and Japan and in operations and finance for Global Markets in
Singapore. In India, the bank recruits for its India Development Centre (IDC),
a technology group with about 600 employees. Students and jobseekers can
apply directly via e-mail through the web site.

If you’re a penultimate-year student with your heart set on banking, you can
look into RBS’ 10-week summer internships, available in Global Markets
and covering all investment banking opportunities, finance, human
resources, internal audit and risk.

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Royal Bank of Scotland

Skills to pay the bills


There are a myriad of opportunities for graduates looking for a path into a
banking career, primarily in the form of one- to three-year programs. Entry
requirements vary from program to program, but as a general rule, most
require a minimum 3.4 GPA with a degree in any discipline. Some, such as
risk management, need more specific skills and require a more technical
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

qualification, such as a degree in mathematics, statistics, economics or


engineering. All positions require some prior work experience.

Sign here…
Applications are submitted online, but you’ll need to register on the site
first. The selection process varies from division to division. If you meet
the minimum requirements, you’ll be asked to complete an online
competency questionnaire, followed by a numerical reasoning test. The
next step is a telephone or face-to-face interview.

The final assessment step comes at a graduate assessment center in all


divisions. These centers are located in Hong Kong and Singapore. RBS
notes that for some business areas they will hold a pre-assessment dinner—
stressing that the dinner is not assessed. So don’t worry too much about
how you were holding your fork when you spilled your wine on the chief
executive—but do use the opportunity to ask those in the know about what
it’s like to work for RBS. Overall, the assessment will involve a numerical
reasoning test, a group challenge, a presentation, a face-to-face interview
and a planning and organizing exercise.

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Samsung Securities

Jongro Tower Bldg 6


THE STATS
Jongro-2 ga, Jongro-gu
Seoul, 110-789 Employer Type: Public Company
South Korea Ticker Symbol: 016360 (KRX)
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Phone: +82-2-2020-8000 CEO: Junhyun Park


Fax: +82-2-2020-8077 Net Revenue: KRW 980 billion
www.samsungfn.com/contents/ (FYE 12/07)
esamsung Net Income: KRW 3.58 billion
(FYE 12/07)
No. of Employees: 2,635
DEPARTMENTS No. of Offices: 98
Asset Management
Investment Banking
KEY COMPETITORS
Investment Consulting
Securities Brokerage Daewoo Securities
Korea Development Bank
Hyundai Securities
LOCATIONS IN ASIA
PACIFIC
EMPLOYMENT CONTACT
Hong Kong
Seoul See “Careers” section of
Shanghai www.samsungfn.com/contents/
esamsung

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Samsung Securities

THE SCOOP

Talk about brand recognition


Founded in 1982 as Hanil Investment Finance, Samsung Securities got its
current name when it became a part of Samsung Group, one of the world’s
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

largest corporations and best known for its electronics business, in 1992.
The firm’s investment banking unit was formed in 1998. Today, Samsung
is South Korea’s top securities firm by market value. The Seoul-based firm
offers retail brokerage and wealth management services to individual
investors, and institutional brokerage, investment advisory, investment
banking and capital markets services to public and private enterprises.
Samsung’s 2,635 employees work from 94 branches throughout South
Korea, in addition to four overseas offices in New York, London, Hong
Kong and Shanghai.

Pats on the back


Well known in its field, Samsung Securities has been honored with a
number of industry awards in recent years. In 2008, Global Finance named
Samsung its Best Investment Bank in Korea. On Asiamoney’s Private
Banking Poll, the firm was named Best Private Bank in Korea for 2006,
2007 and 2008, and Best Local Brokerage for five years running from 2002
to 2006. Institutional Investor awarded the company Best Research House
in Korea for the third year in a row in 2008. In 2006, the bank was also
awarded Best Domestic Investment Bank at The Asset’s Asian Awards.

For its financial advisory, Samsung Securities has been involved in a


number of large deals, including sea transportation company
STXPanOcean’s KRW 590.1 billion IPO on the Korean exchange in
September 2007, sportswear giant Fila Korea’s KRW 400 billion
acquisition of the global Fila business (for which it won MoneyToday’s
M&A of the Year award in 2007), and Samsung Corporation’s KRW 470
billion divestiture of its retail businesses.

A slushy mess
Parent company Samsung Group and Samsung Securities were under
investigation in late 2007 and into early 2008, as authorities were following
up on allegations from the group’s former chief in-house lawyer that
Samsung Group had been managing slush funds for the bribery of

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Samsung Securities

politicians, prosecutors and journalists. Samsung Securities offices were


raided on November 30, 2007 by prosecutors.

Financial authorities said they suspected more than 3,700 accounts were
opened by the Samsung Group using false names. Bribery claims were
ultimately dismissed by the prosecution due to a lack of evidence, though
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Lee Kun-hee, the chairman of Samsung Group, was indicted on a number


of charges and finally found guilty of tax evasion in July 2008.

A week after his indictment, Lee stepped down on April 22, 2008 in a
nationally televised news conference. Samsung Securities CEO Ho-won
Bae also resigned his post on the same day. In June, Bae was replaced by
Junhyun Park, formerly the vice president of Samsung Life Insurance.

Looking to the future


Despite a turbulent market environment in 2008, the good news for
Samsung Securities is that it may be in a better spot than many of its South
Korean counterparts because of the substantial investment the firm has
made in its asset management division in recent years. Samsung Securities
holds its “Vision 2020: Global Top 10” near and dear, with a step-by-step
plan to become a global player in the market. By 2010, the firm aims to
dominate domestically, building a solid network with Asia at the core by
2014, and looking into possible acquisitions of another global player post-
2015. By 2020, the firm is targeting KRW 15 trillion in net revenue.

This lofty goal represents a more-than-tenfold increase, and Samsung


Securities plans to do this through a number of initiatives including
building up its wealth management business, growing further through
overseas investment (through expansion in China and Southeast Asia,
followed by further Asia Pacific coverage, with the ultimate goal being an
acquisition of two to three firms), and expanding its trading business.

GETTING HIRED

Find your local Korean Student Association


Samsung Securities has an extensive careers section on its Korean-language web
site, but not as much on its English page at www.samsungfn.com/contents/
esamsung. According to a recent announcement from Samsung Securities’ HR
team, the English-language web site is currently undergoing an update and is
expected to be completed by the end of 2008.

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Samsung Securities

However, the firm is out there looking for talent—for example, the firm’s
CEO was recently in New York and met with as many applicants as
possible. In addition, Samsung Securities manages several recruiting
offices outside of South Korea. For those enrolled in graduate school or
above who are interested in being recruited or joining a two-month summer
internship, the firm recommends that you “check the Korean Student
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Association website at your school” for more information.

The site also notes that recruiting for overseas candidates is generally done
every September, whereas recruitment for summer internships falls at the
beginning of the year. For the internship program, a resume and cover letter
can be submitted to sewon531.oh@samsung.com. This e-mail address can
also be used for further hiring questions.

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Asia Pacific region.
Société Générale

Level 38, Three Pacific Place


THE STATS
1 Queen’s Road East
Wan Chai, Hong Kong Employer Type: Public Company
Phone: +852-2166-5600 Ticker Symbol: SCGLY (OTC)
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www.socgen.com Chairman: Daniel Bouton


CEO: Frédéric Oudéa
Net Banking Income: EUR 21.92 billion
DIVISIONS (FYE 12/07)
Retail Banking & Financial Services Net Income: EUR 947 million
Global Investment Management & (FYE 12/07)
Services No. of Employees: 151,000
Corporate & Investment Banking No. of Offices: Locations in 82
countries worldwide
LOCATIONS IN
ASIA PACIFIC KEY COMPETITORS
Australia BNP Paribas
China Crédit Agricole
Hong Kong Deutsche Bank
India
Indonesia EMPLOYMENT CONTACT
Japan
Malaysia See “Careers” at www.socgen.com
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam

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Société Générale

THE SCOOP

Rogue raider
Société Générale is one of the largest banks in the world, with over 60
subsidiaries operating in 82 countries. The massive company is organized
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into three main branches: Retail Banking & Financial Services, Global
Investment Management & Services and Corporate and Investment
Banking. Each of these divisions has major operations in Central and
Eastern Europe, the Mediterranean Basin and Africa. In recent years, the
company has significantly expanded its investment banking operations and
asset management companies into the Asia Pacific region.

Société Générale is not just one of the biggest banks in France and Europe,
it’s also one of the oldest. The bank was officially created under Napoleon
III back in May 1864 and has since survived through two World Wars.
From 1965 to 1990, Société Générale rode the boom of modern banking
and became a world leader in the banking arena. Today, the bank is ranked
No. 49 on the Fortune Global 500.

In January 2008, this old-world banking establishment came face to face


with the pitfalls of modern greed when it was rocked by the information that
a single trader had allegedly committed fraud costing the company EUR 4.9
billion. Jérome Kerviel, a 31-year-old trader who wanted to make a
reputation for himself, was arrested early in the year on charges of breach
of trust, falsifying documents and breaching computer security. The loss hit
the company’s integrity and its coffers, and spurred rumors that the
struggling institution would be the target of a takeover sometime during the
year.

No spin zone
No matter how you spin the numbers, Société Générale had a very tough
year in 2007. Thanks in part to the Kerviel trading scandal, the company
booked an 80 percent decline in gross operating income and a EUR 3.3
billion net loss in the fourth quarter alone. The year-end numbers were no
better. Group net income for the whole year ending December 31, 2007
was only EUR 947 million, down 81.9 percent from the previous year. The
firm’s stock price lost nearly 50 percent of its value, and the bank suffered
from the collapse of the credit market, taking a write-down of EUR 2.6
billion as a result of collateralized debt obligations and mortgage-backed
securities.

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Société Générale

If there’s a silver lining in all of Société Générale’s turmoil, it’s the


proposition of a merger that will bail it out of its current woes. Rumors at
the beginning of 2008 suggested that HSBC was interested in acquiring the
troubled French bank. However, as of late February 2008, the most likely
buyer was Société Générale’s French competitor BNP Paribas. Insiders say
that BNP Paribas would not want a complete merger with Société Générale
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

because of the risk that is carried by its investment banking branch.


However, just the indication of a possible acquisition has steadily driven up
the bank’s stock price.

Pressing on in China
Despite the major hits Société Générale has taken over the past year, the
company still wants to focus on expanding its presence in Asia, especially
in China. The bank will be incorporating its Chinese operations in May
2008, offering corporate and investment banking, retail banking and wealth
management services in the flourishing nation. Patrick Soulard, the bank’s
deputy chief executive of corporate and investment banking, recently said
that although the Kerviel scandal and poor market conditions were set
backs, the bank’s resilience would win out, adding that Société Générale is
very focused on Asia’s emerging markets and China in particular.

Indian appetite
Before the news about Kerviel and the subsequent loss of the fraud case hit
the press, Société Générale had some more positive tidings to report. In
December 2007, the company’s investment banking division, Société
Générale Corporate & Investment Banking (SG CIB), partnered with
Ambit, an Indian company, to offer M&A advisory services for cross-
border transactions. The exclusive agreement is a win-win scenario for
both companies: SG CIB will get the opportunity to handle Ambit’s
European transactions and Ambit will be offered the chance to “identify,
introduce, and execute transactions” for its European clients. SG CIB has
handled cross-border mergers such as Mittal Steel’s acquisition by Arcelor
as well as the acquisition Bristol Water by Agbar.

In April 2008, Société Générale also signed the final agreement with
Indiabulls for the creation of a life insurance joint venture in India.

Société steps up
In 2006, Société Générale Corporate & Investment Banking rearranged
some of its business divisions as part of a program called “Step Up 2010”—

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Société Générale

a company-wide effort to expand its global business model. One of the


business divisions created was the Capital Raising and Financing division,
which currently has operations all over Asia excluding Japan. The Capital
Raising and Financing division offers structured finance, hedge and capital
market services. Since its inception in 2006, the division has been
recognized for its excellence in structured financing and hedging.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

In 2007, there was a slight reorganization in the Asia Pacific arm of the
Capital Raising and Finance division. Jackson Cheung left his position as
head of the Asian division as he was promoted to head Société Générale’s
Chinese operations in Beijing. He was replaced by Ashley Wilkins in
December. Wilkins is now stationed in Hong Kong, where he reports to
Jean-Luc Parer, the global head of Capital Raising and Financing.

Winning over Asia


Société Générale’s world expansion plan appears to be working. In 2008,
the bank proved that it could win over both global and Asian media with its
investment banking products in the Asia Pacific region. SG CIB was
awarded as the Best Commodity Derivatives House and the Best
Derivatives House in Hong Kong in 2008 by The Asset, a monthly financial
publication in the region. Capital Week, a financial magazine in mainland
China, also named it as the Best Foreign Equity Derivatives House.

SG CIB also took home Asia Risk’s award for Energy/Commodity


Derivatives House of the Year in both 2007 and 2006. The bank was also
dubbed Best Commodity Derivatives Provider in Asia by Global Finance
in 2007.

Still a contender
Though Société Générale suffered from the scandal in 2007, the incident
did not have much impact on its international investment banking rankings
on the Thomson Financial (now Thomson Reuters) league tables. The
company worked on 73 announced M&A deals during 2007 worth a total of
USD$231 billion, giving it a rank of No. 17 on the global charts. That’s one
rank higher than 2006, when Société Générale’s deals were valued at
USD$157 billion and it ranked No. 18. The company also managed to get
a spot on the Australian charts for announced M&A. From only two deals,
Société Générale’s activities had a value of USD$192 billion, representing
47.5 percent of the market share.

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Société Générale

GETTING HIRED

Joining Société Générale


SG CIB maintains a helpful careers web site that provides information
about opportunities in different divisions and functions, including capital
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

and financing, fixed income, equities and equity derivatives, banking


operations, and information technology. The site also allows jobseekers to
search jobs by location, with the following locations in Asia Pacific
available: Australia, China, Hong Kong, India, Japan, Kazakhstan,
Singapore, South Korea and Taiwan.

The bank runs a rotational program called the Graduate International


Programme for European graduates. The program features an initial two-
week training stint in INSEAD. One item of note with respect to the
program is that SG CIB notes that it has a specific interest in finding
graduates who are fluent in both Japanese and English.

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Standard Chartered Bank

Head Office
THE STATS
1 Basinghall Avenue
London, EC2V 5DD Employer Type: Public Company
United Kingdom Ticker Symbol: STAN (LSE),
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www.standardchartered.com 2888 (HKSE)


Chairman: E. Mervyn Davies, CBE
Group CEO: Peter A. Sands
BUSINESSES CEO for Asia: Jaspal Bindra
Consumer Banking Operating Income: USD$11.06 billion
Wholesale Banking (FYE 12/07)
Net Income: USD$2.99 billion
(FYE 12/07)
LOCATIONS IN
No. of Employees: 73,000
ASIA PACIFIC
No. of Offices: 1,700
Afghanistan
Australia
KEY COMPETITORS
Bangladesh
Brunei Citigroup
Cambodia HSBC
China
Hong Kong EMPLOYMENT CONTACT
India
Indonesia www.standardchartered.com/careers
Japan www.standardchartered.com/graduates
Laos www.standardchartered.com/interns
Macau
Malaysia
Mauritius
Nepal
Pakistan
Philippines
Singapore
South Korea
Sri Lanka
Taiwan
Thailand
Vietnam

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Standard Chartered Bank

THE SCOOP

Royal banking
The Chartered Bank was founded by an emissary of Queen Victoria in
1853. The first branches opened in Mumbai, Calcutta and Shanghai in
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

1858, followed by branches in Hong Kong and Singapore.

Later in 1969, the Chartered Bank of India, Australia and China merged
with the Standard Bank of British South Africa—forming today’s Standard
Chartered Bank. Standard Bank was founded in South Africa in 1863 by
John Paterson and grew throughout the continent of Africa over the next
100 years, becoming prosperous as the result of financing diamond and
gold mining in the region.

After the merger, Standard Chartered entered a period of change. Since the
early 1990s, Standard Chartered has focused on developing its franchises in
Asia, the Middle East and Africa, using its operations in the U.K. and North
America to provide customers a bridge between these markets. The
company also focuses on consumer, corporate and institutional banking and
on the provision of treasury services.

Historic ties
Standard Chartered PLC, listed on both the London Stock Exchange and the
Hong Kong Stock Exchange, ranks among the top 25 companies in the
FTSE-100 by market capitalization. In Asia Pacific, Standard Chartered has
the unique advantage of longevity. The bank has maintained a major
presence in India, Hong Kong and Singapore for almost 150 years and has
also played a historic role in linking the financial and cultural centers of
Europe and the Americas to Asia and the East. The London-headquartered
group has not only been a major player in Asia Pacific, but also has been a
banking powerhouse in Africa and the Middle East. It derives more than 90
per cent of its operating income and profits from Asia, Africa and the
Middle East.

Standard Chartered now employs 73,000 people, representing 115


nationalities, in more than 1,700 branches and outlets located in over 70
countries. The bank’s income and the number of employees have more than
doubled over the last five years, and operations are fairly balanced between
its two primary business units: Wholesale Banking and Consumer Banking.

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Standard Chartered Bank

The firm’s Consumer Banking business serves over 14 million customers


across Asia, Africa and the Middle East, with major operations in Hong
Kong, South Korea, Taiwan, Singapore, Malaysia, Thailand, India, U.A.E.,
Pakistan, Botswana, Kenya and Zimbabwe. The bank provides a wide
range of products and services such as credit cards, personal loans,
mortgages, deposit taking and wealth management services to individuals
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

and small- and medium-sized businesses through a network of more than


1,700 branches.

The Wholesale Banking business serves corporate and institutional clients


in more than 70 countries, providing trade finance, cash management,
securities services, foreign exchange, risk management, capital raising and
corporate finance solutions.

Taking the (American) Express train


Standard Chartered helped grow a key aspect of its business when it
acquired American Express’ international banking operations in September
2007 for USD$860 million. Standard Chartered has also been offered the
opportunity to buy American Express’ international deposit division in
2009 for USD$212 million, bringing the total expected cost of the deal to
USD$1.1 billion. The move was a strategic attempt to increase the bank’s
private banking division, which it launched in June 2007.

At the time of the acquisition, the bank had private banking operations in
Hong Kong, Shanghai, Beijing, Singapore, Seoul, Mumbai, New Delhi,
Dubai, London and Jersey. The purchase of American Express’ wealth
management and international dollar clearing operations will add
approximately 10,000 new customers with USD$22.5 billion in assets to
Standard Chartered’s portfolio. The private banking arm targets high net
worth customers with between USD$1 million and USD$50 million in
assets.

Up, up, and away


Standard Chartered’s success in China has attracted the attention of
domestic banks on the mainland, who reportedly are interested in acquiring
a minority stake in the bank. Three of China’s “Big Four” state-owned
banks—Industrial and Commercial Bank of China, Bank of China, and
China Construction Bank—have all been cited as possible buyers of a 17
percent stake that is currently owned by Temasek, a Singaporean
government-run investment agency.

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Standard Chartered Bank

Standard Chartered saw increases from 2006 profits in nearly every region
that it operates out of in Asia Pacific. In Hong Kong, profits were up 34
percent in 2007 to USD$1.1 billion. In Singapore, things were even more
impressive with a 54 percent increase over 2006’s profits. India performed
almost as well as China, bringing in USD$690 million in profits, which
amounted to a 71 percent increase from 2006’s numbers.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

These results came in correspondence with an aggressive expansion


program that included five major acquisitions (including American Express
international banking) in the last half of 2007. Other purchases included
Indian brokerage UTI Securities and South Korean fund administration
company A Brain. In early 2008, the bank bought another South Korean
company, Yeahreum Mutual Savings Bank.

Charting a course to success


The company’s strong results were coupled with its continued dominance
of the debt markets in Asia. According to Thomson Financial (now
Thomson Reuters), Standard Chartered ranked No. 1 in two categories for
Asian debt in 2007. For the category of Asian securitized bonds (excluding
those in Japan and Australia), the bank ranked No. 1 for the second year in
a row and garnered a 28.5 percent share of the market, with 23 deals worth
USD$2.42 billion. Standard Chartered was also No. 1 in the category of all
Asian currencies, with USD$13 billion worth of deals and 9.2 percent of the
market share.

On the charts for M&A deal volume, Standard Chartered ranked No. 7 in
announced deals with Hochinma (Hong Kong, China, India and Malaysia)
involvement. The company completed 11 deals valued at USD$473.9
billion.

GETTING HIRED

The global Standard


Standard Chartered offers careers that are truly global in scope, providing
employees with opportunities to travel, interact and learn from other
cultures. Each year as many as 20 percent of its employees get “expanded
role opportunities.” Over 2,000 of its employees are on cross-border
assignments at any given time. Nearly half of its employees are women,
and almost 80 nationalities are represented among its top 500 managers.

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Standard Chartered Bank

Standard Chartered maintains an extensive careers section at


www.standardchartered.com/careers and organizes the information about
opportunities into four main divisions: Consumer Banking, Wholesale
Banking, Group Technology and Operations, and Support Functions
(including Corporate Affairs, Human Resources, Finance, Compliance and
Assurance, and more).
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

The bank provides information on internships and programs for new


graduates. For new graduates, the firm runs a two-year rotational program
called the “International Graduate Programme” (IGP) and also offers
continued development through the “3 to 5 Year Graduate Framework” for
graduates of the IGP. The career section of the web site includes a section
specifically for MBAs interested in working at Standard Chartered.

Jobseekers are also able to search for job opportunities in Asia by division
and country. In Consumer Banking, job opportunities can be found in
China, Hong Kong, Singapore, Thailand, Indonesia and India. In the
Wholesale Banking division, jobseekers can search for positions in China,
Hong Kong, Japan, Singapore, Thailand, Indonesia and India.

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State Bank of India

State Bank Bhavan


THE STATS
Central Office 8th Floor
Madame Cama Marg Employer Type: Public Company
Nariman Point Ticker Symbol: 500112 (BSE),
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Mumbai 400021 SBIN (NSE)


Maharashtra Chairman: Om Prakash Bhatt
India Revenue: INR 576.5 billion
Tel: +91-22-2202-2426 (FYE 03/08)
Fax: +91-22-2285-2708 No. of Employees: 179,205
www.statebankofindia.com No. of Offices: 10,270

DIVISIONS KEY COMPETITORS


International Banking Group Citigroup
Mid Corporate Group HDFC Bank
National Banking Group HSBC
Rural Business Group ICICI Bank
Wholesale Banking Group Kotak Mahindra Bank

LOCATIONS IN EMPLOYMENT CONTACT


ASIA PACIFIC Click the “Recruitment” link at
Australia www.statebankofindia.com
Bangladesh
China
India
Indonesia
Japan
Maldives
Mauritius
Nepal
Philippines
Singapore
Sri Lanka

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State Bank of India

THE SCOOP

One mega bank


In India, SBI continues to be the largest commercial bank, with total assets
of over INR 72 trillion, way ahead of its closest competitor ICICI Bank.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

The bank is massive in terms of branches—SBI has 10,186 branches within


India and 84 branches overseas. In 2008, SBI ranked No. 380 on the
Fortune Global 500 list of companies, and was placed at No. 219 on the
Global 2000 list by Forbes magazine.

SBI was the first Indian bank to offer merchant banking and also the first
Indian bank to launch mutual fund services in the country. Today, the bank
operates through seven associate banks and six subsidiaries within India. It
also has six major foreign subsidiaries across the globe. The bank’s major
divisions are the International Banking Group, the Wholesale Banking
Group, the Mid Corporate Group, the National Banking Group and the
Rural Business Group.

The company also operates in a number of other areas through joint venture
SBI Life Insurance Company, and subsidiaries SBI Capital Markets, SBI
Funds Management, SBI DFHI (for securities in debt markets) and SBI
Factors and Commercial Services. Overseas, the bank operates through a
number of subsidiaries including those in Canada, the U.S., Mauritius,
Nigeria, Nepal and Bhutan.

Inside view
The Wholesale Banking Group, which primarily serves the bank’s largest
corporate clients, is divided into three units—corporate accounts, project
finance and leasing, and stressed asset management. The Mid Corporate
Group performs similar functions as Wholesale Banking Group, but for
mid-cap companies.

Personal banking, small- and medium-enterprises (SME) and government


banking are handled through SBI’s National Banking Group. Personal
banking provides basic banking services including savings accounts, card
services, loans and advances. The SME unit is finances SMEs enterprises,
while the government business unit handles tax collection and accounting
for the Indian government.

Rural India is where SBI is betting big. 70 percent of new branches have
been constructed in rural and semi-urban areas. The Rural Business Group

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State Bank of India

provides loan assistance to farmers and marginalized people in the form of


agricultural loans and micro-financing.

India’s oldest bank


SBI’s story dates back to 1806, when General Wellesley, the Governor-
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

General of India, founded the Bank of Calcutta in order to facilitate trade


and mobilize local resources in India. In 1809, after receiving charter from
the Government of Bengal and British India, it was renamed the Bank of
Bengal. Similar initiatives by British India led to the formation of the Bank
of Bombay and the Bank of Madras in 1840 and 1843, respectively. For a
considerable period, these three banks remained as the core banks of India.

In 1921, all three of the banks were synthesized into the Imperial Bank of
India (IBI). The newly formed bank played the role of a commercial bank,
a banker’s bank and a banker to the government. With the formation of the
Reserve Bank of India (RBI) in 1935, IBI ceased to be the government’s
banker, but continued to act as treasurer for RBI and the government. Many
restrictions were abolished, allowing IBI to assume the role of a pure
commercial bank. At the time of independence in 1947, IBI had a capital
base of INR 1.18 billion, a network of 172 branches and more than 200 sub-
offices across over the country. However, most of rural India remained
untouched by banking.

In 1951, the All-India Rural Credit Survey Committee recommended the


establishment of a state-sponsored banking entity to spur India’s rural
growth. Acting on these recommendations, the Government of India
acquired IBI along with many other state-associated banks. On July 1,
1955, all the banks were amalgamated and SBI came into existence.

Winds of change
Since 1991, the Indian banking sector has undergone dramatic changes.
One of the primary reasons was the entry of private players like ICICI Bank
and HDFC Bank into this sector. In order to maintain its lead in the market,
SBI has taken a few important measures.

The first initiative was computerization of its huge branch network to inter-
connect all of its branches, starting in June 2002. The bank also instituted
as voluntary retirement scheme, which was initiated in 2001 and 2002 in
order to downsize its workforce of more than 200,000. Through this
scheme, employees were reduced to just over 20,000.

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State Bank of India

Another significant change was in the form of business process re-


engineering (BPR). According to company reports, this has helped the bank
increase business per employee nearly 2.5 times in the last five years.
Establishing call centers, setting up over 400 centralized processing centers,
implementing alternative channels of banking like ATMs, internet banking
and mobile banking were some of the major upgrades.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Feel good factors


In 2007, SBI was ranked No. 70 in the Top 1000 Banks survey by Banker
magazine. According to The Economic Times, the firm is also ranked No.
6 worldwide by market capitalization. Om Prakash Bhatt, SBI’s chairman,
was conferred with the award for Indian of the Year 2007: Business by
television networks CNN-IBN and Network 18. Post-awards, Bhatt
gushed, “I feel truly honored, especially for a public sector person... After
winning this award, we owe it to the award to strive and to rise; to come
within the top 10 banks of the world.”

Getting ready for the future


In 2009, the Indian banking industry is set to be liberalized, which is
expected to bring in a large number of international banking players. In
preparation, SBI has begun to consolidate. This began in December 2007,
as SBI merged with its associate bank, State Bank of Saurashtra. SBI,
which holds controlling stakes ranging from 75 percent to 100 percent in
seven of its associate banks, plans to complete mergers with its associate
banks by March 2009.

GETTING HIRED

Join the State


India’s Central Recruitment and Promotion Department (CRPD) manages the
recruitment process of SBI and its associate banks. All candidates join SBI or
associate banks as probationary officers. The selection process starts with a
written test (objective as well as descriptive), followed by group discussions
and a final interview. The objective test consists of reasoning, quantitative
aptitude, general awareness, computer literacy and English language skills.
For vacancies, click the “Recruitment” link at www.statebankofindia.com.
You can also contact SBI’s recruiting department directly at crpd@sbi.co.in,
by phone at +91-22-2282-0427 or by fax at +91-22-2282-0411.

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State Bank of India

Graduate candidates from all streams are eligible to become a probationary


officer. SBI staff is eligible for specialized training at the firm’s colleges,
situated in Hyderabad and Gurgaon. These include State Bank Staff
College, Hyderabad, State Bank Academy, Gurgaon State Bank Institute of
Information and Communication Management, and State Bank Institute of
Rural Development.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

The bank plans to set up 3,000 more branches over next few years to
support its operations in India and worldwide. To address future employee
requirement, SBI has initiated the recruitment process of the supporting
staff. It is set to recruit close to 20,000 personnel in 2008.

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Sumitomo Mitsui Banking
Corporation
1-2, Yurakucho 1-Chome
THE STATS
Chiyoda-ku
Tokyo, 100-0006 Employer Type: Subsidiary of
Japan Sumitomo Mitsui Financial Group
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Phone: +81-3-5512-3411 Chairman: Teisuke Kitayama


Fax: +81-3-5512-4429 President: Masayuki Oku
www.smbcgroup.com Net Income: JPY 205.7 billion
(FYE 03/08)
No. of Employees: 17,886
DEPARTMENTS No. of Offices: 435
Asset Management
Investment Banking
KEY COMPETITORS
Loans
Retail Banking Citigroup
Securities Trading Mitsubishi UFJ Financial Group
Mizuho Financial Group

LOCATIONS IN
ASIA PACIFIC EMPLOYMENT CONTACT

Australia www.smbcgroup.com
China
Hong Kong
Indonesia
Japan
Malaysia
Myanmar
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam

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Sumitomo Mitsui Banking Corporation

THE SCOOP

Pride and joy


Sumitomo Mitsui Banking Corporation (SMBC), established in April 2001
through the merger of Sakura Bank and Sumitomo Bank, is Japan’s third-
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

largest bank behind Mitsubishi UFJ Financial Group and Mizuho Financial
Group. The firm has nearly 18,000 employees working from 413 offices in
Japan and 18 international locations. SMBC offers services including
deposits, loans, commodities trading, securities investment, domestic and
foreign exchange, futures trading, bond fiduciary and registration, trust,
securities brokerage and insurance.

In December 2002, Sumitomo Mitsui Financial Group (SMFG) was


established as the major holding company for SMBC. In addition to
banking, SMFG’s other main business is leasing. The company operates
SMBC Leasing Co. in Japan and SMBC Leasing and Finance overseas.
The parent company also owns a management consultancy, Japan Research
Institute, and a credit card company, Sumitomo Mitsui Card. In September
2006, Sumitomo Mitsui Financial Group added a securities firm, SMBC
Friend Securities, to its roster of companies. In the U.S., Sumitomo Mitsui
Financial Group operates Los Angeles-based Manufacturers Bank in
locations throughout California.

Despite its entry into other markets and industry segments, Japanese
banking remains Sumitomo’s pride and joy. As of March 31, 2008, SMBC
had more than JPY 100 billion in assets.

Restructuring the bank


In April 2007, SMBC announced a new organizational structure. The firm
established a private advisory department that handles consumer banking,
middle-market banking and corporate banking. SMBC also established a
financial consulting research and development department in charge of
developing cross-category services in asset management, financing and
settlement finance. In addition, SMBC launched its public and financial
institutions banking department to manage the firm’s relationships with
municipal entities and central government agencies in Japan. The
department also took over responsibility for planning and promoting
regional banking from the Tokyo corporate banking department.

Several departments within SMBC’s investment banking business


experienced a shake-up in 2007 as well. The firm established a new

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Sumitomo Mitsui Banking Corporation

merchant banking department to help companies grow through equity and


other investments. In response to a rising demand for asset management,
SMBC launched a securities department that focuses on direct sales of
specific investment products. Lastly, in light of reforms to the Japanese
securities clearing and settlement system, SMBC revised the role of its
global investor services department to strengthen its securities financing
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

business.

Too good to be true?


Japanese banks, it appears, have dodged the bullet in comparison to U.S.
and European banks being hammered by the subprime crisis. However, a
February 2008 BusinessWeek article notes the possibility that the big banks
in Japan could be hiding billions of dollars in subprime losses. “Its biggest
banks, which include mega banks Mitsubishi UFJ Financial Group, Mizuho
Financial Group, and Sumitomo Mitsui Financial Group, have admitted to
only [USD]$5 billion or so of subprime-related losses, a remarkably small
figure considering the losses at American and European banks already run
to more than [USD]$130 billion.”

SMBC projected its subprime losses for the fiscal year ending March 2008
to be USD$920 million. For the nine months ended December 31, 2007,
SMBC included USD$12.2 billion in write-downs on securities and loans
related to the U.S. home loan market. However, Sumitomo officials denied
any serious fallout from the subprime-related costs. “We turned the corner
on the problem,” one SMFG executive told Kyodo News International in
January 2008.

Hiring spree
Things must not be looking too grim from atop SMBC, because in January
2008, the firm’s parent company announced plans to increase headcount by
44 percent in 2009. SMBC alone will add 2,400 new full-time employees,
with the goal of boosting sales of investment funds and reducing
dependency on part-time staff. The firm plans to assign 600 bankers to its
headquarters to work in corporate and investment banking, hire 500
employees to sell investment products and bring on 1,300 others to work at
branches. In November 2007, SMBC’s deputy president, Osamu Endo,
said that the bank wants to increase revenue from individuals by USD$917
million within three years by selling more funds and other financial
products.

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Sumitomo Mitsui Banking Corporation

GETTING HIRED

Do some serious digging


Getting a job offer at SMBC might be best acquired by checking out each
branch’s individual contact information at www.smbcgroup.com—which
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

includes branches and representative offices in Australia, China, Hong


Kong, Indonesia, South Korea, Malaysia, Myanmar, the Philippines,
Taiwan, Thailand and Vietnam. Unfortunately, no openings are listed on
the site. Alternately, you could try sending a resume or CV to the human
resources department at the following address: 1-2 Yurakucho 1-chome,
Chiyoda-ku, Tokyo, 100-0006, Japan—or give a call at +81-3-5512-3411 to
find out who to contact for job opportunities.

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Sun Hung Kai Financial

1201 CITIC Tower


THE STATS
1 Tim Mei Avenue
Central, Hong Kong Employer Type: Public Company
Phone: +852-3920-2888 Ticker Symbol: 0086 (HKSE)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Fax: +852-3920-2789 Chairman: Lee Seng Huang


www.shkco.com Net Revenue: HKD$4.67 billion
(FYE 12/07)
No. of Employees: 2,800
DEPARTMENTS No. of Offices: 60
Asset Management
Consumer Finance
KEY COMPETITORS
Corporate Finance
Principal Investments Bank of China
Wealth Management CITIC Securities
Taifook Securities Group

LOCATIONS IN ASIA
PACIFIC EMPLOYMENT CONTACT

Brunei www.shkco.com/en/careers/main.html
China
Hong Kong
Macau
Singapore

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Sun Hung Kai Financial

THE SCOOP

Here comes the Sun


Sun Hung Kai & Co. Limited is a Hong Kong-based investment holding
company that operates under the name Sun Hung Kai Financial (SHKF).
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

The firm, which in 2007 was named Best Broker in Hong Kong by
FinanceAsia, focuses on five main business areas: wealth management and
brokerage, asset management, corporate finance, consumer finance and
principal investments. The corporate finance group offers IPO, M&A,
corporate restructuring and capital markets advisory services. As of June
2008, SHKF had over HKD$60 billion in assets under management. The
firm’s 1,300 employees work from offices in Hong Kong, mainland China,
Macau, Singapore and Brunei.

Sun Hung Kai & Co. Limited was founded in 1969 by Fung King Hey,
Kwok Tak Seng and Lee Shau Kee—though it is now primarily controlled
by a family trust set up by Kwok Tak Seng. Branching out in the 1970s and
1980s, Sun Hung Kai Securities Limited was listed on the stock market in
Hong Kong in 1975, followed by Sun Hung Kai & Co. Limited in 1983.
Shenzhen and Shanghai came next, as Sun Hung Kai Investment Services
Limited began trading on both exchanges in 1993—one of the first
approved brokers and lead underwriters on those exchanges. In 2006, the
firm took on the name Sun Hung Kai Financial to assemble all of its
financial businesses under one roof.

Expanding into London


In March 2007, SHKF agreed to buy a 9.1 percent stake in Ambrian Capital,
an independent investment bank in London, for approximately HKD$90
million. In the area of corporate finance, SHKF plans to work closely with
Ambrian Capital to raise capital for Asian companies in the European
capital markets, focused on alternative investment market listings on the
London stock exchange. The two firms also will collaborate in the areas of
fund management and commodities.

Streamlining effort
As part of an ongoing effort to streamline is business to focus exclusively
on wealth management, brokerage, asset management, capital markets and
consumer finance, SHFK agreed in June 2007 to sell off its 22.43 percent

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Sun Hung Kai Financial

stake in Yu Ming Investments. Yu Ming is a Hong Kong-based financial


services firm that invests in securities and properties.

Welcoming friends (and money) from Dubai


SHKF struck another deal in November 2007. For approximately
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

HKD$1.9 billion, Dubai Investment Group took ownership of 9.88 percent


of SHKF and a seat on its board. For SHKF, the partnership will provide “a
strategic opportunity to tap into the growing capital flows from the Middle
East to the Greater China markets,” according to executive chairman Lee
Seng Huang. In December 2007, Dubai Investment Group’s CEO,
Abdulhakeem Kamkar, was appointed as a non-executive director of SHKF.

GETTING HIRED

Explore opportunities
At SHKF’s careers page at www.shkco.com/en/careers/main.html, you can
explore a list of the company’s current job opportunities, which span all the
firm’s divisions. If you find a position that you think you’d be suited for,
send your resume, “present and expected salary” and contact information to
Sun Hung Kai’s human resources department at hr@shkf.com.

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Taifook Securities Group

25th Floor, New World Tower


THE STATS
16-18 Queen’s Road Central
Central, Hong Kong Employer Type: Public Company
Phone: +852-2848-4333 Ticker Symbol: 0665 (HKSE)
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Fax: +852-2845-0537 CEO & Managing Director: Shiu Hoi


www.taifook.com/english Wong
Net Revenue: HKD$1.47 billion
(FYE 12/07)
DEPARTMENTS No. of Employees: 790
Asset Management No. of Offices: 17
Capital Markets
Securities Brokerage Services
KEY COMPETITORS
BOC International
LOCATIONS IN ASIA CITIC Securities
PACIFIC Sun Hung Kai Financial
China
Hong Kong EMPLOYMENT CONTACT
Macau
www.taifook.com/english/aboutus/
jobs.jsp

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Taifook Securities Group

THE SCOOP

Brokering across Hong Kong and China


Taifook Securities Group, one of Hong Kong’s leading brokerage firms,
offers capital markets, asset management and securities brokerage services
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

to a large number of institutional and corporate investors as well as over


120,000 individual investors. The firm, which employs about 800 people,
is now over 60 percent owned by NWS Holdings Limited, a Hong Kong-
based investment holding company.

Established in 1973, Taifook has been listed on the Hong Kong Stock
Exchange since 1996. Taifook has 11 branches in Hong Kong and Macau,
and six investment consultancy centers in mainland China in Beijing,
Shanghai, Guangzhou, Shenzhen, Hangzhou and Xiamen. The firm has
underwritten or placed shares for over 200 companies in Hong Kong on
IPOs and secondary placements, and has also advised on more than 250
mergers and acquisitions, asset exchange and debt restructuring
transactions.

Areas of focus
Taifook operates in six main areas. Its broking segment engages in
securities, futures, options and gold bullion contracts broking and dealing.
Margin and other financing handles margin financing, as well as personal
and commercial loans to individuals and corporations. Corporate advisory
offers placement and underwriting services. The trading and investment
segment engages in investment holding in addition to trading of securities,
futures, options and bullion contracts. Taifook also offers financial
planning and advisory services, as well as fund management, custodian and
handling services, and leveraged foreign exchange trading. In March 2007,
Taifook expanded its asset management business with the acquisition of
Kingsway Fund Management Limited.

True believer
Demonstrating its belief that Taifook is a promising player in the Hong
Kong and China markets, NWS Holdings increased its stake in the
brokerage to over 60 percent in June 2007. NWS had held 21.5 percent of
Taifook since 2003 and had been its largest shareholder. NWS paid
USD$77 million for another 41 percent of Taifook, which brought its total
stake to 62.5 percent.

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Taifook Securities Group

Memorable player
Taifook’s financial services have been recognized with a number of awards.
In recent years, the firm has been named the Best Equity House in Hong
Kong by international and local publications, including FinanceAsia,
Asiamoney and Euromoney. In January 2008, Capital magazine named
Taifook its Best Brokerage Company for 2007.
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GETTING HIRED

Give Tai a try


From Taifook Securities’ main English web site, check out the “Job
Opportunities” link under the “About Us” section at www.taifook.com/english
/aboutus/jobs.jsp. There, candidates can peruse open positions. Resumes or
CVs with a cover letter with “current and expected salary (a must)” can be sent
to hrd@taifook.com or by fax to +852-2537-5431. Be sure to cite the job’s
reference number. Alternately, resumes or CVs with a cover letter can be sent
by mail to Human Resources Department, Taifook Securities Group Ltd., 25/F
New World Tower I, 16-18 Queen’s Road Central, Central, Hong Kong. The
firm also notes that there are more opportunities available on its Chinese site.

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UBS Investment Bank

2 International Finance Centre


THE STATS
52nd Floor
8 Finance Street Employer Type: Business unit of UBS AG
Central, Hong Kong Chairman, UBS AG: Peter Kurer
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Phone: +852-2971-8888 CEO, UBS AG: Marcel Rohner


Fax: +852-2971-8333 Chairman & CEO, UBS Investment
www.ibb.ubs.com Bank: Jerker Johansson
No. of Employees: 21,320
No. of Countries Operative In: 38
BUSINESSES
Equities
KEY COMPETITORS
Fixed Income, Currencies &
Commodities Citi Institutional Clients Group
Investment Banking Credit Suisse
Deutsche Bank
Goldman Sachs
LOCATIONS IN Morgan Stanley
ASIA PACIFIC
Australia PLUSES
China
Hong Kong • Lots of “training opportunities”
India • “People are treated with respect”
Japan • “The work is very challenging”
New Zealand
Singapore MINUSES
• “High-pressure environment”
• “Too cautious” with promotions
• Some managers need to “improve
their people management skills”

EMPLOYMENT CONTACT
www.ubs.com/graduates

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UBS Investment Bank

THE SCOOP

The big Swiss


A division of UBS, UBS’s Investment Bank has dual headquarters in New
York City and London, and employs over 21,000 people in 38 countries.
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The investment bank’s three business lines include equities, investment


banking and fixed income, currencies and commodities (FICC). Parent
company UBS AG—Switzerland’s largest financial services firm, has more
than 80,000 employees in 50 countries worldwide—also encompasses
Global Asset Management as well as Global Wealth Management and
Business Banking businesses. Approximately 37 percent of UBS AG’s staff
is based in the Americas, 34 percent in Switzerland, 16 percent elsewhere
in Europe and 13 percent in Asia.

The investment bank has won a number of major awards for its operations
in Asia in recent years. Financial publication Euromoney gave the bank the
honor of Best Investment Bank Asia 2008. For China, FinanceAsia named
it the Best Foreign Investment Bank in July 2008. China's official
Securities Times newspaper named the bank Best Joint Venture Investment
Bank, also awarding it Most Influential IPO for its involvement in
PetroChina's initial public offering in 2007. For its operations in the
Philippines, FinanceAsia rated the bank the Best Foreign Investment Bank
in 2008, and Euromoney called it the country's Best Equity House.

The current version of UBS was formed in 1998 with a merger between the
Union Bank of Switzerland and the Swiss Bank Corporation (SBC). SBC
dated back to the 1870s; during the course of its international growth, it had
acquired a number of foreign firms. One of these, London’s S.G. Warburg
Group, became SBC’s investment banking division (SBC Warburg). In
1997, SBC Warburg brought its business to the U.S. through the acquisition
of Dillon, Read & Co. After the UBS-SBC merger in 1998, the investment
bank’s name was mercifully shortened from SBC Warburg Dillon Read to
the Investment Bank. In 2000, UBS listed its shares on the New York Stock
Exchange. That same year, the firm bought New York-based PaineWebber
for USD$11.8 billion, further solidifying its presence in the U.S. market.

Even the mighty must fall


No one was immune from the swirling chaos that comprised the subprime
debt debacle of 2007, not even European superpowers. Following the
issuance of a profit warning in August, UBS reported an operating loss of

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around USD$720 million in October as a result of mortgage-related write-


downs totaling approximately USD$3.4 billion. In December 2007, the
bank stunned the financial market when it announced that it would write-
down an additional USD$10 billion due to subprime loans. Prior to the
announcement, many in the financial world had thought that UBS had
cleared its balance sheet of bad debt. However, with the additional
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

USD$10 billion in losses, it seemed the troubles had just begun. The firm
was forced to shore up capitalization from foreign companies.

Two sources came to the beleaguered bank’s aid quickly in December 2007:
the Singaporean government and an unnamed Middle East investor.
Together, the two investors pumped CHF 13 billion (USD$12.4 billion) into
the firm. The Singapore government’s investment gave it a 9 percent stake
in UBS. For the fourth quarter of 2007, the firm announced a USD$11.3
billion loss—the largest reported by any bank for that quarter, including
Merrill Lynch and Citigroup, who also suffered large losses related to
subprime exposure—and a loss of USD$4 billion for the year, the first
annual net loss in the bank's history. For the year, UBS reported nearly
USD$14 billion in write-downs of assets.

The bank continued to announce write-downs in 2008 in a concerted effort


to clean up its books. In the first quarter of 2008, the firm announced
another series of write-downs totaling USD$17.5 billion. These write-
downs resulted in another painful quarterly loss of USD$10.6 billion. By
August 2008, the bank had announced total write-downs of USD$43
billion.

Asian life preserver?


Despite the firm's difficulties with the subprime crisis, the bank’s wealth
management division found itself in the black in 2007, and UBS is hoping
that capitalizing on the swelling wealth of the Asian region will help bolster
its business. In an August 2008 statement, UBS Chairman Peter Kurer
named its global wealth management business as "the core asset of UBS."

A report released by Merrill Lynch and Capgemini in October 2007 stated


that the assets of high-net worth individuals in the Asia Pacific region rose
to USD$8.4 trillion, and 60 percent of that wealth comes from China and
Japan. Today, UBS—which is the leading global manager for handling the
riches of the wealthy—has dedicated wealth management operations in
Singapore, Japan and Hong Kong, as well as branch offices throughout the
region, and hopes to continue to expand in the area.

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UBS Investment Bank

Despite its long history and track record across Europe and the U.S., UBS
had a rocky road when it came to expanding its wealth management
business into the Asia-Pacific region. In 2002, it had to close its Japanese
branch for lack of business. In May 2004, the firm got into trouble with the
Indian Securities and Exchange board when it was implicated in trading
irregularities that led to a crash of the Bombay Stock Exchange. But the
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firm’s journey hasn’t been comprised of all roadblocks: in 2003, UBS


gained qualified foreign institutional investor program approval (QFII), a
key avenue into the Chinese market.

Table dominance eases the pain


UBS might have had an uncommonly rough year in 2007, but luckily for
the Swiss banking giant, it was able to retain its top rankings. On
Dealogic's year-to-date 2008 APAC league tables, the firm ranked No. 1 in
M&A, as well as in equity and equity-linked deals as of July 31. On the
Thomson Financial (now Thomson Reuters) league tables, the firm ranked
No. 9 in global debt, equity and equity-related underwriting volume,
working on 1,270 deals earning it proceeds of USD$325 billion.

On Thomson Financial's Asian (excluding Japan and Australia) debt charts,


UBS found itself ranked No. 3 for the second year in a row in the category
of Asian G3 currency bonds, with 21 deals that had proceeds of USD$4.1
billion. That figure represents approximately 8.6 percent of the market
share, a slight decline from 2006. UBS also appeared on the Japanese
corporate debt chart, moving up five spots from No. 12 in 2006 to No. 7 in
2007. The firm completed just five deals in that category, with proceeds of
USD$1.07 billion and 1.4 percent of the market share. In 2008, the firm has
been involved in a number of major deals, including the People's Insurance
Company of China's RMB 7.8 billion subordinated debt offering and
Shenzhen Development Bank's RMB 6.5 billion domestic bond offering.

The Swiss bank’s results were more dominant on the equity capital markets
tables. UBS took the top spot in the global equity chart, with 365 deals with
proceeds of USD$81.2 billion. That was a crucial bump from last year’s
finish, when it ranked No. 3. UBS also snagged the top spots for global
common stock bookrunner and global IPO bookrunner, with USD$70.3
billion and USD$33.9 billion in proceeds, respectively.

It assumed a similar level of supremacy on the Asian equity charts, coming


in at the No. 1 spot both in the category of Asian (excluding Japan and
Australia) common stock and in Asian IPOs. In the former category, the
firm moved up one spot from its No. 2 place in 2006. In the latter, UBS

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jumped two spots to get to the top, and increased its total percentage of the
market share by 8.5 percent. The proceeds due to these IPO deals reached
USD$14.9 billion, representing a 17.5 percent share of the market. In 2008,
UBS has been involved in a number of major IPOs in Asia. Early in the
year, UBS was one of the joint bookrunners on India's record-breaking
USD$2.96 billion IPO for Reliance Power. Later in 2008, the firm was the
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sole global coordinator, joint sponsor and joint bookrunner on Chinese


F&B company Want Want's USD$1.05 billion IPO.

UBS also topped the announced Asian M&A deal volume charts in 2007.
The firm’s 41 deals, worth a total of USD$75 billion, represented a 16.9
percent share of the market. That volume was up an impressive 130.6
percent from the firm’s numbers in 2006, when it worked on USD$32
billion in deals and ranked No. 3. UBS also took home the top spot in
imputed M&A advisory fees, earning USD$209.1 million on 36 completed
deals. For 2008, the firm acted as exclusive financial advisor on China
Telecom's massive USD$15.8 billion acquisition of China Unicom's
CDMA business and network. UBS was also the financial advisor on
Telecom Malaysia's proposed demerger of its mobile and fixed line
businesses, which clocked in at USD$10.3 billion.

A passage to India
With its firm footing in Japan, Singapore, and Hong Kong, UBS is seeking
to expand its businesses into the growing Indian region. UBS launched its
India Service Centre in Hyderabad in June 2006, the firm’s first group-wide
offshoring facility. The bank approved approval from the Reserve Bank of
India (RBI) to open a branch in Mumbai in February 2008—almost three
and half years after it first applied in August 2004—and is the first
international bank without an existing retail presence in India to have been
granted a license.

In January 2007, UBS announced its intention to purchase Standard


Chartered's mutual funds management business in India. As UBS never
received approval from the Reserve Bank of India on the deal, the sale
expired. Ultimately Standard Chartered sold its Indian asset management
business to India's Infrastructure Development Finance Company (IDFC) in
March 2008 for USD$205 million.

Shuffling the top of the deck


In July 2005, Huw Jenkins became CEO of the Investment Bank, leaving
behind his position as UBS’s head of global equities. In 2006, Jenkins was

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also awarded the chairmanship of the investment bank. But his tenure with
UBS came to an abrupt end in October 2007 as the bank reported its
massive third-quarter loss.

UBS Group CEO Marcel Rohner took over for Jenkins and named himself
CEO of UBS Investment Bank, also saying that he would trim 1,500 jobs
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from the unit. At the time, Rohner had been at the helm of UBS for just
three months—he had succeeded Peter Wuffli in July 2007 following
Wuffli's resignation.

On February 13, 2008, the day before its fourth-quarter 2007 earnings
release, Rohner announced that he had appointed Jerker Johansson to serve
as chairman and CEO of UBS Investment Bank. Johansson, formerly
Morgan Stanley’s European vice chairman, took his post in March 2008. In
announcing his appointment, Rohner was quick to point out that the
investment bank’s problems were confined to the fixed income division,
and he expected the business to make a full recovery. “While this has been
a difficult time for the investment bank, because of the losses in fixed
income, we have continued to see strong performances in both our equities
and our investment banking divisions,” he said in a statement.

At the release of first-quarter results in April 2008, the firm also announced
that board of directors chairman Marcel Ospel would not be standing for re-
election to the board. Peter Kurer, group general counsel of UBS, was
nominated to succeed Ospel as chairman.

There's also a new CFO in town. In August 2008, UBS named John Cryan,
who previously headed up the financial institutions group at the investment
bank, its new chief financial officer to replace Marco Suter as of September
2008.

Rearranging the ranks


On top of the 1,500 cuts announced by Rohner in October 2007, another
5,500 job cuts were announced in May 2008. UBS said the most recent
wave of layoffs will involve all levels within the company, and will mostly
affect its U.S. and U.K. business units. UBS also noted it will be shuttering
the U.S. arm of its municipal bond business and selling USD$15 billion in
distressed mortgage assets to investment management company
BlackRock.

Peter Kurer began to make some big changes in July 2008 to pacify
investors, who’ve been extremely frustrated with the way UBS has
performed in the wake of the credit crisis—at the time, its stock was down

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65 percent since announcing its first major write-downs in fall 2007. Kurer,
who took the top post in April 2008, abolished the chairman’s office, a part
of the firm’s board management. In August, UBS appointed Sally Bott,
Rainer-Marc Frey, Bruno Gehrig and William G. Parrett to the Group
Executive Board in an effort to “add to the overall breadth and depth of
expertise.” Kurer told The Wall Street Journal that the changes should set
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“an example for the rest of the company that we should keep things simple,
reduce complexity [and] reduce bureaucracy."

In August 2008, UBS also announced a major restructuring, hot on the heels
of its announcement of second-quarter results. The bank's three business
divisions—investment banking, private banking and asset management—
are now separated into autonomous units. In a press release, Kurer
explained the change by saying, "Our review has clearly revealed the
weaknesses associated with the integrated 'one firm' business model."

For the investment banking division, the firm's goal is to continue focusing
on client-driven growth, as well as further reducing its balance sheet and
risk positions. In a statement, UBS added, "Each business line—equities,
investment banking and fixed income, currencies and commodities—will
be measured by individual return on capital targets. A new compensation
plan will balance risk and reward."

GETTING HIRED

Everyone into the pool


UBS is fairly selective in its Asia offices, sources say, and that means
there’s been “a lot of time and effort spent to recruit the right people.” The
bank “does a lot to differentiate itself from other investment banks by
holding competitions, networking sessions with students, information
events and getting managers to talk to university classes.” Recruiting takes
place at “top schools globally,” as well as “laterally.” First years may be
hired “from local and international universities” within each office’s
regional footprint, but candidates from “anywhere and everywhere” are
considered.

Insiders say the firm “is extremely diverse in recruiting people with
different experiences,” which makes for a broad candidate pool. And, adds
a source, this “should, logically, make it easier for people to get hired.
However, the internal processes and check points are often lengthy, and in
a volatile market, it’s extremely challenging for people to get hired.” In

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some cases, the process goes on so long that “by the time approval is
obtained, the potential candidate has moved on to an alternative job.”

Get ready to be tested


Insiders say the hiring process varies to some extent. One experienced hire
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who defected from Citi says, “I went through only a couple of interviews,
as I had known the team at UBS prior to applying.” Depending on the level
of the job, the average candidate will “typically be interviewed by
recruiters, the line manager, possibly country managers and the regional
functional manager.”

One director recalls going through “two interviews with my direct manager
and another manager,” and notes that junior hires may have to take
“numerical and logical reasoning and tests.” “I had three interviews with
executive and managing directors, as well as three hours of psychometric
testing,” confirms an analyst.

Interns have an edge


Summer internships “are viewed as being very important” for those who
want to go on to full-time employment. The internship “is UBS’s preferred
route to hiring someone,” a source says, because the firm likes “to check
them out through the internship to make an informed judgment on hiring.”
“At least half or more of the graduate intake each year is people who have
completed a summer internship with the firm,” another source says.

During the summer, interns “get real project work and training,” which lets
them play a hands-on role in the “day-to-day functioning of their teams.”
“They get structured reviews as well,” adds an insider. “I worked in risk
management doing tasks and roles that other employees would have been
doing had I not been there,” a former intern says. “The internship gave me
great exposure to the firm, its culture, the people I would be working with
and the type of work I would be doing.”

OUR SURVEY SAYS

Fair and friendly


It is a meritocracy,” declares one source. “Everyone is treated equally, and
there is no attitude among employees that one person is better than
another.” Insiders give UBS high marks for creating a “very open” culture

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that’s “great and inclusive of all employees.” Others call the firm
“friendly” and “family-oriented,” with “lots of integrity” and a “sensible
approach to work/life balance.” There’s a strong focus on “teamwork and
cooperation.” “I’m not micro-managed,” one insider says.

Although sources agree there’s “easy communication” and plenty of


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opportunities for “moving within the firm,” some say the administrative
culture is “not very organized.” One insider says some processes seem “not
very well thought through or coordinated,” and adds that UBS is becoming
more conservative in light of tough economic times worldwide. “It went
through a period of seemingly unrestrained growth,” he says. “And when
the market turned, it had to face a difficult reality.” As a result, some parts
of the firm have seen slowdowns in “people’s career progression.”

Sometimes stress shows


Most managers and senior executives are “open and approachable,” and
address their subordinates “very fairly,” though “this varies with
individuals.” “Managers treat employees with respect and dignity,” one
junior banker says. “I’ve yet to meet any unreasonable managers.” In some
cases, “everyone is under so much pressure that people’s patience and
tolerance invariably diminish.” “My boss is very smart, and has the vision
to put together strategic plans and energy to push them through,” another
contact says. “However, as a manager, he’s rather detached, and rarely
walks in front of his staff and attempts to build relationships more broadly.”

Training at UBS may take the form of classroom instruction, presentations,


case studies and, of course, on-the-job learning. According to UBS, some
graduates may be eligible for the UBS EXPLORE program, which runs for
18 to 24 months and “combines focused training and education with
business exposure, networking opportunities and career development.”
Participants may be assigned a mentor for the duration of the program, and
can opt for coursework to complete additional professional exams or
licensing requirements.

Average hours
Compensation isn’t bad, but it isn’t extraordinary, sources say. Perks,
which can vary by country, include “investment opportunities, stock
options, salary packaging,” “low-interest mortgage loans,” a “private health
care plan,” and, in some locations, “a meal allowance and company-
provided snacks.” A Hong Kong source reports enjoying “corporate
discounts with a gym, retailers and clubs.”

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UBS Investment Bank

“Hours are very reasonable for an investment bank,” averaging 50 to 60 per


week for most employees, with some weekend work as needed. Still, UBS
could improve workload by “encouraging flexible working arrangements.”
Most feel this is a regional issue and not a firm-specific one. An insider
explains, “Even though [flextime] is offered to employees, it’s still not well
accepted in Asian culture.”
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Flexibility would help


“A lot of graduates being hired are women,” says a source, “and this is a
very flexible employer for women.” Others agree that UBS is doing well
on the diversity acceptance front—in terms of women as well as ethnic
minorities and GLBT employees. One woman sums up the next necessary
step, calling for “better work/life balance and more job flexibility” as well
as “better opportunities to return to work after having a family.” She adds,
“There are very few women who job share or work fewer than five days a
week.”

UBS offices are said to be “extremely comfortable,” with a “modern,


spacious” design that creates “a great work environment.” According to
one contact, the dress code is “appropriate for the work being done and the
amount of client contact,” and is topped off with “casual Fridays” in most
offices.

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United Overseas Bank Group

80 Raffles Place
THE STATS
UOB Plaza
Singapore, 048624 Employer Type: Public Company
Phone: +65-6533-9898 Ticker Symbol: UOB (SES)
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Fax: +65-6534-2334 Chairman: Wee Cho-Yaw


www.uobgroup.com CEO: Wee Ee-Cheong
Net Income: SGD$2.1 billion
(FYE 12/07)
DEPARTMENTS No. of Employees: 21,432
Personal Banking No. of Offices: 525
Private Banking
Trust Services
KEY COMPETITORS
Corporate Banking
Asset Management DBS Group Holdings
Venture Capital OCBC Bank
Insurance
EMPLOYMENT CONTACT
LOCATIONS IN Send resumes to:
ASIA PACIFIC 80 Raffles Pl., UOB Plaza
Australia Singapore, 048624
Brunei Fax: +65-6534-2334
China
Hong Kong
Indonesia
Japan
Malaysia
Myanmar
Philippines
South Korea
Taiwan
Thailand
Vietnam

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United Overseas Bank Group

THE SCOOP

Expanding across Asia Pacific


Over the past 73 years, United Overseas Bank (UOB) has grown into one
of Singapore’s leading financial institutions. The firm, founded by Datuk
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Wee Kheng Chiang, was incorporated in August 1935 as the United


Chinese Bank and catered in its early years to the Fujian community. UOB
officially changed its name to its current moniker in 1965. Today, UOB
employs over 21,000 people and has a network of over 500 offices in 18
countries and territories in the Asia Pacific region, Western Europe and
North America. The firm’s subsidiaries include Far Eastern Bank in
Singapore, United Overseas Bank Malaysia, United Overseas Bank Thai,
PT Bank UOB Indonesia, PT Bank UOB Buana (also in Indonesia), United
Overseas Bank China and United Overseas Bank Philippines.

UOB provides a wide range of financial services, including personal


banking, private banking, trust services, corporate banking, treasury
services, asset management and venture capital. In addition, UOB is
Singapore’s market leader in the private residential home loan business, and
with over one and a half million cardholders, UOB is the country’s leading
credit and debit card company. It is also a dominant player in loans to
small- and medium-sized enterprises. UOB’s fund management arm, UOB
Asset Management, is one of Singapore’s most-awarded fund managers.

At the end of 2007, the company had total assets of nearly SGD$175
billion. On the year, UOB achieved record net profits of SGD$2.1 billion.

Taking over for dad


In April 2007, Wee Ee Cheong succeeded his father, Wee Cho Yaw, as CEO
of UOB. Wee Cho Yaw, 78, the son of founder Datuk Wee Kheng Chiang,
had held the CEO post for 30 years. Wee Cho Yaw retained his title as
chairman. The 54-year-old grandson of Datuk Wee Kheng Chiang, Wee Ee
Cheong has been with UOB for almost as long as his dad was CEO, and was
most recently deputy chairman and president. UOB began searching for a
new CEO over three years prior to the younger Wee taking over, but most
considered the son a shoo-in for the role.

In accepting his new job, Wee Ee Cheong announced that he did not plan to
make any major changes to management, but noted plans to further build
UOB’s presence in Southeast Asian markets such as Thailand, Malaysia and
Vietnam, as well as placing more emphasis on China.

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United Overseas Bank Group

Doubling up in Vietnam
One example of UOB’s expanded focus in Vietnam is its effort to double its
holding in Vietnam’s Southern Commercial Bank. In December 2007,
UOB finalized a deal to buy 10 percent of the Vietnamese bank, a share
worth about USD$30 million, and signed an application to the State Bank
of Vietnam asking for permission to raise UOB’s investment in the bank to
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20 percent. If the application is accepted, UOB will have defeated odds—


Reuters reported in December 2007 that “Vietnam limits total foreign
ownership in domestic banks to 30 percent, with a 10 percent cap for any
individual investor. But the government has said that in exceptional cases it
would allow a foreign strategic investor to own 20 percent.”

Assets in China
One month after the Southern Commercial Bank announcement, Wee Ee
Cheong’s plan to boost UOB’s presence in China proved true as well.
China Daily reported in January 2008 that UOB Asset Management,
Singapore’s largest asset manager, was planning a joint venture fund
management company with Ping An Securities, the securities arm of
China’s second-largest insurer.

It’s unclear exactly what the nature of UOB Asset Management’s


relationship with Ping An Securities would be, but industry watchers are
calling the venture a move on Ping An’s part to strengthen its framework as
a financial holding company. For UOB, a joint venture would be in line
with Wee Ee Cheong’s promise to give more attention to China.

Singapore’s finest
UOB has been consistently recognized for its performance, earning a
number of accolades and awards from leading publications and
organizations in the financial services industry. In 2008, on DP Information
Group’s Singapore 1000 Rankings, UOB was granted a Net Profit
Excellence Award in the finance category for the second year in a row. In
2007, the firm achieved Top Rated status for excellence in providing
custody services, according to Global Custodian’s 2007 Major Market
Agent Bank Review. Asian Banking and Finance named UOB the Best
SME Bank in Asia Pacific for 2007. On Euromoney’s 2007 Private
Banking Survey, UOB was named Best Local Private Bank in Singapore.

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United Overseas Bank Group

GETTING HIRED

Watch the video


Settle in and watch UOB’s recruitment video, learn about the perks the bank
offers or just browse job listings at the “Careers at UOB” link at
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

www.uobgroup.com. The firm also offers a graduate careers section for


students explaining their options when it comes to the firm’s graduate
programs, as well as its program tracks for management associates,
personal banking associates and business development associates.
“Outstanding performers” within the graduate program “will be rewarded
with an accelerated career development path and attractive remuneration
package,” the firm says. To apply for any job on the site, or to submit a
general application based on your area of interest, just create an account and
send in your resume or CV.

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Westpac

Headquarters
THE STATS
Level 20, Westpac Place
275 Kent St. Employer Type: Public Company
Sydney, 2000 Ticker Symbol: WBS (ASX),
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Australia WBK (NYSE)


Phone: +61-2-300-130-548 CEO: Gail Kelly
Fax: +61-8253-1888 Revenue: AUD$24.63 billion
www.westpac.com.au (FYE 09/07)
Net Income: AUD$3.45 billion
Head Asia Office
(FYE 09/07)
77 Robinson Road
No. of Employees: 28,000
Level 19
No. of Offices: 200
Robinson 77
Singapore, 068896
Phone: +65-6530-9898 KEY COMPETITORS
ANZ
DEPARTMENTS Commonwealth Bank
National Australia Bank
Retail and Business Banking
Westpac Institutional Bank
BT Financial Group EMPLOYMENT CONTACT
Product and Operations www.westpac.com.au/careers or by
Technology phone at +61-2-300-130-548
Westpac New Zealand
Pacific Banking

LOCATIONS IN ASIA
PACIFIC
Australia
China
Hong Kong
India
Indonesia
New Zealand
Pacific Islands
Singapore

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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Westpac

THE SCOOP

Supporting Australia from around the globe


Through more than 200 offices and 1,000 branches, Westpac’s 28,000
employees offer retail banking, investment services and corporate financial
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services to 8.2 million customers throughout Australia, New Zealand, Asia


and the neighboring Pacific islands. Westpac is the fourth-largest of the
four major Australian banks by assets, behind Commonwealth Bank of
Australia, National Australia Bank (NAB) and Australia and New Zealand
Banking Group (ANZ).

As of September 30, 2007, the end of fiscal 2007 in Australia, the firm had
global assets of AUD$375 billion and was ranked in the top 10 of listed
companies by market capitalization on the Australian Securities Exchange.
For the 2007 fiscal year, Westpac recorded cash earnings of AUD$3.51
billion, up 14 percent from 2006. Net profit was up as well, by 12 percent
to a record AUD$3.45 billion.

Westpac’s Asian strategy is to support Australian and New Zealand


customers in Asia, and to provide a gateway for Asian firms and nationals
interested in investing in Oceania. The firm’s Singapore office, the main
regional office in Asia, has been in operation since 1984. Westpac also has
had a branch office in Hong Kong since 1986 and recently, in 2008, opened
an office in Shanghai. Westpac has had representative offices in Jakarta
since 1972, in Beijing since 1982, and in Mumbai since 2007. The firm’s
Pacific banking operations extend to the Cook Islands, Fiji, Papua New
Guinea, Samoa, Solomon Islands, Tonga and Vanuatu.

Rough-and-tumble beginnings
Established in 1817 as the Bank of New South Wales, Westpac is Australia’s
first bank as well as the country’s first public company. When the bank first
opened its doors, it operated from small premises leased from an ex-convict
turned businesswoman. It was a challenging time of growth for the nation,
and for the bank.

Westpac’s major expansion began after gold was discovered in New South
Wales and Victoria. In 1850, it opened its very first branch outside NSW at
Moreton Bay in Brisbane, and as the branches expanded, some were set up
where no town yet existed. But even a branch as primitive as a tent lent
stability to the rough-and-ready gold fields, and earned the respect of the
hardened community. As they flourished, tents and bark huts eventually

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Westpac

gave way to impressive, architecturally designed premises, with their solid


respectability reflecting that of the bank.

The name Westpac Bank was adopted in 1982, following a merger with the
Victorian-based Commercial Bank of Australia Ltd. By its consolidation,
Westpac became Australia’s biggest banking group at the time.
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

Seven for seven


Westpac’s seven key business areas serve over seven million customers:
The areas are: Retail and Business Banking; Westpac Institutional Bank;
BT Financial Group; New Zealand Banking; Pacific Banking; Product and
Operations; and Technology.

Retail and Business Banking is responsible for sales and services for
consumer and business customers across Australia. Representation extends
to branches, call centers, business banking centers, management of third-
party distribution, automatic teller machines and online and regional
banking. Retail and Business Banking also manages the retail branch
operations in Hong Kong and Singapore. In January 2008, Westpac
acquired the RAMS Home Loans brand and distribution network. Retail
and Business Banking operates the RAMS distribution business separately
from the existing Westpac channel and under the RAMS brand.

Westpac Institutional Bank (WIB) provides financial services to corporate


and institutional customers through: corporate and institutional banking
(including relationship management, research analysis and a global
transactional banking group that provides cash management and transaction
services solutions); debt markets (covering capital markets, credit portfolio
management, debt capital markets and economics); foreign exchange and
global energy and commodity derivatives; Hastings Funds Management
Limited (for alternative asset investments, including property, economic
and social infrastructure, private equity, commodities and high yield debt);
equities (including equity lending, broking and equity derivatives); treasury
and structured finance; finance; WIB Risk (risk management and
compliance); and technology.

WIB is represented across Europe and the Americas by about 65 employees


in London and approximately 35 in New York. WIB has a long history in
the U.K. and the U.S.—the London branch celebrated 150 years in the city
in 2007 and is the oldest surviving foreign bank in the U.K.

BT Financial Group (BTFG) takes care of asset accumulation, investment


management, life insurance and general insurance in Australia. Wealth

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Westpac

management designs, manufactures and services financial products to


enable customers to build, manage and protect their wealth. BTFG
encompasses distribution and service points including Westpac Private
Bank, financial planning and wireless router application platforms
(WRAPs).
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New Zealand Banking provides a full range of retail and commercial


services to customers throughout New Zealand. It is the leading provider
of banking services for small- to medium-sized businesses and is the banker
of the New Zealand government. In the Pacific islands, Pacific Banking
provides a full range of deposit, loan, transaction account and international
trade facilities to personal and business customers.

The business area called Product and Operations provides all aspects of
consumer and business banking product management, including product
design, manufacturing and risk, while Technology focuses on the execution
of IT projects across the enterprise.

History-making CEO
In August 2007, Westpac announced that Gail Kelly, the CEO of fellow
Aussie bank St.George, would succeed David Morgan as CEO of Westpac
on February 1, 2008. The appointment makes Kelly the first female CEO
of a Big Four bank in Australia.

Kelly, a native South African and former teacher, was appointed CEO of
St.George Bank in December 2001 and became managing director in
January 2002. Under her leadership, St.George consistently met or
exceeded its management targets, delivering outstanding financial
performance. Since the commencement of the 2002 financial year, the firm
has more than doubled its total assets (now exceeding AUD$100 billion)
and more than doubled its profits (now exceeding AUD$1 billion).

In March 2008, Kelly made the first of what some expect to be many
additions and changes to personnel at Westpac. She hired her former right-
hand man at St.George Bank, Peter Clare, to lead the consumer financial
services division, Westpac’s second-biggest moneymaker. Clare is now the
Group Executive for Product and Operations.

A saint comes marching in


In her new position, Kelly is moving at lightning speed. In the largest deal
to date between two Australian-based companies, Kelly’s former firm,
St.George Bank, joined forces with new beau Westpac for a whopping

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Westpac

AUD$18.5 billion. St.George is the fifth-largest bank in Australia.


Shareholders of St.George were offered 1.31 Westpac shares for each
St.George share, as well as a final dividend for the 2008 fiscal year. The
deal is subject to approval from shareholders, competing banks, regulators
and the Australian government. If approved, the merger will make Westpac
and St.George the leading financial services company in Australia,
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

overtaking Commonwealth Bank.

The merger is under review by the Australian Competition and Consumer


Commission (ACCC). As of July 23, 2008, the ACCC’s preliminary
conclusion is that the proposed merger is unlikely to raise competition
concerns in most markets, including personal, business, institutional and
corporate banking markets and insurance markets. However, the
commission is still investigating the effect of the merger on WRAP
platforms prior to its final decision, stating, “The ACCC understands that
BT, [St.George’s] Asgard and Macquarie operate the three largest wireless
router application platforms.’’

Committing to China
One way Westpac plans to grow is through an expanded presence in Asia.
In January 2008, the firm opened its first full-service overseas office in 15
years, in Shanghai, signifying the importance of the Chinese market. The
opening came after the China Banking Regulatory Commission approved
Westpac’s application for a financial license. The Shanghai office will cater
to small- to medium-sized business through services such as import and
export settlement. The office, which has a full-time staff of 15, is led by
Andrew Whitford, country head of China operations.

In a January 2008 press release, Westpac’s general manager of the Asia


region, Yogan Rasanayakam, explained that the new office marks a
significant milestone for the bank. “Given the deep trading links between
China, Australia and New Zealand, it makes good business sense for
Westpac to establish a branch in the financial capital of China,” said
Rasanayakam. “In particular, it will assist customers who are benefiting
from China’s demand for Australia’s resources and New Zealand’s
agricultural products. China is now the world’s growth engine and this new
branch provides Westpac with a stronger capability to assist Australian,
New Zealand and Chinese customers who are doing business in the region.”

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advice articles, employee surveys and other information on top careers in the LIBRARY 327
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Vault Guide to the Top Banking Employers • 2009 Asia Pacific Edition
Westpac

GETTING HIRED

Are you a generalist or specialist?


Westpac looks for “people with a can-do attitude, who are energetic, passionate,
optimistic and innovative.” The firm’s careers web site at www.westpac.com.au/
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

careers has a wealth of information about what it’s like to be a part of the
Westpac team, and what it takes to get there. Westpac also has a site dedicated
to graduate recruitment at www.westpac.com.au/graduates.

Westpac has two types of programs for graduates. The generalist program
gives participants a taste of several business areas. At the end of the
program, graduates decide where they’d like to focus their careers.
Generalist programs are available in business and consumer banking, and
enterprise business services, as well as with Westpac Asia or Westpac
Institutional Bank. The specialist program allows graduates to focus on a
chosen field, sampling different departments during the time of placement.
Specialist programs are available in accounting, agribusiness, eBusiness,
financial markets, information technology, legal, operations, human
resources, pricing and analytics, and risk.

The Asia Graduate Program is a two-year rotational program that allows


candidates to fully understand and experience Westpac’s business in
Australia during the first 12 months. Participants are then permanently
placed in one of the firm’s Asian offices, which include Singapore, Hong
Kong and Shanghai. By the end of the program, participants should have a
good understanding of how Westpac Asia operates and will have developed
valuable networks across the broader Westpac Group.

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About the Editors

Jon Braun is the Managing Editor of Vault Asia Ltd. In addition to


overseeing the publication of Vault’s guides in the Asia Pacific region, he
has lectured about careers throughout Asia, including in China, Singapore
Customized for: Muhammed Carim (mc650@cam.ac.uk) University of University of Cambridge, Judge Business School Online Career Library

and South Korea. He is a graduate of the University of Wisconsin.

Derek Loosvelt is Vault’s Finance Editor. He has a BS in economics from


the Wharton School at the University of Pennsylvania and an MFA in
creative writing from The New School. He is a writer and editor and has
worked for Brill’s Content and Inside.com. Previously, he worked in
investment banking at CIBC and Duff & Phelps.

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