(Bloomberg) -- JPMorgan Chase & Co. China Chairman Charles Li is leaving after six years with the New York-based firm, two people with knowledge of the matter said.
Li, 48, will quit the investment banking industry and take up a senior position with a Hong Kong company, the people said, asking not to be identified before an announcement is made. He plans to leave around September, one of the people said.
Local newspaper Ming Pao today reported Li is the preferred candidate to replace Paul Chow as chief executive officer of Hong Kong Exchanges & Clearing Ltd., operator of Asia’s third-largest stock market, citing unidentified people.
Marie Cheung, a Hong Kong-based spokeswoman at JPMorgan, declined to comment. Hong Kong Exchanges spokeswoman Lorraine Chan declined to comment on the Ming Pao report. The bourse is in the “final stage” of choosing a new CEO, she said.
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Wednesday, May 13, 2009
Mitsubishi UFJ Purchase of Citigroup Bank Unit Said to Falter
(Bloomberg) -- Mitsubishi UFJ Financial Group Inc. may back out of an agreement to buy a Citigroup Inc. banking unit after failing to purchase other Japanese assets from the U.S. bank, two people with knowledge of the matter said.
Mitsubishi UFJ Trust and Banking Corp., a unit of Japan’s biggest lender, may scrap the commitment it made in December to buy NikkoCiti Trust & Banking Corp. for 25 billion yen ($262 million), said the people, who declined to be identified as they haven’t been authorized to discuss the matter publicly.
Citigroup, the recipient of a $52 billion U.S. government bailout, is auctioning off assets to raise capital and agreed to sell its Japanese retail brokerage and parts of its investment bank to Sumitomo Mitsui Financial Group Inc. for 545 billion yen this month. The New York-based bank is also seeking bidders for its local asset-management unit, four people familiar with matter said last month.
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Mitsubishi UFJ Trust and Banking Corp., a unit of Japan’s biggest lender, may scrap the commitment it made in December to buy NikkoCiti Trust & Banking Corp. for 25 billion yen ($262 million), said the people, who declined to be identified as they haven’t been authorized to discuss the matter publicly.
Citigroup, the recipient of a $52 billion U.S. government bailout, is auctioning off assets to raise capital and agreed to sell its Japanese retail brokerage and parts of its investment bank to Sumitomo Mitsui Financial Group Inc. for 545 billion yen this month. The New York-based bank is also seeking bidders for its local asset-management unit, four people familiar with matter said last month.
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Wolfensohn Says ‘No Quick Fix’ for Global Economic Slowdown
(Bloomberg) -- The global economy will likely stay mired in a protracted slowdown, said James Wolfensohn, former World Bank President and chairman of Citigroup Inc.’s international advisory board.
“The debate will continue on whether it’s going to be a V, U or L-shaped recession,” Wolfensohn, who left the World Bank in 2005, said at a forum in Shanghai yesterday evening. “My own judgment is that it’s more likely the latter. I don’t believe we’ll get a quick fix any time soon.”
Wolfensohn’s views echo those of Nobel laureate Paul Krugman, who said this week in Shanghai he considered a V-shaped recession “extremely unlikely.” Retail sales in the U.S. unexpectedly dropped in April for a second month, according to the Commerce Department yesterday, indicating that rising unemployment is prompting consumers to conserve cash.
Nouriel Roubini, the New York University professor who predicted the financial crisis, said last week that analysts expecting the U.S. economy to rebound in the third and fourth quarter were “too optimistic.” He estimated a total of $3.6 trillion of loan and securities losses in the U.S.
Losses “won’t go as far as” Roubini’s estimates, said Wolfensohn, who was giving a talk in a restored building on Shanghai’s historic Bund.
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“The debate will continue on whether it’s going to be a V, U or L-shaped recession,” Wolfensohn, who left the World Bank in 2005, said at a forum in Shanghai yesterday evening. “My own judgment is that it’s more likely the latter. I don’t believe we’ll get a quick fix any time soon.”
Wolfensohn’s views echo those of Nobel laureate Paul Krugman, who said this week in Shanghai he considered a V-shaped recession “extremely unlikely.” Retail sales in the U.S. unexpectedly dropped in April for a second month, according to the Commerce Department yesterday, indicating that rising unemployment is prompting consumers to conserve cash.
Nouriel Roubini, the New York University professor who predicted the financial crisis, said last week that analysts expecting the U.S. economy to rebound in the third and fourth quarter were “too optimistic.” He estimated a total of $3.6 trillion of loan and securities losses in the U.S.
Losses “won’t go as far as” Roubini’s estimates, said Wolfensohn, who was giving a talk in a restored building on Shanghai’s historic Bund.
Read more here
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