1. Wealth
March 30, 2009

Asia WM sector continues to layoff staff

By Spear's

The shakeout in the once-booming wealth management industry across Asia gathered pace after SG Private Banking, a leading player in the region, announced layoffs on Friday.

The shakeout in the once-booming wealth management industry across Asia gathered pace after SG Private Banking, a leading player in the region, announced layoffs on Friday.

The bank, an arm of France’s Societe Generale, said that it was cutting staff in Asia, excluding Japan, in a realignment of its operations “in line with current market conditions, opportunities and development strategy.”

Less than 10 percent of staff will go, a SG spokesperson in Singapore stressed. She didn’t comment on industry reports that some remaining staff would face salary cuts.

For further details, visit thewealthnet

Content from our partners
How Guernsey’s private trustee structures can protect assets 
Luštica Bay: The Adriatic's most coveted address
AI, growth and public policy: What is the future for Britain?

Websites in our network