A

VAULT GUIDE TO THE
TOP 25 ASIA PACIFIC BANKING EMPLOYERS

2010 EDITION
Sponsored by:
THE MEDIAS WATCHING VAULT!
HERES A SAMPLING OF OUR COVERAGE.
For those hoping to climb the ladder of success, [Vaults] insights are priceless.
Money magazine
The best place on the web to prepare for a job search.

Fortune
[Vault guides] make for excellent starting points for job hunters and should be
purchased by academic libraries for their career sections [and] university career
centers.
Library Journal
The granddaddy of worker sites.

US News and World Report
A killer app.
The New York Times
One of Forbes 33 Favorite Sites

Forbes
To get the unvarnished scoop, check out Vault.

SmartMoney Magazine
Vault has a wealth of information about major employers and job-searching strategies
as well as comments from workers about their experiences at specific companies.
The Washington Post
A key reference for those who want to know what it takes to get hired by a law firm and
what to expect once they get there.
New York Law Journal
Vault [provides] the skinny on working conditions at all kinds of companies from
current and former employees.
USA Today

2010 Edition
VAULT GUIDE TO THE
TOP 25 ASIA PACIFIC

BANKING EMPLOYERS
DEREK LOOSVELT
AND THE STAFF AT VAULT

Copyright 2010 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 Street, 8th Floor, New York, NY 10013,
(212) 366-4212.
Library of Congress CIP Data is available.
ISBN 13 : 978-1-58131-734-3
Acknowledgments
Thanks to everyone who had a hand in making this book possible. We are extremely grateful to Vaults entire staff for all their help in the editorial,
production and marketing processes. Vault would also like to acknowledge the support of our investors, clients, employees, family and friends.
Thank you!
v
Table of Contents
A Guide to this Guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
OVERVIEW OF THE BANKING INDUSTRY 3

Investment Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Commercial Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
State of the Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
THE VAULT PRESTIGE RANKINGS 9

Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
The Vault 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
TOP 25 ASIA PACIFIC BANKING EMPLOYERS 13

1. The Goldman Sachs Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
2. J.P. Morgan Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
3. Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28
4. Deutsche Bank AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
5. The Blackstone Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38
6. HSBC Holdings plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43
7. Credit Suisse Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48
8. UBS Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54
9. Citi Insitutional Clients Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60
10. Barclays Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69
11. Standard Chartered Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75
12. Macquarie Group Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80
13. Nomura Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85
14. Bank of America Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91
15. BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .98
16. Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103
17. Socit Gnrale SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .112
18. Rothschild . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .116
19. ING Groep N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120
20. DBS Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124
21. CLSA Asia-Pacific Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .129
22. The Royal Bank of Scotland plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133
23. Mitsubishi UFJ Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .138
24. Bank of China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141
25. Australia and New Zealand Banking Group Limited (ANZ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .145
vii
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
Table of Contents
THE BEST OF THE REST 151

Agricultural Bank of China Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153
The Bank of East Asia, Limited (BEA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .157
Bank of Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161
Bendigo and Adelaide Bank Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .164
BOC International Holdings Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .168
China Construction Bank Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172
China Galaxy Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .175
China International Capital Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178
China Merchants Securities Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .182
CIBC World Markets Inc. (CIBCs Wholesale Banking Division) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .185
CIMB Group Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .189
CITIC Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .193
Commonwealth Bank Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .196
Daiwa Securities Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .201
GF Securities (Guangfa Securities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204
Guotai Junan Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .207
Haitong Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .210
Hana Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213
Hang Seng Bank (china) Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .218
HDFC Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .221
Hyundai Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .224
ICICI Bank Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226
Industrial and Commercial Bank of China Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .229
Korea Development Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232
Kotak Mahindra Capital Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .235
Metropolitan Bank and Trust Company (Metrobank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238
Mizuho Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .243
National Australia Bank Limited (NAB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .246
OCBC Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250
Ping An Securities Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .253
RBC Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .256
Samsung Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .259
Shanghai CFETS-ICAP International Money Broking Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .262
Shinhan Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .265
State Bank of India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .268
viii 2009 Vault.com Inc.

Table of Contents
Sumitomo Mitsui Banking Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .271
Sun Hung Kai Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .273
Taifook Securities Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .276
United Overseas Bank Limited Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .278
The Westpac Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .281
Woori Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .286
About the Editor ..................................................................................................................................289
Visit Vault at www.vault.com for insider company profiles, expert advice,

career message boards, expert resume reviews, the Vault Job Board and more. ix
A Guide to this Guide
All of our profiles follow the same basic format. Heres a guide to each entry.
FIRM FACTS
Departments: The firms major divisions.
The Stats: Basic information about the firm, usually information thats available to the general public. This includes the firms leadership (generally,
the person responsible for day-to-day operations, though it can include the chairman and relevant department heads), employer type (e.g., public,
private or subsidiary), ticker symbol and exchange (if public), 2008 or 2009 revenue and net income (usually only for public companies; we do have
some estimates from third-party sources for private companies and, in some cases, the firm has confirmed that information), number of employees
and number of offices.
Key Competitors: The firms main business rivals. Size, business lines, geography and reputation are taken into account when evaluating rivals.
Uppers and Downers: The best and worst things, respectively, about working at the firm. Uppers and downers are taken from the opinions of insiders
based on our surveys and interviews.
Employment Contact: The person (or people) that the firm identifies as its contact(s) for submitting resumes or employment inquiries. Weve supplied
as much information as possible, including names, titles, mailing addresses, phone or fax numbers, email addresses and websites. As companies
process resumes differently, the amount of information may vary. For example, some firms ask that all employment-related inquiries be sent to a central
processing office, while other firms mandate that all job applications be submitted through the company website.
THE PROFILES
Most profiles are divided into three sections: The Scoop, Getting Hired and Our Survey Says (some profiles have only Scoop and Getting Hired sections).
The Scoop: The companys history, a description of the business, recent clients or deals and other significant developments.
Getting Hired: An overview of the companys hiring process, including a description of campus recruiting procedures, the number of interviews,
questions asked and other tips on getting hired.
Our Survey Says: Quotes from surveys and interviews done with employees or recent employees at the company. This includes information on culture,
pay, hours, training, diversity, offices, dress code and other important company insights.

career message boards, expert resume reviews, the Vault Job Board and more. 1
OVERVIEW OF THE BANKING
INDUSTRY Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
Overview of the Banking Industry
Investment Banking
Investment banking is the business of raising money for companies. Companies need capital to grow their business; they turn to investment banks to
sell securities to investorseither public or privateto raise this capital. These securities come in the form of stocks or bonds.
Generally, an investment bank comprises the following areas:
CORPORATE FINANCE
The bread and butter of a traditional investment bank, corporate finance generally performs two different functions: 1) mergers and acquisitions
advisory, and 2) underwriting. On the mergers and acquisitions (M&A) advising side of corporate finance, bankers assist in negotiating and structuring
a merger between two companies. If, for example, a company wants to buy another firm, then an investment bank will help finalize the purchase price,
structure the deal and generally ensure a smooth transaction. The underwriting function within corporate finance involves raising capital for a client.
In the investment banking world, capital can be raised by selling either stocks or bonds to investors.
SALES
Sales is another core component of an investment bank. Salespeople take the form of: 1) the classic retail broker, 2) the institutional salesperson, or
3) the private client service representative. Brokers develop relationships with individual investors, and sell stocks and stock advice to the average Joe.
Institutional salespeople develop business relationships with large institutional investorsthose who manage large groups of assets, like pension funds
or mutual funds. Private client service (PCS) representatives, often referred to as private wealth managers, lie somewhere between retail brokers and
institutional salespeople providing brokerage and money management services for extremely wealthy individuals. Salespeople make money through
commissions on trades made through their firms.
TRADING
Traders also provide a vital role for the investment bank. Traders facilitate the buying and selling of stock, bonds or other securities, either by carrying
an inventory of securities for sale or by executing a given trade for a client. Traders deal with transactions, large and small, and provide liquidity (the
ability to buy and sell securities) for the marketoften called making a market. Traders make money by purchasing securities and selling them at a
slightly higher price. This price differential is called the bid-ask spread.
RESEARCH
Research analysts follow stocks and bonds and make recommendations on whether to buy, sell or hold those securities. Stock analysts (known as
equity analysts) typically focus on one industry and will cover up to 20 companies stocks at any given time. Some research analysts work on the fixed-
income side and will cover a particular segment, such as high-yield bonds or U.S. Treasury bonds. Salespeople within the investment bank utilize
research published by analysts to convince their clients to buy or sell securities through their firm. Corporate finance bankers rely on research analysts
to be experts in the industry in which they are working. Reputable research analysts can generate substantial corporate finance business and
substantial trading activity, and thus are an integral part of any investment bank.
SYNDICATE
The hub of the investment banking wheel, syndicate provides a vital link between salespeople and corporate finance. Syndicate exists to facilitate the
placing of securities in a public offering, a knock-down-drag-out affair between and among buyers of offerings and the investment banks managing
the process. In a corporate or municipal debt deal, syndicate also determines the allocation of bonds.
4 2009 Vault.com Inc.

Commercial Banking
Commercial banks, unlike investment banks, generally act as lenders, putting forth their own money to support businesses as opposed to investment
advisors who rely on other folksbuyers of stocks and bondsto pony up cash. This distinction has led to noticeable cultural differences (exaggerated
by stereotype) between commercial and investment bankers. Commercial bankers (deservedly or not) have a reputation for being less aggressive,
more risk-averse and simply not as mean as investment bankers. Commercial bankers also dont command the eye-popping salaries and prestige
that investment bankers receive.
There is a basis for the stereotype. Commercial banks carefully screen borrowers because the banks are investing huge sums of their own money in
companies that must remain healthy enough to make regular loan payments for decades. Investment bankers, on the other hand, can make their
fortunes in one day by skimming off some of the money raised in a stock offering or invested into an acquisition. While a borrowers subsequent
business decline can damage a commercial banks bottom line, a stock that plummets after an offering has no effect on the investment bank that
managed its IPO.
THE LENDING TRAIN

The typical commercial banking process is fairly straightforward. The lending cycle starts with consumers depositing savings or businesses depositing
sales proceeds at the bank. The bank, in turn, puts aside a relatively small portion of the money for withdrawals and to pay for possible loan defaults.
The bank then loans the rest of the money to companies in need of capital to pay for, say, a new factory or an overseas venture. A commercial banks
customers can range from the dry cleaner on the corner to a multinational conglomerate. For very large clients, several commercial banks may band
together to issue syndicated loans of truly staggering sizes.
MAKING MONEY BY MOVING MONEY

Take a moment to consider how a bank makes its money. Commercial banks earn 5 to 14 percent interest on most of their loans. As commercial
banks typically only pay depositors 1 percentif anythingon checking accounts and 2 to 3 percent on savings accounts, they make a tremendous
amount of money in the difference between the cost of their funds (1 percent for checking account deposits) and the return on the funds they loan (5
to 14 percent).

State of the Industry
THE AGE OF THE BAILOUT

When the world of finance was rocked by billion-dollar write-downs, mass layoffs, declarations of bankruptcy, rumors of nationalization of the worlds
biggest banks and grim-faced government officials unveiling plans to bail out financial institutions, experts from New York to Tokyo turned to each
another and asked, What just happened?
Well be parsing the events of 2007, 2008 and 2009 for decades to come; the scope of the crisis falloutand blameis still being assessed. For now,
we know that the banking landscape has been permanently changed. In a nutshell, heres what happened.
The United States housing market, which had risen steadily through 1990s, finally began to slow down. At the same time, mortgage lenders were
making increasingly risky loansapproving mortgages for subprime customers who were at high risk of defaulting. (Later, the world heard horror
stories about unemployed people being approved for expensive home loans, despite having no real proof of income.) Meanwhile, banks had figured
out ways to securitize home loans and the risks involved with them, packaging and slicing these new securities into arcane derivatives. These
derivatives wound their way through the worlds financial system, piling up in banks balance sheets. This created a ticking time bomb: as people
began defaulting on their mortgage payments, these assets values evaporated, leading to massive write-downs and losses.
In fall 2008, the worlds investment banks were in a state of panic, fearing for their ownand otherssafety. Things that looked like assets on paper
proved worthless. Because of the way credit risk was spread through the system, banks began freezing lines of credit to other banks and consumers:
no one knew for sure who was liquid and who was on the verge of collapse. The credit crunch slammed the brakes on an already-slowing economy,
and banks, mortgage lenders, insurers and public companies scrambled to avoid bankruptcy. Some were successful; some were not.
Its unsurprising, then, that banking revenue has been less than stellar lately. Banks earnings soared through 2005, 2006 and the first half of 2007.
Then came the downswing. Earnings plummeted, banks went bankrupt or were sold, and thousands of professionals were laid off. U.S. and European
banks were hardest-hit by the global recession, but those in Asia, the Middle East and Africa were also severely affected.
GIANTS FALL
Perhaps the most lasting legacy of the financial crisis will be its impact on bankings biggest players. New York-based Bear Stearns was the first to
collapse, and the U.S. government helped engineer a sale of Bear to fellow American bank JPMorgan Chase in March 2008. Lehman Brothers, another
global bank headquartered in New York, toppled into bankruptcy in September 2008, and was sold in pieces to Japans Nomura Securities, which now
owns Lehmans European and Asia Pacific businesses, and to the U.K.s Barclays, which took over Lehmans North American operations. (The U.S.
governments refusal to step in for Lehman, as it had for Bear, remains a source of anger and bewilderment for its former employees.) Also during
September 2008, after 94 years in business as an independent investment bank, Merrill Lynch (part of the so-called bulge bracket) admitted defeat
and agreed to be sold to Bank of America.
That left Goldman Sachs and Morgan Stanley as the last independent bulge bracket banks on Wall Street. But even they succumbed. In late
September 2008, both banks received permission from U.S. regulators to convert themselves into bank holding companies, a restructuring move that
allowed them to receive government assistancebut also left them bound by strict regulations and rules regarding leverage and risk-taking.
This raised an important point: in the U.S. and in the U.K., banks that took government assistance (bailout funds) faced the imposition of new
operating requirements. In other words, the government poured billions into its banks and thus wanted a say in how theyre run, especially in light of
the fact that many industry observers blamed loosely regulated derivatives trading for fueling the crisis. Later, some Asian banks were forced to take
government bailouts as well.
Will banksor the banks that acquired themever go back to their unfettered ways? Perhaps. In some cases, banks will be able to win back some
freedom if they can repay their bailout allotments (many of them have already repaid). But the bottom line is the days of high-flying, overleveraged
risk-taking are over, at least in the near term. International and local regulators, politicians and taxpayers are watching banks like hawks, keeping an
eye on everything from executive compensation to the state of their balance sheets.
THE OLD-FASHIONED MERGER

In June 2009, Morgan Stanley combined its global wealth management group with three Citigroup businesses: U.K.-based Quilter, Smith Barney
Australia and Citi Smith Barney. Operating under the name Morgan Stanley Smith Barney, the joint venture is comprised of 18,500 financial advisors
in 1,000 offices worldwide, with more than $1.3 trillion in client assets. In effect, Citi sold a 51 percent majority stake in the joint venture to Morgan

Stanley for $2.7 billion. Upon the closing of the deal, it was reported that Morgan Stanley was expected to acquire full control in various phases over
the next five years. Currently, Morgan Stanley CEO James Gorman serves as chairman of the new company.
BREAKING GROUND
In one of the most significant ground breakings of 2009, Robert Morse, the ex-chief executive of Citigroups Asia investment banking business, raised
$1 billion to start to his own Hong Kong-headquartered bank called Primus Financial Holdings. Morse, whos partnering with two other ex-Citi bankers,
plans to focus on the Asia market but will also do business in Europe and the U.S., likely making acquisitions of divisions of established firms along
the way.
In an interview with Reuters, Morse cited the trend of executives moving from big firms to smaller ones as a reason for Primus founding, saying that
a lot of bankers have become unsatisfied with where their institutions are or where their jobs are going so the availability of talent is very high.
Morse also pointed out that the big Citi and other large banks arent exactly afraid of small firms like Primus making too large of a dent in its business.
BANKERS VS. TRADERS

Investment banks have long contained two cultures: traders and corporate finance advisers. It was the latter who traditionally became firms chief
executives and chairmen. The lines have blurred, however, as former traders have risen in prominence at their respective firms. (Some corporate
financiers have responded by heading out on their own to start boutique advisory firms.) Among the traders who worked their way to the top: Goldman
Sachs CEO Lloyd Blankfein, a former commodities trader; Huw Jenkins, who led UBS until stepping down in 2007 after massive losses at the
investment bank; and Oswald Grubel, a former floor trader who served as CEO of Credit Suisse until taking over for Jenkins at UBS.
Speaking of losses, traditional trading at investment banks consisted of dealing in equities, bonds and basic financial derivatives for currency and
interest rate products. That changed when banks began inventing new kinds of derivatives, an effort to wring more return from, well, just about
anything. New types of derivatives allow banks to trade contracts based on future energy prices, complicated bundles of currency prices, even the
odds of another company defaulting on its debt.
Whats more, investment banks and brokerage firms used to act only as agents: they bought and sold securities on behalf of their clients. Now theyre
just as likely to be principals in trades, using firm assets to make their own bets. When they get it right, traders have reaped big rewards for their
employers. When they get it wrong, as the world discovered in 2007 and 2008, the losses can be devastating.
Compounding these issues is the fact that trading activity has increased as a proportion of investment banking revenue, and brokerage services have
expanded at many banks. The growth of hedge funds drove banks to build prime brokerage units, which offer dedicated financing, securities lending,
clearing, custody and advisory services to major investors and hedge funds (though the hedge fund industry took a sever hit in 2008, it was back on
track by mid-2009 as many of the major hedge funds showed solid earnings for the first six months of the year).
M&A BOOM AND BUST

Mergers and acquisitions advisory was, for most of the late 1990s and early 2000s, a leading source of revenue for the global investment banking
industry. In 2000, the worlds volume of M&A activity totaled almost $3.5 trillion; business dipped in 2001, and in 2002, deal volume was down to
$1.2 trillion worldwide.
Things picked up in 2004 as a strong global economy, low interest rates and thriving stock prices raised confidence and spurred dealmaking. Global
M&A activity was up to $2.7 trillion by 2005, and deals kept going through 2006, peaking in mid-2007.
A notable feature of the mid-2000s M&A boom was the major part played by financial purchasers, including some multibillion-dollar deals. Private
equity groups, which were raising ever-larger funds, were buyers on an unprecedented scale. Some of the major investment banks played a significant
role in this development. Management buyouts were also a thriving contributor.
The global recession that nearly destroyed banks in 2008 took a big toll on mergers and acquisitions. Without access to cheap, plentiful credit, potential
buyers were less likely to buy. Embattled companies made less-attractive targets. And in a climate of no confidence, few CEOs wanted to take on any
unnecessary risk. As a result, banks M&A revenue dwindled. The top of the league tables, though, looked much the same as they did in years past
but there was some movement at the very top of the charts.
According to Thomson Reuters, Morgan Stanley was the top worldwide merger and acquisition advisory for 2009, working on announced deals worth
US$624.3 billion (up 11 percent versus 2008). Morgan Stanley leaped from fifth place to take the No. 1 spot away from perennial top advisor Goldman
Sachs. Goldman had to settle for second place, working on US$594.2 billion in deals (down about 30 percent versus 2008). J.P. Morgan, Citi and
Credit Suisse rounded out the top five, respectively. Morgan Stanley also ranked No. 1 in announced M&A deals in Asia (excluding Japan), working

on $36.4 billion worth of deals. Credit Suisse placed No. 2, with US$22.8 billion in deal volume and UBS took the No. 3 spot, working on $22.6 billion
in deals. Goldman and J.P. Morgan took the fourth and fifth spots, respectively.
The global debt, equity and equity-related tables had a different leader, as J.P. Morgan ranked No. 1 in overall underwriting volume, with Barclays
Capital and Bank of America Merrill Lynch taking the second and third places, respectively. Citi ranked No. 4 and Deutsche Bank ranked No. 5. J.P.
Morgan worked on 1,702 deals during 2009 worth a total of US$614.7 billion.
In the Asian (excluding Japan) equity capital markets, UBS was the top bookrunner, working on 61 equity-underwriting deals worth US$15.4 billion.
Morgan Stanley placed second and China International Capital took third place. In the Asian debt capital markets, Deutsche Bank was the big winner,
ranking No. 1 in Asian G3 currency bond underwriting. Deutsche Bank underwrote 36 bond deals worth a total of US$9.5 billion, jumping from No. 2
in 2008 when HSBC was the lead currency bond underwriter in Asia.

PRESTIGE
RANKINGS Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
Ranking Metholodogy
The Vault 25
Ranking Methodology
The Vault Guide to the Top 25 Asia Pacific Banking Employers rates 66 firms with significant commercial banking or investment banking operations in
the Asia Pacific region. We chose these 66 firms based on previous Vault surveys that gauged opinions of industry insiders, as well as on various
factual data, including annual revenue and number of employees.
The firms we identified were all asked to distribute Vaults 2009 Banking Survey to their banking professionals. The online survey consisted of questions
about life at the professionals firm or former firm, along with a prestige rating. Survey participants were asked to comment on qualifications the firm
looks for in new employees, specific tips on getting hired, questions asked during the interview process, firm culture, hours worked, relations with
managers, compensation, diversity, training and more.
Participants were also asked to rate companies with which they were familiar on a scale of 1 to 10, with 10 being the most prestigious. Participants
were not allowed to rate their own employer. Vault averaged the prestige scores for each firm and ranked them in order.
Eight firmsBarclays, Citigroup, Citi Institutional Clients Group, Commonwealth Bank Group, Goldman Sachs, J.P. Morgan Investment Bank, Nomura
Holdings and Standard Chartered Bankagreed to distribute the survey. All surveys were completely anonymous. For those companies that opted
not to distribute the survey, Vault sought contacts at the firm to take the survey through other proprietary sources. Those professionals took the same
survey as the employees at firms that participated.
A total of 441 banking professionals filled out Vault's 2009 Banking Survey in the summer 2009. Vault averaged the prestige scores for each firm and
ranked them in order, with the highest average score belonging to our No. 1 firm, Goldman Sachs. With a score of 7.836, the New York-based firm
beat out fellow New Yorker J.P. Morgan Investment Bank, which scored 7.595. Morgan Stanley placed third (with a score of 7.401), Deutsche Bank
ranked fourth (7.067) and Blackstone came in fifth (6.905).

TOP 25
ASIA PACIFIC
BANKING
The Vault 25
EMPLOYERS
[The 25 Most Prestigious Asia Pacific Banking Employers] 2010
RANK FIRM SCORE
1 The Goldman Sachs Group, Inc. 7.836
2 J.P. Morgan Investment Bank 7.595
3 Morgan Stanley 7.401
4 Deutsche Bank AG 7.069
5 The Blackstone Group 6.905
6 HSBC Holdings plc 6.788
7 Credit Suisse Group AG 6.748
8 UBS Investment Bank 6.712
9 Citi Insitutional Clients Group 6.650
10 Barclays Capital 6.580
11 Standard Chartered Bank 6.449
12 Macquarie Group Limited 6.245
13 Nomura Holdings, Inc. 5.978
14 Bank of America Merrill Lynch 5.887
15 BNP Paribas SA 5.850
16 Citigroup, Inc. 5.782
17 Socit Gnrale SA 5.524
18 Rothschild 5.478
19 ING Groep N.V. 5.352
20 DBS Bank Ltd. 5.323
21 CLSA Asia-Pacific Markets 5.025
22 The Royal Bank of Scotland plc 5.022
23 Mitsubishi UFJ Financial Group, Inc. 5.000
24 Bank of China 4.980
25 ANZ* 4.865
* Australia and New Zealand Banking Group Limited (ANZ)
12 2009 Vault.com, Inc.

TOP 25 ASIA PACIFIC
BANKING EMPLOYERS
PRESTIGE
RANKING
1 THE GOLDMAN SACHS GROUP, INC.
Regional Headquarters KEY COMPETITORS

Cheung Kong Center, 68th Floor
J.P. Morgan
2 Queens Road Central
Morgan Stanley
Central, Hong Kong
UBS
Phone: +852 2978 1000
www.gs.com
PLUSES
LOCATIONS IN ASIA PACIFIC (EXCLUDING JAPAN) Great responsibilities and fast growing firm
Great brand name
Bangalore Beijing Hong Kong Mumbai Seoul
Strong and friendly corporate culture
Shanghai Singapore Taipei
MINUSES
BUSINESSES
Expectations are high
Corporate Finance Investment Management Investment
Very low promotion opportunity
Research Private Equity / Principal Investing Securities
Working under extreme pressure with tight deadlines
(Equities/Fixed Income)
EMPLOYMENT CONTACT
THE STATS
www.gs.com/careers
Employer Type: Public Company
Ticker Symbol: GS (NYSE)
Chairman & CEO: Lloyd C. Blankfein
Revenue: US$45.17 billion (FYE 12/09)
Net Income: US$12.2 billion
No. of Employees: 30,067
No. of Employees in Asia (excluding
Japan): Approximately 1,800
No. of Offices: 40
No. of Offices in Asia (excluding Japan): 8
15
The Goldman Sachs Group, Inc.
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, 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.
The firm's 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 the most important international banking league tables.
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.
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. In Taiwan, Goldman Sachs is a leading foreign investment bank; there,
it serves a number of clients in industries such as banking, telecommunications and manufacturing.
Goldman Sachs arrived in Korea in 1993 when it opened a representative office in Seoul (this 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), China's largest
bank, which included a US$2.6 billion investment. In April 2007, Goldman Sachs closed its GS Capital Partners VI fund with US$20 billion
in committed capital, US$11 billion from qualified institutional and high-net-worth clients and US$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.
End of an era
With the collapse of Lehman Brothers in September 2008 and seeing its profits in the third quarter down by 70 per cent on their 2007 figures,
Goldman Sachs received Federal approval to transform from an investment bank into a bank holding company. This made it the fourth-largest
bank holding company in the U.S. and took it under the supervision of the Federal Reserve for the first time. The move saw the end of the
traditional investment bank on Wall Street and paved the way for the New York firm to build on its deposit base through acquisitions, allowing
it to rely more heavily on the deposits from retail customers instead of using money borrowed on the bond market. As part of the U.S. Treasury
Departments $700 billion bailout package for struggling financial institutions, the bank received US$10 billion in aid in October 2008.
Commenting on the move, Goldman Sachs Chairman and CEO Lloyd Blankfein said, Goldman Sachs, under Federal Reserve supervision, will
be regarded as an even more secure institution with an exceptionally clean balance sheet and a greater diversity of funding sources.

IN THE NEWS
October 2009: Beating expectations

Goldman Sachs beat analysts predictions for its fiscal third quarter, booking US$3.19 billion in profit (US$5.25 a share), a nice rise versus the
US$845 million it booked for the same period a year earlier. Revenue, meanwhile, jumped to US$12.37 billion from US$6.04 billion in the
third quarter of 2008. Analysts had predicted US$4.24 a share on revenue of US$11 billion. The investment bank, which benefited from
trading gains and other investments, also reserved US$5.35 billion for employee compensation and benefits. Goldman did brisk business in
its fixed income, currency and commodities trading division, with revenue climbing to US$5.99 billion from US$1.6 billion in the third quarter
of 2008.
July 2009: Asia rising

Proving that things were definitely back on the up, Goldman Sachs started to add staff to its equity research team in Japan. As it looked to
increase its equity and sales operations in the Asia Pacific region following a 10 percent reduction towards the end of 2008, the firm hired
Teruhiko Nishimura, a former Credit Suisse Group AG analyst to cover metals, oil and commodities in Japan. This was Goldman Sachs' first
addition to senior research staff in more than 18 months. Stan Lee from Citigroup also joined the bank as a non-bank sector analyst in South
Korea. Goldman claimed it was looking to add more analysts in Asia to cover the pharmaceutical industry in Japan as well as the chemical
and construction industries in South Korea.
July 2009: A golden sign?

Far surpassing analysts predictions, Goldman Sachs posted income of US$3.44 billion for the second quarter, up from US$2.09 billion in the
same period of the previous year. The firms net revenue also rose significantly, growing 46 percent to US$13.76 billion. Goldmans fixed
income, currency and commodities trading division was largely to thank for the boostthe units revenue increased more than 50 percent to
US$6.8 billion.
July 2009: Greed is good

Goldman Sachs hit headlines in July 2009 as New Yorks Attorney General Andrew Cuomo reported that the bank paid out US$4.8 billion in
bonuses, while receiving US$10 billion in rescue funding from the U.S. government. According to the 22-page report, bonuses at Goldman
Sachs averaged US$160,420 for its 30,067 employees, including 212 receiving more than US$3 million and 391 receiving more than $2
million.
By July 2009, the firm had already put aside US$11.3 billion for 2009 compensation, or 49 percent of its net revenue, meaning that the era
of big bonuses was far from over. Many industry observers saw this as a strategic offensive measure by Goldman, looking not only to keep its
own employees happy but to attract the brightest and best from elsewhere, and so heaping the pressure on its competitors.
July 2009: Freed from the chains

Goldman Sachs received permission to repurchase 10 million shares the U.S. Treasury bought from the company under its Troubled Asset
Relief Program, and repaid the US$10 billion it received from the program. Along with Goldman, nine other firms were given the go ahead
to return a collective US$68.3 billion to the U.S. Treasury, more than the original estimate of US$25 billion in funds expected to be returned
in 2009.
As part of the process of raising the funds to pay off the government, Goldman Sachs raised US$1.9 billion by selling shares in Industrial and
Commercial Bank of China. The bank had been keen to remove itself from what it saw as meddling governmental influence over multi-million
dollar bonuses to staff.
February 2009: President steps down

Goldman Sachs announced that Jon Winkelried, the firm's co-president and co-chief operating officer, would be retiring from the firm at the
end of March 2009. Winkelried, who won't accept severance after stepping down, first joined Goldman in 1982 and helped conduct much of
the firm's recent wave of job cuts. Taking over Winkelried's duties was co-COO Gary Cohn (who will continue to assume his current duties as
well). According to a Dow Jones report citing insiders, Winkelried's retirement was tied to his understanding that he was "not in the pole

position" to ultimately become CEO of the company. Insiders said Cohn had the inside track to become CEO, if the post were to become
available.
December 2008: M&A is down, but Goldman still on top

Goldman Sachs was sitting pretty atop the worldwide announced merger and acquisition tables for 2008, coming in at No. 1 with 342 deals
worth US$831.5 billion, according to Thomson Reuters. (However, thanks to a very dry deal market, Goldmans M&A deal volume was down
nearly 30 percent versus 2007.) Goldman also snagged the No. 1 spot for U.S. announced M&A deals, advising on 198 deals worth US$572.7
billion (down a whopping 38 percent versus 2007). And the firm took the No. 2 spot in European announced deals. As usual, Goldman has
worked on some big-name deals recently, advising on Genetech's US$41.3 billion bid for pharmaceutical company Roche in July 2008 as well
as Belgian beer brewer InBev's US$60 billion purchase of Anheuser-Busch, the largest M&A transaction of the year.
Goldman also worked on the largest IPO of the year, underwriting (along with J.P. Morgan) Visa's US$17.9 billion initial public offering in March
2008. (Like the M&A market, the IPO market was down in 2008, as U.S. IPO issues fell 85.6 percent versus 2007, hitting a 31-year low.)
The Visa deal certainly helped Goldman jump from No. 8 to No. 6 in global debt, equity and equity-related issues (Goldman worked on 584
deals worth $228.1 billion). On the global equity tables, Goldman also moved up to two spots to rank No. 2 in equity and equity-related issues,
underwriting US$45.1 billion in deals. The firm leaped four spots to No. 3 in EMEA equity and equity-related deals, and moved up two spots
in U.S. IPOs. However, it dropped two spots to No. 7 in global initial public offerings and six spots in EMEA IPOs.
December 2008: Battered, but still standing

Although Goldman Sachs was viewed as one of the worlds more successful firms when it came to weathering the financial storm, total revenue
for 2008 was still down by a whopping 52 per cent from a record US$45 billion in 2007 to $22.2 billion. Net earnings also fell hard by 80
percent to US$2.3 billion, and it was in Asia that the firm took the biggest hit, with total revenues down from US$9 billion to a mere
US$827,000. In 2008, Asia made up only 4 percent of the firms overall takings.
October 2008: Slash and burn

As part of its attempts to cut costs, Goldman Sachs reported that it was to cut 10 per cent of its global workforce of 33,000. There was also
talk in the press that not only would the unlucky 10 per cent lose their jobs, but they would also have to forfeit their bonus payouts in January
2009 as total compensation, including accrued bonuses, reached US$11.4 billion in the nine months to August 2008. The cull saw 10 per
cent of bankers from the Tokyo office laid off, in addition to a reported 25 from Hong Kong.
GETTING HIRED
Waiting for the one

Being smart is not enough, say insiders when asked what the firm looks for in new recruits. You need to be able to fit into the Goldman
Sachs culture be a real team player. If the right person is not found, then the role will remain empty. When I first interviewed for this
position, explains an insider, I heard that the firm had been looking for someone for six months because they could not find a suitable
candidate. My interview process took three months before they hired me, showing just how selective they are in their hiring process.
Universally popular
Insiders tell of intensive and numerous rounds of interviews as part of the recruitment process at Goldman Sachs; some sources took part
in a mere four interviews, while others claim to have experienced as many as 10. These may be done via phone, video conference or face
to face, with all levels of people from various departments. The first round was on campus with associates, the second was at the corporate
office with vice presidents. These [interviews] focused on overall industry knowledge and my personality, and appreciation of teamwork and
diversity, explains a respondent. The third and fourth rounds were specific to specialized business areas, and covered what I would be
interested in and where I would make a good fit.
At the end of the day, the hiring process is based on unanimity. You could go through 15 positive interviews, says a source, but all it
takes is one negative interviewand youre done.

OUR SURVEY SAYS
Sipping the Kool-Aid

There is a very strong belief that the people at Goldman Sachs are the most important resource. Its almost as if the firm has a stake in
your progress and desperately wants you to succeed, explains a contact. Every employee is made to feel special.
Hierarchy at the firm is minimal, and employees are encouraged and expected to collaborate with fellow colleagues as much as possible.
Junior-level analysts are able to freely express their views and opinions to senior bankers. The atmosphere is one of collaboration, notes
another source. I dont feel competition, but I always feel the teamwork.
The firm makes sure it recruits people who are friendly and helpful, and most employees are patient and willing to share information or data
whenever needed. Transparency is also very important to the firm, and communication is generally very clear, honest and courteous,
irrespective of where or whom it emanates from. Senior management ensures that employees are kept abreast of the events concerning the
firm, and employees are encouraged to ask questions.
There is a collegial sense of team spirit and pride, which is a great motivator. And insiders readily tell us that stress in the office is not
encouraged. Many outsiders joke that Goldman Sach employees are always drinking the Kool-Aid. And there is a small truth to this, reveals
an insider.
Respect for diversity is a key part of the firms philosophy, and the leadership is almost obsessed with this, be it diversity of race, color,
nationality, gender, religious beliefs, educational background or sexual orientation.
All doors are open

We are not managers or subordinates but co-workers, says an insider. At Goldman Sachs, you are not treated with less respect just because
you are a subordinate. One source says, Ive been very impressed by the willingness of managers to go out of their way to spend time with
me. Whether its in a conference room going over technical issues I do not understand, or out of the office over drinks, Ive never had a problem
grabbing my manager and asking for his or her time, reveals a source. In fact, managers operate an open-door policy, are very approachable
and are in tune with what is going on in the trenches, according to insiders.
Every manager I have worked with has been extremely respectful of my work and talents, as well as my limitations, offers one contact. Each
of them has so far behaved as if they had a stake in my development and success. Its been an absolutely fabulous experience.
Relationships among managers are kept fresh with one-on-one meetings on a bi-weekly basis, but those lower down the chain like to look
after each other as well. The best thing about analysts here is that they tend to create an informal support network for each other and form
very close bonds through their three-year programs, one of them explains.
Working New York, London time

Hardworking and dedicated bankers at Goldman Sachs work very long hours, which means putting in between 12 to 18 hour days, as
well as being expected to be available at all hours when dealing with New York and London. Insiders tell us that the days in Asia start at
6:15 a.m. and normally end at 8:30 p.m. They squeeze a lot out of you and your personal time, notes one contact. As a senior executive
once mentioned, Its not just a job, its a career. Goldman Sachs is for career-minded people, not for job-seekers.
A colleague adds, Our hours are certainly not optimal, and there are times when it is difficult to keep a good work/life balance. However, the
work is never mind-numbing, nor does it feel like the day goes by slowly. I typically feel like Im engaged in my work, which makes the long
hours pass quickly. At the same time, though, if someone told me I could leave by 6 p.m. every day, I would not turn that down.
All very PC
Goldman Sachs is extremely sensitive when it comes to its female employees and even has a formal womens networking group to tackle
issues that women may face in the office. We are told the bigwigs take exceptional care to balance the male and female populations, with
active efforts made in recruitment to encourage applications from women. As a result, analysts in Hong Kong report of classes in which 40
percent are female. We also have a lot of female leaders in the firm, so there is no glass ceiling, explains an analyst. According to another,
the problem is that the work is so demanding that a proportion of women are probably unable to continually commit due to family issues, and
eventually drop out of the rat race. But those who survive are likely to be given the chance to rise to the top.

Cutting back
Newbies at the bank can expect 20 days of time off a year, 12 days of sick leave and five days of emergency leave. Bonuses are mostly in
cash with a small stock proportion, although 2008 was well below expectations given the market. Everyone is watching the results this
year with a hope of them returning to 2007 levels, says a contact. We are also informed that signing bonuses are usually small in comparison
to other firms, and that the expat housing allowance has been cancelled in 2009, for those relocating to the Asian offices.
Perks of the job include most business expenses being reimbursed, and wellness benefits like gym memberships and medical
insurance. New mothers are also covered; they receive four months of maternity leave. All in all, employees at Goldman Sachs seem
content with the pay structure at their firm.
Top-tier training
Insiders report that there is a lot of focus on training and a lot of time is allocated to it. The firm provides various types of continuing
education through the Goldman Sachs University. In addition to live trainings, we also have an online platform hosting e-learning courses
on hard skills like product knowledge and soft skills like communication, explains an insider. A colleague outlines the training analysts
receivem, saying, We had a six-week long training program when we started. Even after starting on our desks we have had weekly sessions.
While these formal sessions are viewed as adequate, insiders admit that the individual support and training sessions with superiors are more
effective. As a result, most of the learning at the firm is done on-the-job. The company also hosts a lot of diversity training, ensuring that it
has a fair working environment.
Shrinking competition
Staffers at Goldman Sachs are confident (very confident) about the companys future, revealing that the bank is on track to significantly benefit
from the loss of competitors. We expect even less competition after the financial crisis and more development opportunities in the future,
explains a contact. A colleague agrees, saying, The firm is in a great position relative to competitors in this business, and thus, when things
turn around, we will be better placed than anyone to take advantage of the opportunities as they arise. I believe the firms culture and its
people will be particularly important in driving this profitability, as they are attributes that other companies will find difficult to mimic. Insiders
add that management is very confident about its plans, and is making efforts to secure more market share from competitors, with some very
well thought out long-term plans in place.

PRESTIGE
RANKING
2 J.P. MORGAN INVESTMENT BANK
Asia Pacific Headquarters KEY COMPETITORS

Chater House
Credit Suisse
8 Connaught Road
Deutsche Bank
Central, Hong Kong
Goldman Sachs
www.jpmorgan.com
Morgan Stanley
UBS
LOCATIONS (AP)
Australia China Hong Kong India Indonesia Japan PLUSES
Korea Malaysia Pakistan Philippines Singapore Sri
"Scale, scope and prestige"
Lanka Taiwan Thailand Vietnam
"Quality of training and development"
Entry-level "ownership on projects"
BUSINESSES
Advisory, Mergers & Acquisitions and Industry Sector MINUSES
Coverage Asset Management Equity Capital Markets
"Relatively long hours"
Debt Capital Markets Cash Equities Equity Derivatives
"Need to improve global connectivity"
Credit & Rates Markets Foreign Exchange Commodities
"Cautious approach"
Futures & Options Research Principal Investments
Private Banking Treasury & Securities Services
EMPLOYMENT CONTACT
THE STATS jpmorgan.com/careers
Employer Type: Division of JPMorgan Chase & Co.

Chairman & CEO, JPMorgan Chase: Jamie Dimon
Chairman & CEO, J.P. Morgan Asia Pacific: Gaby
Abdelnour
Net Income: US$6.9 billion (FYE 12/09)
No. of Employees (Worldwide): 27,000 (approx.)
No. of Employees in Asia: 20,000+
No. of Offices: Offices in more than 60 countries globally
No. of Offices in Asia: 26 offices in 14 nations
21
J.P. Morgan Investment Bank
THE SCOOP
A world player
J.P. Morgan is the investment banking division of JPMorgan Chase & Co., a leading global financial services firm with nearly US$2.2 trillion in
assets and approximately 224,000 employees in 60 countries around the world. 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 regularly wins industry awards from major financial publications.
Parent JPMorgan Chase & Co. 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 provides a wide range of investment banking products and services across an industry coverage team
that focuses on sectors such as consumer, health care 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 has a history that stretches back to 1799, when JPMorgan Chases 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. Pierponts father, Junius S. Morgan. Teaming up with Anthony Drexel in 1871 to form private merchant banking partnership
Drexel Morgan & Co., J. Pierpont Morgan was making considerable investments by 1882 in United States infrastructure, in particular Mexicos
railways. In 1940 the company went public, becoming J.P. Morgan & Co. incorporated.
Sixty years later, J.P. Morgan merged with Chase Manhattan in a deal valued at approximately US$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. In July 2004, JPMorgan Chase officially merged with Bank One Corporation for a purchase price of US$58.5 billion. Upon the
merger, the combined company possessed US$1.1 trillion in assets, rivaling Citigroups US$1.2 trillion. One of the largest financial mergers
in U.S. history, the deal boosted JPMorgan Chases ability to compete with Citi not only in investment banking and commercial lending, but
also in consumer banking, which was Bank Ones key strength. The new company was 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. Morgans beginnings go back to 1872, when the banks 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 firms regional headquarters
is located in Hong Kong, where it has over 78 years of operating history and is the companys second largest base outside of the U.S. Today,
J.P. Morgan has more than 26 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 firms regional headquarters in Hong Kong.
Awards and rankings

Fortune 500No. 16 (Fortune, 2009)
25 Most Desirable MBA EmployersNo. 10 (Fortune, 2009)
Best Foreign Investment BankChina, Hong Kong, Taiwan (The Asset, 2009)
Derivatives House of the YearAsia (Asia Risk, 2009)
Credit Derivatives House of the YearAsia (Asia Risk, 2009)
Best M&A HouseJapan (FinanceAsia, 2009)
Best Foreign Investment BankJapan (FinanceAsia, 2009)
Derivatives House of the YearAsia (Energy Risk, 2009)

Best M&A House in Asia (Euromoney, 2008)
Best M&A House and Best Equity HouseJapan (Euromoney, 2008)
Best Foreign Investment BankJapan, Best M&A HouseJapan, Best Cash Management HouseJapan (FinanceAsia, 2009)
Best M&A AdvisorJapan (Asiamoney, 2008)
M&A Deal of the Year in Asia [for China Unicoms merger with China Netcom] (Financial Times and Mergermarket, 2008)
Japan IPO Deal of the Year (Nikkei Bonds & Financial Weekly, 2008)
Best Rates Derivatives House in Asia (The Asset, 2008)
Best FIG House and Best Equity-Linked HouseAsia (The Asset, 2008)
Derivatives House of the Year, Bank Risk Manager of the Year, Credit Derivatives House of the Year, Derivatives Research House of the
Year (Risk, 2008)
Bank of the Year, Bond House of the Year, Equity House of the Year, Derivatives House of the Year, Securitization House of the Year,
Leveraged Finance House of the Year (IFR, 2008)
All-Asia Research Team PollNo. 1 (Institutional Investor, 2008)
All-Japan Research Team PollNo. 4 (Institutional Investor, 2008)
Awards of Excellence: Jamie Dimon, Gaby Abdelnour and Asif Raza (The Asian Banker, 2008)
Global Debt, Equity & Equity Related UnderwritingNo. 1 (Thomson Reuters, 2008)
Debt Capital Markets: Global Debt UnderwritingNo. 1 (Thomson Reuters, 2008)
Equity Capital Markets: Global Equity & Equity-Related UnderwritingNo. 1 (Thomson Reuters, 2008)
M&A Advisory: Any Asia (ex-Japan) Involvement Completed (by value)No. 4 (Thomson Reuters, 2008)
M&A Advisory: Any Japanese Involvement Completed (by value)No. 5 (Thomson Reuters, 2008)
IN THE NEWS
July 2009: Heading up DCM

Long-time staffer Rohit Chatterji was named head of J.P. Morgans Asia Pacific debt capital markets practice. Chatterji, who has been with
J.P. Morgan for 12 years in a variety of roles, will relocate from Singapore to Hong Kong. He will report to Todd Marin, the head of Asia Pacific
investment banking.
June 2009: New face in M&A

Merrill Lynchs ex-chair of global mergers and acquisitions, William Rifkin, was brought on board by J.P. Morgan. Starting his new role in
September 2009, Rifkin, who has more than 30 years of M&A experience, will serve as J.P. Morgans vice chairman of mergers and
acquisitions. He will report to global M&A head Jimmy Elliott.
June 2009: Refocusing on the core

According to sources cited by Bloomberg and Reuters, a major J.P. Morgan reorganization was underway as the firm looked to strengthen its
traditional investment banking business lines. The reorganization included the firms standalone principal investment management group in
the U.S. shuttering its hedge fund business and its private equity division (except for a team that focuses on Asia); most of the employees from
the closed groups moved to other parts of the bank. In Asia, the banks private equity team will be incorporated into the global emerging
markets and credit trading unit, according to Reuters.

June 2009: Moving on up in Hong Kong

Big news for J.P. Morgans chairman for Greater China, as Charles Li was pegged as the next chief executive of the Hong Kong Exchanges and
Clearing (HKEx)Hong Kongs securities and futures exchange. (Li officially joined the HKEx in October 2009, and outgoing HKEx chief
executive Paul Chow retired in January 2010).
June 2009: Buyback time

The firm received permission to repay its U.S. governmental TARP loan, and the bank repaid the governments US$25 billion preferred stock
investment. In addition to this principal amount, the firm paid the U.S. Treasury US$795.1 million in preferred stock dividends, including
dividends that had accrued through the redemption date. J.P. Morgan also notified the U.S. Treasury of its intent to repurchase the 10-year
warrant issued to the Treasury in connection with the preferred investment.
May 2009: Passing with flying colors

J.P. Morgan. passed the U.S. governments stress test, meaning the bank would not need to raise supplementary capital. The firm had a strong
financial showing in comparison with many of its competitors, some of which were told to shore up additional capital after their stress tests.
The results were hardly a surprise to J.P. Morgan executives, who had already argued that the company had enough capital to deal with a
crumbling economy.
May 2009: Welcome to Guangzhou

J.P. Morgan officially launched its fourth branch in Mainland Chinain the southern city of Guangzhou. Joining other branches in Beijing,
Shanghai and Tianjin, the Guangzhou branch is expected to be a launching point for expansion in the Pearl River Delta region, a rapidly
growing area in southern China. In Guangzhou, J.P. Morgan will be offering investment banking services and a wide array of other products
and services to local and multinational corporations.
April 2009: Surpassing expectations

First-quarter 2009 earnings were US$2.14 billion, higher than Analysts had predicted. The bank was buoyed by record revenue of US$8.3
billion in its investment banking division (largely due to its fixed income trading business), nearly tripling the US$3 billion it brought in for the
first quarter of 2007.
March 2009: Were No. 1!

In 2008, while revenues fell across the board for pretty much everyone in the banking world, investment banks went back to basics, collecting
on advising fees, underwriting and bonds. As the calculations came in, J.P. Morgan had some extremely good news for 2008 as it grabbed
top honors across all three areas. Though fee income for investment banks fell drastically to US$53 billion in 2008 (from US$87 billion in
2007), marking the first drop since 2003, J.P. Morgan pushed Citigroup out of the top slot for fee earners. J.P. Morgan also took the No. 1
ranking for underwriting, elbowing Citi out of the spotlight for the first time since 2004, while in bonds, the two firms shared first place.
November 2008: Global I-banking cuts

Company insiders told Reuters in November 2008 that J.P. Morgan was in the process of cutting about 10 percent of its investment banking
staff. In addition to the approximately 3,000 job cuts, it was reported that the firm had frozen base salaries between US$60,000 to US$70,000.
September 2008: Scooping up WaMu

In another major deal to shake up the U.S. banking landscape, parent JPMorgan Chase & Co. purchased failed bank Washington Mutual from
the U.S. governments Federal Deposit Insurance Corporation (FDIC) for US$1.88 billion. The federal government seized Washington Mutuals
holding company at the request of the Office of Thrift Supervision before selling it off, thereby avoiding a further government bailout. JPMorgan
Chase became the owner of WaMus banking operations, including 2,300 branches, US$143 billion in deposits, and other assets and certain
liabilitiesnot including WaMus unsecured debt under the holding company, which amounted to around US$20 billion at the time.

September 2008: Investing in India

J.P. Morgan revealed in September 2008 that it would double its private equity investments in India up to US$1 billionin addition to investing
approximately US$500 million in its corporate finance and advisory units. Private equity in India seems to be an area thats growing globally:
investments increased 3.2 percent in the first half of 2008 to about US$6.8 billion. J.P. Morgan has invested in a variety of private Indian
entities, including L&T Infrastructure Development Projects, Apollo Hospitals Enterprise, and Caf Coffee Day.
March 2008-July 2008: Rescuing Bear

After news surfaced in March 2008 that New York-based investment bank Bear Stearns was facing a cash shortage in the midst of the industry-
wide credit crisis, the firms clients withdrew approximately US$17 billion in two days, sending what was already a financial institution on very
shaky ground into proverbial earthquake mode.
As a result, J.P. Morgan stepped in on March 16th, announcing that it would be purchasing Bear for US$236 million in stockor US$2 a
share, 97 percent less than Bears market value just one week earlier. Backlash from Bear shareholders resulted in J.P. Morgan raising its bid
to US$10 per share a week later. To help finance the deal, the U.S. Federal Reserve agreed to provide J.P. Morgan with a US$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" at the time. The
new deal was accepted by Bears directors, though Bears shareholders filed a US$2.5 billion consolidated class-action lawsuit which was
ultimately dismissed in December 2008, with the judge ruling that J.P. Morgan acted appropriately to avoid a catastrophic bankruptcy that
would have sent waves through markets around the world.
In April 2008, J.P. Morgan 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, J.P. Morgan 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 J.P. Morgan such as M&A, equity underwriting and corporate finance.
Chairman and CEO Jamie Dimon announced in May 2008 that JPMorgan Chase had secured positions available for about 40 percent of Bears
14,000 employees. At the end of May, the acquisition of Bear became official after Bear Stearns shareholders approved the deal in a brief
meeting presided over by the firms chairman, James Cayne. Internal restructuring was announced to be completed at the end of July 2008.
GETTING HIRED
Looking for the right fit

J.P. Morgan is becoming "increasingly selective given the market conditions," according to insiders. But sources also report that an "iron-clad
resume is not a must for being hired," with the firm looking "for much more all-rounded people rather than sheer intellect." Values like team
spirits are highly regarded and the bosses at the firm are keen on "finding the right cultural fit along with the necessary technical expertise."
According to one insider, the hiring process "is similar to what is followed across the industry; there are multiple rounds of interviews with
traders at various levels and senior salespersons," though other sources stress that the firm generally limits itself to about two rounds. The
process is described by one staffer as "selective, but straightforward and efficient from both the firms and the candidates perspective."
For Asia, the typical process involves an "initial phone interview" followed by a "day of interviews with three to five business representatives."
Were told that interviews are done by "senior line managers and are mostly behavioral, with appropriate finance, accounting and markets-
related questions based on the candidates background and knowledge." As an example, one trader remembers being asked, "What would
be the effect of the change in volatility/correlation of a 2y/10y IRS on a 2y/10y spread option?" The contact is quick to clarify that his interviewer
"was more interested in whether I understood the concept than my answering the question correctly."
Whats your plan this summer?

The firm offers summer internship programs, which is advised as a step closer to a full-time position, one which can "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." The work varies, according to one former intern. "Your assigned group does not dedicate what kind of work you do, she says. You
pretty much work for anyone whos in need. The work complexity varies, ranging from delivering documents to one-on-one communication
with senior management." Another former intern reports "working on live deals as well as a project to identify business opportunities."

As a way to get in the door, sources whove worked as summer interns describe the program as "very useful when considering a full-time
application, either immediately after the internship or later on." One analyst feels "the firm hires from its interns first, then seeks out externals."
Another insider agrees, saying, "It is a definite advantage. In addition to providing meaning to the terms youve learned at university, the
internship provides personal contact. This is important since a large part of the ultimate hire decision is based on the personal fit of
employees."
A senior source further explains, "Doing well as an intern definitely gives you an advantage in getting a full-time offer. Typically, offers are given
out to the interns we like prior to general recruiting at schools. Of course, an internship is not a prerequisite to getting a full-time offertypically
around half the full-time hires are non-interns." The firm notes that getting hired depends on individual performance during the internship.
OUR SURVEY SAYS
Freethinking and fair

One thing insiders at J.P. Morgan like to point out first and foremost is that the culture of their firm "is not as cut-throat competitive as at other
banks." "There is a clear emphasis on teamwork contributions," says one source. A colleague agrees, telling us that the employees "are a
close-knit group within Asia," adding, "People are generally very willing to support and learn from each other." The environment also lends
itself to "two-way, free and frank conversation" between juniors and their superiors. "Very little politics" come into play at this "very open firm."
Most employees are "rather easygoing and fair," and the bank continues to aim to employ people with these characteristics. Sources also state
you are given the "opportunity to take responsibility in the early stage of your career." "Analysts and associates touch the markets, work on
live deals, and interact with clients and senior management," one insider points out. But above all else, insiders claim the "firm strives hard
to live up to founder J.P. Morgans motto that they do first-class business in a first-class way." All this adds up to a view from respondents
that there is "strong emphasis put on performance, results, inclusion and fairness."
Intense hours, few complaints

Hours at J.P. Morgan "can be intense," and some respondents claim to work over 100 hours a week when there is a major transaction going
on, although theyre not complaining. "At times, I have to work over 100 hours a week, but given how interesting, challenging and rewarding
working at J.P. Morgan is, I am fine with it," stresses one banker. That said, it appears the average working week comes in at around 60 to
70 hours across the board, and sources say this "is in line with other investment banks."
Some also admit that given the financial crisis, the hours you have to put in have gone down a bit in some cases. "Managers here encourage
work/life balance and accommodate various needs from time to time," says one banker. So much so that a contact tells us a "Work Life Balance
Steering Committee has been established at the Hong Kong office to ensure colleagues in the Asia Pacific region maintain regular working
hours." tTe source adds that the "Committee provides a forum for employees to voice any concerns." A colleague agrees that the firm is trying
to focus more on staffers well-being, saying, "Seniors really make an effort to do quality business but minimize working hours for juniors." This
includes ensuring that employees take their full four weeks of vacation a year, and allowing them to take sabbatical leave if appropriate.
Focusing on people
Bankers give good marks when it comes to the relationships between juniors and their superiors, who are described as both "good" and
"healthy." There is, were told, "very good camaraderie, even with the most senior members often knowing and always acknowledging all staff,
from interns all the way up to other managing directors." A source agrees, saying, "My managers treat me with full respect and consideration
of my personal career development. My manager has regular conversations with me to make sure I am happy with what I am doing."
The "inclusive culture" sources report at J.P. Morgan means that "senior management has an open-door policy and is willing to listen and take
concerns into account." This also stretches to giving "honest and clear performance direction and feedback." "Professionals who come to J.P.
Morgan from competitor firms are often struck by the depth of our focus on people," says a contact.
Top-tier training in New York

"The firm places great emphasis on continuous training," say insiders. "The training for first-year analysts was a phenomenal experience and
I am sure any of my training mates can attest to it," says a contact. Indeed they do, with a colleague claiming enthusiastically, "The analyst to
associate training program over six weeks in New York was the most intense, thorough, informative and enjoyable training I have ever

undertaken." This entry-level training "develops a solid foundation in the technical skills, products and markets applicable to the respective
businesses of investment banking, sales and trading, and research." The firm also offers "boot camps to help those without a financial
background or investment banking experience build the analytical skills necessary to get the most impact out of the training programs." Aside
from this initial training, J.P. Morgan also offers a "unique tutor program," where it selects "top people from the line to exclusively dedicate their
time to tutoring trainees during the training programs."
J.P. Morgan staffers tell us the company is "competitive with the market for salaries, bonuses and benefits." Perks include an "employee stock
purchase plan and a comprehensive benefits package," which includes "meal allowances, car services, ongoing training, company discounts
at retailers, and discounts on memberships to local gyms and cultural organizations."
All-inclusive
Looking at diversity in the workplace, staffers report, "There are over 70 employee networking chapters globally across the firm, bringing
together employees with shared backgrounds or interests, including working parents; gay, lesbian, bisexual and transgender people; women;
and employees with disabilities." With regards to women, the Japan office also "hosts a women-only event for undergraduates of all degree
disciplines to learn about the industry, network with employees and job-shadow various lines of business."
Building on strong foundations

Given the economic crisis, as one respondent puts it, "No one can ignore where the overall market is at the moment." But at the same time,
staffers say that the outlook of the firm "in general is cautiously positive," adding, "J.P. Morgan has come out on top in terms of most major
league tables (M&A, equity and debt), so competitively weve built up a strong brand." Others share this positive stance in looking towards the
future, with one contact saying, "Our market share improved in all products in 2009. In spite of a challenging environment, we are very strongly
positioned to increase our presence in all key markets and products."

PRESTIGE
RANKING
3 MORGAN STANLEY
Morgan Stanley KEY COMPETITORS

Asia Pacific Head Office
Citi Institutional Clients Group
Level 46
Goldman Sachs
International Commerce Centre
J.P. Morgan
1 Austin Road West
Merrill Lynch
Kowloon, Hong Kong
UBS Investment Bank
Phone: +852-2848-5200
Fax: +852-2845-1012
www.morganstanley.com EMPLOYMENT CONTACT
www.morganstanley.com/careers/recruiting/asia_pacific
LOCATIONS IN ASIA PACIFIC
Australia (Sydney and Melbourne) China Hong Kong
India Indonesia Japan Korea Singapore Taiwan
Vietnam
BUSINESSES
Global Wealth Management Institutional Securities
Investment Management
THE STATS
Ticker Symbol: MS (NYSE)
Chairman & CEO, Morgan Stanley:
James Gorman
CEO, Morgan Stanley Asia: Owen Thomas
Chairman, Morgan Stanley Asia:
Stephen Roach
Net Revenue: US$23.36 billion (FYE 12/09)
Net Income: US$907 million
No. of Employees Worldwide: 62,000
No. of Employees in Asia: 5,122
No. of Offices Worldwide: 600+

Morgan Stanley
THE SCOOP
Global powerhouse
Morgan Stanley is one of the leading investment banking firms in the world. Its business is divided into three practice areas: investment
management, wealth 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 has 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 homeand 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 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. 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 to launch retail fund management operations in South Korea, China and Taiwan over the next two yearsas
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, including investment
banking advisory and underwriting, brokerage services, research and principal investing.

Morgan Stanley
Responding to tough times

The global financial crisis began to take its toll on Morgan Stanley in early 2008, as the firm struggled to recover from US$9.4 billion in write-
downs. Morgan Stanley sacked about 1,500 peopleprimarily from mortgage divisionsand the firms British home lending business was
shuttered.
In September 2008, amid the crisis, Morgan Stanley requested and received permission from the United States Federal Reserve to convert
itself into a bank holding company, which means it now operates under tougher leverage ratios and capital reserve rules than it did as an
independent investment bank. On top of that, it is subject to oversight from the Fed. (Its main competitor, Goldman Sachs, also became a
holding company).
Shortly after the structure conversion, Morgan Stanley sold a 21 percent stake in its equity for US$9 billion to Japans Mitsubishi UFJ Financial
Group. The move was intended to calm fears about Morgan Stanleys capital reserves. At the same time, Mitsubishi and Morgan Stanley
agreed to establish a strategic partnership and look for opportunities to work together. (The first such opportunity was revealed in March 2009
when the firms announced the planned combination of Mitsubishi UFJ Securities Co. Ltd. and Morgan Stanley Japan Securities Co. Ltd. The
combined business, of which Morgan Stanley owns 40 percent, will offer a full range of institutional services as well as a Japanese retail
brokerage network.)
In October 2008, U.S. Treasury Secretary Henry Paulson announced that the Treasury would inject a total of US$250 billion into U.S. banks
in order to help restore confidence to the markets. Morgan Stanley was among the first group of banks to receive U.S. Treasury money, with
an investment of US$10 billion. The injection followed in the footsteps of some European countries, which announced similar moves earlier
to help thaw their credit markets. In June 2009, on the heels of the U.S. governments highly-publicized banking stress tests, Morgan Stanley
and several other U.S. firms were granted permission to repay the government the funds they took under TARP.
Giving back
Morgan Stanley has a number of programs in place as an equal opportunities employer in Asia and aims to help local communities. Nearly a
third of all Morgan Stanley officers in the region are female, and the firm has an active women's network in Asia for its female professionals.
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 "Global Volunteer Month"an annual series of employee-led community service initiatives
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.
IN THE NEWS
January 2010: Its first annaul loss

Morgan Stanley booked its first annual loss in its 74-year history, reporting a net loss of US$907 million for 2009 on net revenue of US$23.36
billion. Despite the loss, the firm had some good things to report in its earnings release: Its institutional securities group experienced healthy
growth in revenues and earnings, underwriting revenues rose by more than 60 percent, and the firm was No. 1 in announced worldwide merger
and acqusition deal volume, beating out perennial top M&A advisor Goldman Sachs.
December 2009: Changes at the top

Less than a month away from James Gorman taking over as CEO from John Mack, Morgan Stanley announced several changes to the top of
its org chart. Morgan Stanley CFO Colm Kelleher and Paul J. Taubman, the firms global head of investment banking, were named co-
presidents of Morgan Stanleys institutional securities unit. Succeeding Kellher as CFO will be Ruth Porat, the head of Morgan Stanleys
financial institutions group who will become one of the most senior-ranking female bankers on Wall Street.
July 2009: A Mitsubishi partnership

Morgan Stanley said it would partner with Mitsubishi UFJ Financial Group in a corporate lending deal that will combine MUFJs US$70 billion
in U.S. loans and Morgans US$30 billion in loans. The partnership will allow the companies to compete with the likes of other big players in

Morgan Stanley
the industry such as JPMorgan Chase and Citigroup. The union will also help increase Morgan Stanleys odds of drumming up additional
investment banking business.
June 2009: China backing

Chinas sovereign wealth fund, China Investment Corp put its weight behind the American banks long-term prospects by buying US$2.2 billion
worth of common stock and raising its stake in the firm to about 9.86 percent. The move brought the funds share in the bank back to its
original 2007 levels before they were diluted by the investment from Mitsubishi UFJ.
June 2009: Taiwanese tie-up

As part of a plan to expand in Taiwan, Morgan Stanley obtained approval from the Federal Reserve System to buy a stake of up to 9.9 percent
in Taiwans Chinatrust Financial Holding Co. The move was expected to result in the two companies developing joint corporate financial
services, retail banking and credit card services.
June 2009-July 2009: Leaving for pastures new

Summer 2009 saw a couple of defections amongst the upper echelons of the banks Asian operations. In June, Matthew Ginsburg, head of
Asia Pacific investment banking, resigned amid reports that he was taking up a similar position at Barclays Asia Pacific. A month later, the
head of Hong Kongs investment banking, Che-Ning Liu, left to take up a position as HSBCs Greater China corporate banking head.
November 2008: Costs to be cut

As part of its efforts to slash operational costs and help see it through the economic crisis, Morgan Stanley announced that it would slash 10
percent of its institutional securities staff and 9 percent of the firms asset management group globally. As part of the cuts, the banks Hong
Kong unit saw 6 percent of its total headcount reduced, with 100 employees laid off in November.
November 2008: Continued expansion

Another move into the Chinese economy occurred in November as Morgan Stanley acquired a 19.9 percent stake in the countrys Hangzhou
Industrial & Commercial Trust Co for US$29 million. As part of the deal, the American lender gained control to appoint a new chief executive,
in addition to taking two of the nine board seats of the firm, which at the time had over US$878 million in assets under management.
September 2008: Last of the investment banks

Following the demise of Lehman Brothers, Morgan Stanley reported that it was also in difficulties as its share price slid an alarming 42 percent
in September 2008. In response, the investment bank announced that it would become a traditional bank holding company. The
announcement, coupled with a similar move by competitor Goldman Sachs, seemed to end an era of investment banking on Wall Street and
gave the banks emergency funds, if needed, from the U.S. central bank. Three days later, Japans largest bank, Mitsubishi UFJ, said it was
poised to pay at least US$9 billion for a 20 percent stake in the troubled American lender. The deal would see Morgan Stanley retain its
independent status
January 2008: Asia chief steps down

Morgan Stanley Asia saw the departure of its 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 2009 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.)
December 2007: China connection

Followed in the footsteps of banks such as UBS and Citigroup, Morgan Stanley agreed to a long-term investment from a sovereign wealth fund.
The fund, the state-owned China Investment Corporation (CIC), paid US$5 billion for a 9.9 percent stake in Morgan Stanley.

Morgan Stanley
November 2007: Cutting Cruz

Morgan Stanley CEO John Mack sacked co-president Zoe Cruz, who had overseen Morgan Stanley's trading and risk operations. Cruzthe
16th most powerful woman in the world, according to Forbes magazinehad been widely seen as Mack's most likely successor.
GETTING HIRED
High achievers, please

Morgan Stanley's recruiting page (found by going to the careers link on its Web site) has a great deal of information on the firm's culture,
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- to 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.

PRESTIGE
RANKING
4 DEUTSCHE BANK AG
Asia Pacific Head Office KEY COMPETITORS

One Raffles Quay
Bank of America
South Tower Level 17
Citigroup
Singapore, 048583
Credit Suisse
Phone: +65-6423-8001
Goldman Sachs
Fax: +65-6225-4911
J.P. Morgan
www.db.com
Morgan Stanley
UBS
Auckland Aurangabad, India Bangalore, India Bangkok EMPLOYMENT CONTACT
Beijing Chennai (Madras), India Colombo Guangzhou,
www.db.com/careers
China Gurgaon, India Hanoi Ho Chi Minh City Hong
Kong Islamabad, India Jakarta Karachi, Pakistan
Kolhapur, India Kolkata Kuala Lumpur Lahore, Pakistan
Manila Melbourne Mumbai New Delhi Noida, India
Pune, India Salem, India Seoul Shanghai Singapore
Surabaya, Indonesia Sydney Tianjin, China Taipei
Tokyo Vellore, India
BUSINESSES
Corporate & Investment Bank
Corporate Investments
Private Clients & Asset Management
THE STATS
Ticker Symbol: DB (NYSE), DBK (DAX),
DBKG (LSE), DBKG (Euronext)
Chairman, Management Board:
Dr. Josef Ackermann
Revenue: 7.2 billion (FYE 9/09)
Net Income: 1.4 billion
No. of Employees: 70,000+
No. of Branches in Asia: 1,900+
33
Deutsche Bank AG
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) 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, and private and business client services. Its asset
management business includes 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 915 billion in assets under management globally as of September 30, 2009, 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.
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.
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 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. In 2006, Deutsche completed the acquisition of
Russian investment bank United Financial Group.
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 Asiaespecially in India and China. In 2007, Deutsche Bank's Asia Pacific workforce expanded from 10,800 to more
than 15,100a 40 percent increaseas another 4,000 jobs were created in the region. Globally, almost half of the 9,400-employee increase
at Deutsche Bank in 2007 was added in the Asia Pacific region. Despite continued uncertainty in the industry globally, Deutsche Bank
continues to expand in the region
In January 2008, the firm announced employee job cuts that would reach nearly every departmentand 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.
A first in 50 years
The year 2008 was definitely one to remember, or rather forget for the German banking giant as it announced its first annual loss in 50 years,
highlighting the severity of the global financial crisis. Following on from a 6.5 billion profit in 2007, the bank posted a net loss of 3.9 billion
in 2008, with the last quarter of 2008 seeing the biggest deficit as the bank reported a net loss of 4.8 billion. Bonuses were slashed, a trend
that continued into 2009, with the banks chief executive Josef Ackermann giving up his bonus and taking a yearly salary in 2008 of 1.4

Deutsche Bank AG
millionreportedly 10 times less than in 2007. The firm also said it planned to slash 1,200 jobs in February 2009, although at the time
Ackermann claimed these would be the last. This statement was contradicted in March as the annual report said that the elimination of more
jobs couldnt be ruled out. On a positive note, Ackermann added in March 2009 that early results for the year were encouraging and the bank
was well positioned to deal with the financial crisis. Ackermans comments proved to be accurate: For the nine-month period ending
September 2009, Deutsche Bank booked net revenue of 22.4 billion and net income of 3.65 billion.
Awards and rankings

Best Bank in Australia (The Asset, 2009)
Best Foreign Investment Bank in Australia (The Asset, 2009)
Best Bank in India (The Asset, 2009)
Best M&A House in China (The Asset, 2009)
Private Bank of the Year in Asia (AsiaRisk, 2009)
Interest Rate Derivatives House of the Year in Asia (AsiaRisk, 2009)
Best International Trade Bank in Korea, the Philippines and Taiwan (Trade Finance Awards, 2009)
No. 1 in Asia (Euromoney FX Poll, 2009)
No 1 in Australasia (Euromoney FX Poll, 2009)
IN THE NEWS
October 2009: Taking Sal. Oppenheim

Deutsche Bank confirmed that it had reached a deal to purchase the Luxembourg-based Sal. Oppenheim for approximately US$1.5 billion.
Deutsche also confirmed that shareholders would be given the offer of taking a long-term stake in its German business, Sal. Oppenheim KGaA.
Additionally, under the terms of the deal, Deutsche will acquire BHF-BANK and a private equity fund managed under Sal. Oppenheim Private
Equity Partners, according to the Associated Press. BHF Asset Servicing will also fall under Deutsche Banks possession, which the bank plans
to sell. The deal is expected to close in the first quarter of 2010 once it receives regulatory approvals, Deutsche said, adding that it may pay
for the transaction in shares.
August 2009: Reducing responsibilities

Deutsche Asset Management reported that it will be transferring the management of its Asian and Greater China equities mutual funds to
Harvest Fund Management. Deutsche Assets Management, which owns a 30 percent stake in Harvest Fund Management, said that it would
be moving 10 senior asset managers and a sales team to the new entity in September 2009 once regulatory approval was given. Michele
Bang, who was the previous chief executive of Deutsche Asset Management in Asia, is heading up the new venture. The move to transfer
management was seen as a sign by Deutsche Bank to concentrate on its core areas. As part of the handover, Deutsche Asset Management
will provide operational assistance to Harvest Fund Management for a limited period in areas such as back office support, trading and
compliance.
July 2009: A cautious outlook

Thanks to strong trading output and one-time charges, Deutsche Banks second quarter 2009 profit jumped 68 percent versus the same
quarter a year earlier. However, the banks loan portfolio remains troublesome. It incurred 1.4 billion in bad loan provisions, a signal the
effects of the financial crisis are not over. Deutsche Bank also announced it will extend CEO Josef Ackermanns contract until 2013.
June 2009: Exit Grassie, enter Rankin

Robert Rankin took over as the CEO of Deutsche Banks Asia Pacific (excluding Japan) opreations, replacing Colin Grassie. Rankin, who will
be based in Hong Kong, will report to Juergen Fitschen, the banks global head of regional management. Before joining Deutsche Bank,
Rankin was head of investment banking, Asia Pacific at UBS, in addition to acting as chairman of the management advisory committee of UBS
Securities, UBSs joint venture in China.

Deutsche Bank AG
April 2009: Revisiting profit, keeping Ackermann

Deutsche Bank booked US$1.6 billion in net income for the first quarter of the year, compared with a US$185 million net loss for the first
quarter of 2008. The bank was buoyed by improved trading revenue, which increased 56 percent versus the same quarter a year earlier to
US$9.4 billion. The firm also reported record revenue in interest rate and foreign exchange products, in addition to a good showing in its
money market area. Its corporate banking and securities unit increased revenue nearly four times versus what it posted for the same period
of 2008. At the same time, the bank announced that it would be holding on to CEO Josef Ackermann for three more years after his contract
runs out in 2010.
February 2009: Private banking cull

As earnings from Deutsche Banks private banking fell, the firms wealth management arm laid off a reported 70 people in Singapore and Hong
Kong at the beginning of 2009. According to sources, those affected included team leaders and relationship managers. In 2008, the German
banks net revenue from its private clients and asset management unit fell 22 per cent to 2 billion; both areas were hit by the negative market
developments in the fourth quarter of 2008. This followed a report from Bloomberg that claimed the firm also made a round of job cuts in
Japan in December 2008. The cuts saw at least 60 bankers from the global markets division lose their jobs, although no public announcement
on the matter was made.
January 2009: Securing the Chinese market

Chinese regulators approved Deutsche Banks joint venture with Shanxi Securities allowing the German bank access to Chinas securities
market for the first time. The joint venture, known as Zhong De Securities Co will underwrite and sponsor A-shares, foreign investment shares,
as well as corporate and government bonds. The approval is particularly significant for the European-based bank as it is the last license
required to enable the banks core global business to operate in China. Deutsche Bank will take a 33.3 percent stake in the business adding
to an expanding presence in China, which includes a 30 percent ownership of Harvest Asset Management and a 13.7 percent interest in Hua
Xia Bank.
October 2008: Hedging its bets

Deutsche Bank opened two specialist hedge fund administration offices in Dublin and Singapore, adding to its existing hedge fund admin
offices in California, Massachusetts and the Cayman Islands. The expansion will allow the banks DB HedgeWorks unit to offer administration
services to hedge fund managers in Europe and Asia, along with the U.S.
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 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

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. 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 hiresa
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 AG
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 students.
Most analysts are hired into Singapore, Hong Kong, Mainland China, Japan, Australia and New Zealand, but from time to time, based on need,
the firm also hires a smaller number of analysts into Vietnam, the Philippines, India, 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, agile minds, 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 playersfluency in at least one Asian
language is not a prerequisite but can be beneficial for some positions.

PRESTIGE
RANKING
5 THE BLACKSTONE GROUP
Suite 901, 9th Floor KEY COMPETITORS

Two International Finance Centre
Bain Capital
8 Finance Street
The Carlyle Group
Central, Hong Kong
Goldman Sachs
Phone: +852-3656-8600
KKR
Fax: +852-3656-8601
Lazard
www.blackstone.com
Morgan Stanley

EMPLOYMENT CONTACT
Beijing
www.blackstone.com/careers
Hong Kong
Mumbai Tokyo
DEPARTMENTS
Corporate Private Equity
Financial Advisory
Marketable Alternative Asset Management
Real Estate
THE STATS
Ticker Symbol: BX (NYSE)
Chairman & CEO: Stephen A. Schwarzman
Revenue: -US$349.4 million (FYE 12/08)
Net Income: -US$872.3 million
No. of Offices: 21

The Blackstone Group
THE SCOOP
King of Wall Street

In 1985, two top Lehman Brothers executives, Peter G. Peterson and Stephen A. Schwarzman, invested US$400,000 to launch a boutique
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
acquisitionsa 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 closelyseveral partner departed under bitter clouds. But
it's clear that Peterson and Schwarzman, who earned the nickname "The King of Wall Street," have built a strong business. Today, Blackstone
has 1,340 employees in 21 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 US$150 million for its share, and has invested over US$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 US$31
apiece. The US$4.13 billion IPO, one of the largest U.S.-based IPOs in recent history, gave the public a 12.3 percent stake in Blackstone.
After the IPO, the firm as a whole was valued around US$33 billion.
How theyre set up

The firms business segments include private equity, real estate, financial advisory, and credit and marketable alternative asset management.
The firm is a renowned market leader in private equity investing, and is big international player in the real estate business. Blackstones
financial advisory business is structured into three divisions: corporate and M&A advisory services, restructuring and reorganization advisory
services, and private placement advisory 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.
Blackstone's restructuring group has been equally active on large deals, advising on more than 150 distressed deals involving more than
US$575 billion in total liabilities since its inception. In June 2007, the group opened an office in Londonit already had outposts in Europe,
as well as the U.S. Clients have included Delta Air Lines, Enron and Global Crossing, among others.
Credit and marketable alternative asset management includes funds of hedge funds, closed-end mutual funds and GSO Capital (a US$20
billion alternative asset fund founded by the men who built and ran the Leveraged Finance businesses at Donaldson, Lufkin & Jenrette and
Credit Suisse). Blackstones strength as a top global alternative asset manager is evident in its US$93.5 billion in total assets under
management as of June 2009.
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. Currently, the fund has over US$64 million in assets invested in a wide range of Asian
sectors and countries. Investing in Asia proved successful initially as the fund saw an 85.8 percent increase in its net asset value for the whole
of fiscal 2007. However, after the stellar results of 2007, Prakash Melwani, the director and president of the Asia Tigers Fund, wrote a letter
to fund shareholders warning that volatility in the U.S. markets and an over-heated Chinese market was pointing toward a slight slowdown in
2008. His outlook would prove true; the fund scraped by the global economic slowdown with a 19 percent decline in asset growth between
June 2008 and June 2009.
The Asia Tigers Fund's main investments are in Hong Kong, South Korea, and China with 21.2, 17.7 and 15.4 percent invested in each
country, respectively. The fund also has a 12 percent stake in India. Among the fund's top 10 holdings are Samsung Electronics, Taiwan
Semiconductor Manufacturing, China Mobile, CNPC Hong Kong, China Life Insurance, China Construction Bank, POSCO and DBS.

Indian Infrastructure
Blackstone has invested over US$730 million in India following the opening of its first office in Mumbai. In March 2007, Blackstone appointed
Amit Dixit, a Harvard grad and Indian entrepreneur, to join its Indian private equity team. Two of its major funds, the Asia Tigers Fund and the
India Fund, have made significant investments, totaling nearly US$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 Industries, and Infosys. The
fund is the largest U.S.-listed fund featuring 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 US$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 a foray into the field of Indian media when it invested
US$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 US$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.
IN THE NEWS
November 2009: Investing in Southwest Airlines

In a routine SEC filing, Blackstone revealed its latest investments, including the purchase of a US$7.8 million stake in Southwest Airlines, a
US$16.5 million stake in the WisdomTree India Earnings fund and a $20.8 million interest in Barclays Bank (Blackstone already owned a piece
of Barclays worth US$1.7 million). In addition, Blackstone revealed that it sold its US$4.4 million interest in power generator concern Calpine
and lessened its US$21.7 million stake in Eastman Kodak to US$13 million.
November 2009: Blackstone back in black

For the third quarter 2009, Blackstone booked net income of US$275 million, a leap-and-a-half from the US$503 million loss it incurred during
the same period a year earlier. The firms results were largely boosted by an improving economy. Blackstone CEO Stephen Schwarzman said
in a press release that the worst is behind us though a recovery could be gradual and uneven." The firm was also helped by the stabilizing
of its real estate investments. To date in 2009, Blackstone had seen a lot of improvements versus 2008. Through October 2009, Blackstones
share price had risen by 112 percent during the year (though, at about US$14, it was still well below the US$31 per share price of its 2007
IPO).
October 2009: Going publiceightfold

Blackstone is preparing up to eight of its portfolio companies for initial public offerings, an insider who received a letter from the firm told
Reuters. According to the letter, Blackstone is first arranging to set up its hospital staffing company Team Health for an IPO, while assessing
the possibility of IPOs for seven other firms. Blackstone is also preparing to sell five of its other companies, including Kosmos Energys oil
interests in Ghana.
October 2009: Buying Busch Gardens

Blackstone agreed to invest up to US$1 billion of equity in a US$2.7 billion deal to purchase Anheuser-Busch InBevs theme parks based in
the U.S. The deal will give a boost to Blackstones already strong portfolio of theme parks. The InBev transaction will add three SeaWorlds
and two Busch Gardens, among other assets, to Blackstones existing amusement parks, which include Legoland and Madame Tussauds wax
museums
August 2009: Growing by 25 percent

According to The Hedge Funds Journal, Blackstones fund of funds portfolio grew 25 percent to US$25 billion from the beginning of 2009
through the end of June 2009. In comparison, hedge funds competitors such as Man Investments, Union Bancaire Prive and HSBC have
seen decreases across their hedge funds divisions.

August 2009: Investing in Shanghai

In a joint venture with the Chinese government, Blackstone set up a US$732 million fund, the first of its kind involving China and a global
private equity firm. The Blackstone Zhonghua Development Investment Fund will focus in investments in Shanghai and nearby areas.
July 2009: Roadblocks in India

Blackstones investment in India experienced a recent setback as Indian regulators blocked the firms attempt to purchase US$150 million in
shares and warrants of Nagarjuna Construction in July 2009. Blackstone was ultimately forced to drop the acquisition of 9.1 million warrants.
Currently, the company owns 9.3 percent of Nagarjuna Construction.
It was not the first time Indian regulators blocked Blackstone operations within the region. In 2008, the group announced plans to invest
US$275 million in Ushodaya Enterprises, an Indian firm engaged in a wide variety of businesses, but the deal was quashed by disapproving
Indian regulators.
June 2009: China chooses Blackstone

A Blackstone Group hedge fund unit is set to receive an investment of US$500 million from the Chinese sovereign wealth fund China
Investment Corp., according to a June 2009 report from Reuters. This infusion of funds is part of an attempt by the Chinese government to
ensure that it will not miss any opportunities when the U.S. market hits bottom.
The Blackstone Group is no stranger to China. During the groups initial public offering in 2007, Chinas then newly formed State Investment
Corporation acquired a US$3 billion share in Blackstoneroughly 10 percent of the companys initial equity. 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. Yet the
move opened dangerously for Chinas investment board, as the US$3 billion investment quickly plummeted to a value of US$1.4 billion. In
November 2008, Blackstones Greater China Chairman Anthony Leung stated that despite the global financial crisis the group would not slow
down its investments in China.
May 2009: Fewer losses than last year

Blackstone booked a first quarter 2009 loss of US$231.6 million, slightly less than the US$251 million loss it suffered in the same period in
2008. The firm cited higher management and advisory fees as reasons for the poor results. Revenue, meanwhile, plummeted 31 percent to
US$47.1 million. Several of the firm's business lines managed to do well, however. Blackstone's financial advisory division posted a 29 percent
increase in revenue to US$92 million, while the company's hedge fund unit brought in US$99.5 million in revenue compared with US$30
million in the previous year's first quarter.
May 2009: Trimming the hedges

Blackstone announced that it was cancelling a plan to start an Asian event-driven hedge fund. The group was initially expecting to sink as
much as $US1 billion into the fund, aimed at investing in Asian companies pursuing events such as mergers and reorganizations. Blackstone
spokesman Peter Rose cited the current global economic situation as the major catalyst for cancelling the plan, according to a report by
Bloomberg.
December 2008: We can do IT

As 2008 came to a close, Blackstone announced that it was partnering with Indian IT management firm CMS Group to set up a new company
formed through spinning off the IT Infrastructure and Outsourced Business Service divisions from the Indian firm. CMS ranks among the top
IT Infrastructure Management firms in India. Blackstone will hold a majority share in the venture and will also hold a dominant position on the
new companys board.

GETTING HIRED
Get with the program

Blackstone's central careers page is located at www.blackstone.com/careers. The firm offers opportunities in 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 finance, mergers and
acquisitions, restructuring and reorganization, and fund placement.
According to the firms 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."
An internship program is available, lasting 10 weeks and typically only available 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.
Those looking to apply as a new analyst or associate can expect to undergo first round interviews in late September or October. Analysts that
receive an offer begin their employment in June with a three-week training program focused on knowledge about the company history and
profile, skills in accountancy, corporate finance, financial modeling and the companys IT systems. New associates are typically recruited out
of MBA programs and usually start their employment in early August. Both analyst and associate candidates can apply online, and should do
so by early August.

PRESTIGE
RANKING
6 HSBC HOLDINGS PLC
8 Canada Square KEY COMPETITORS

London, E14 5HQ
Citigroup
United Kingdom
Fortis
Phone: +44-20-7991-8888
Royal Bank of Scotland
Fax: +44-20-7992-4880
Standard Chartered Bank
www.hsbc.com
EMPLOYMENT CONTACT
See Careers section of www.hsbc.com
Australia Bangladesh Brunei China Hong Kong India
Indonesia Japan Kazakhstan Korea Macau Malaysia
New Zealand Pakistan Philippines Singapore Sri Lanka
Taiwan Thailand Vietnam
DEPARTMENTS
Business & Commercial Banking Corporate & Institutional
Banking Internet Banking Personal Banking
THE STATS
Ticker Symbol: HSBA (LSE)
Group Chairman: Stephen Green
CEO, Investment Banking: Stuart Gulliver
No. of Offices: 8,500
43
HSBC Holdings plc
THE SCOOP
Hails from the Far East

HSBC Holdings is one of the largest banking companies in Asia and one of the largest in the world, with 8,500 offices in 86 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.
In 2008, the firm ranked No. 1 on the Forbes Global 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. However, HSBC's reign was short-lived, as the firm dropped to No. 6
on the list for 2009. Headquartered in London, HSBC today has nearly 10,000 offices in 83 countries, making its motto, "the world's local
bank," pretty accurate.
Old school in the East

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 Bankingand its many subsidiarieswere 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
US$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).
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 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."
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 group was restructured in February 2006 and split into four product lines: global markets, global banking, global transaction banking
and group investment businesses. Gl obal 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 the CIBM group.

HSBC Holdings plc
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
economic 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 US$3.1 billion in assets as of September 2007. HSBC assumed the
bank's assets and liabilities in exchange for Taiwanese government funds, which reportedly amount to US$1.5 billion. In addition, HSBC will
provide additional capital, estimated to be between US$300 million and US$400 million.
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." 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 US$13.9 billion, whichever is earlier. The new company will have a minimum
capitalization of approximately US$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. HSBC has been carbon
neutral since 2005.
Previously, in May 2007, HSBC had spearheaded a five-year, US$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 partnershipwhich 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.
Profits halved
Having witnessed one of the worst downturns in the global economy since before World War II, HSBC was lucky to come out with what on the
surface appeared to be pretty healthy profits of $9.3 billion before tax for 2008. Put into context, however, these profits were 62 percent lower
than 2007 figures. But the bank can hold its head high that it did not have to rely on government handouts to stay afloat. And while pretax
profit was down in North America by a whopping 169 per cent, in Asia and in Hong Kong, profits were up. By the end of fiscal 2008, operations
in Hong Kong reported profits that were 58 percent higher versus 2007 figures to US$5.5 billion, while the rest of Asia posted profits of US$6.5
billion, 69.5 percent higher than the previous year.
IN THE NEWS
August 2009: Chinese footsteps

The media was awash with news that HSBC was in advanced talks with Chinas Industrial Securities Co to form an investment banking venture.
(HSBC is the biggest foreign lender in China, operates a fund venture in China and obtained approval in June 2009 to launch an insurance
venture in the country.) Earlier in August, HSBC Asia Pacific chairman Vincent Cheng revealed that the British lender was indeed in talks with
potential partners in China to set up a securities venture, but had declined to provide details. Such a venture would give HSBC access to stock
and bond underwriting businesses.
August 2009: Entering Indonesia

Looking to bulk up its presence in the worlds fourth most populous country, HSBC increased its share of Bank Ekonomi Raharja Tbk by 10.08
percent, taking its stake in the Indonesian bank to 98.96 percent. The extra shares cost US$72 million and were on top of the 89 percent
stake the bank purchased for US$607.5 million back in May 2009. That initial acquisition almost doubled HSBCs presence to 208 outlets in
26 cities across Indonesia.

HSBC Holdings plc
August 2009: Cut in half

HSBC Holdings announced that its pretax profit in the first half of the year dropped to US$5.02 billion, down from US$10.2 billion in the same
period a year before. But the company, which was affected by climbing bad debts, still managed to surpass analysts US$4.9 billion forecast.
Total operating income also took a tumble for the half-year period, dropping 6 percent to US$40.2 billion from US$42.9 billion.
June 2009: Insuring the Chinese market

The Chinese market was once again in HSBCs sights, this time as the firm announced it had gained regulatory approval to create a joint
venture insurance company. Named HSBC Life Insurance Co, the new JV was set up with Beijing-based National Trust and is based in
Shanghai. The bank also claimed that it was also looking to develop its insurance business further afield in other mainland areas such as
Guangdong Province and Beijing.
May 2009: Making the list

HSBC revealed that it was looking to be one of the first batch of foreign firms to be listed on the Shanghai Stock Exchange. According to
insiders at the bank, the move is being planned to not only consolidate the banks brand influence in the region but also to raise funds for its
plans to expand into mainland China. (By July 2009, the British bank had invited mainland and Chinese-foreign joint venture investment
banks in the country to submit proposals for its A-share listing; $3 billion is expected to be raised from the share offering, with media reports
claiming the bank would most likely list, at the earliest, in the first half of 2010).
March 2009: Cutting back in America

HSBC went ahead with a drastic worldwide cut of 6,100 positions, which included the closing down of most of its U.S. consumer lending
business.
November 2008: Debit development

HSBC Bank China finally launched its debit cards across 17 cities in mainland China. Cardholders are able to use their cards at China
UnionPay Cos domestic and overseas networks in about 50 countries, as well as at HSBCs ATMs in over 40 countries. The alliance between
UnionPay and HSBC resulted in the London-based bank receiving the most extensive ATM access of any foreign bank in mainland China.
November 2008: Focus Asia

After previously announcing that it would cut 1,100 jobs worldwide, HSBC finally announced that it had laid off some 450 employees in Hong
Kong in anticipation of a worsening global economic situation in 2009. The cull involved all customer groups as well as some bank office
functions. On a positive note, the firm did mention that while it was withdrawing part of its business from the U.S., it was also eyeing up
possible acquisitions across Asia.
September 2008: Building branches

In September 2008, the bank outlined its desire to increase its stake in the Chinese market by revealing plans to add three to four new cities
to its Chinese network each year in addition to adding an extra 80 branches to it by the end of 2008. As of September, the bank already had
74 outlets in 17 cities, up from 62 at the start of the year. It became the first international bank to enter the rural market in western China
when it opened a rural bank in Chongquing.

HSBC Holdings plc
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 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, "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.

PRESTIGE
RANKING
7 CREDIT SUISSE GROUP AG
Global Headquarters KEY COMPETITORS

Paradeplatz 8
8070 Zrich
Deutsche Bank
Switzerland
Goldman Sachs
Phone +41-44-212-1616
J.P. Morgan
Fax +41-44-333-2587
Morgan Stanley
www.credit-suisse.com
UBS

EMPLOYMENT CONTACT
Main hubs:
www.credit-suisse.com/careers
Hong Kong Singapore Sydney Tokyo
Additional locations:
Bangkok Beijing Jakarta Karachi Kuala Lumpur
Labuan (Malaysia) Manila Melbourne Mumbai New
Delhi Seoul Shanghai Sydney Taipei
DIVISIONS
Asset Management
Investment Banking
Private Banking
THE STATS
Employer Type: Division of Credit Suisse
Group AG
CEO, Credit Suisse: Brady Dougan
CEO, Credit Suisse Asia Pacific:
Kai Nargolwala
CEO, Credit Suisse Investment Bank:
Paul Calello*
Net Revenue (Investment Bank):
CHF -1.97 billion (FYE 12/08)
Income Before Tax (Investment Bank):
CHF -13.79 billion
No. of Employees (Investment Bank):
19,300 (worldwide)
No. of Offices (Investment Bank):
57 (worldwide)
*In September 2009, Eric Varvel became acting CEO, temporarily

replacing Calello when Calello developed a sudden and unexpected
illness

Credit Suisse Group AG
THE SCOOP
Swiss bankers, global reach

As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset
management. Credit Suisse provides advisory services, solutions and products to companies, institutional clients and high-net-worth private
clients globally, as well as to retail clients in Switzerland. Credit Suisse employs more than 47,400 (as of September 2009) people around the
world. In its investment banking business, Credit Suisse is active across the full spectrum of financial services products, including debt and
equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services.
Regionally, the group is divided into Switzerland, EMEA (Europe, the Middle East and Africa), the Americas and Asia Pacific. In the Asia Pacific
region, the firm has 15 offices in 12 markets, with major hubs located in Singapore, Hong Kong, Sydney and Tokyo.
Sweet Schweizerische
Credit Suisses history dates back to 1856 when Alfred Escher founded Schweizerische Kreditanstalt (thats Swiss-German for Swiss Credit
Institution). Credit Suisse opened its first international branch outside its home country in New York City in 1940. For the next three decades,
the bank grew within Switzerland, across Europe and internationally. In 1978, Credit Suisse began its cooperation with The First Boston
Corporation in the U.S., acquiring a controlling stake in the firm 10 years later (after which the bank was renamed Credit Suisse First Boston).
A year after that, Credit Suisse Holding was established as the parent company of the group. Various mergers, acquisitions and alliances
continued through the 1990s, and merged banks ultimately became assimilated into the Credit Suisse identity with the launch of the integrated
bank in 2006.
New leaders
Credit Suisse announced a new generation of leaders at the executive board level in 2008, ushering a new era of leadership that faced the
most challenging period for financial institutions in recent history. In May 2008, after heading up the investment bank for three years, Brady
Dougan was named the overall CEO of the Credit Suisse Group. Paul Calello, who was previously the CEO for Asia Pacific, took over as CEO
of the investment banking division globally. In Asia Pacific, Kai Nargolwala was appointed as the regional CEO in January 2008.
A friend in Founder
Credit Suisse has enjoyed a solid history working in China. It has served as a financial advisor on the IPOs of some of the country's largest
corporate and state-owned institutions, including China Construction Bank (CCB) and the Industrial and Commercial Bank of China (ICBC).
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, which meant the firm was allowed to provide tailored solutions for Chinese investors who want to invest
internationally. The bank is also a Qualified Foreign Institutional Investor with an investment quota of US$500 million.
In early 2008, Credit Suisse laid the groundwork for a joint venture with Founder Securities, the securities arm of Chinese conglomerate
Founder Group, to run investment banking activities in China. The venture finally received a business permit from China's securities regulator
in December 2008, and is initially focus on the sponsoring and underwriting of RMB-denominated A-shares on the Chinese exchanges and
the underwriting of debt issuance. Credit Suisse Founder Securities made a strong start, executing debt and equity capital markets
transactions worth the equivalent of US$7.05 billionin 2009.
Awards and rankings

Best Foreign Investment Bank in Philippines, Best Foreign Investment Bank in Indonesia, Best Foreign Investment Bank in Vietnam
(FinanceAsia, 2009)
Best Electronic Broker, Japan (FinanceAsia, 2009)
Best Investment Bank for 2009, Best Emerging Markets M&A House, Best Foreign Investment Bank in Indonesia, Best M&A House in
Singapore (Euromoney, 2009)
Deals of the Year [Republic of Indonesia sovereign bonds, Philippines debt exchange warrants] (Euromoney, 2009)

Deals of the Year [Philippines debt exchange warrants] (The Banker, 2009)
Best Bond Deal, Best M&A Deal, Most Innovative Deal (The Asset Triple A Awards Australia, 2009)
Best M&A Deal, Best Syndicated Loan (Asiamoney Deals of the Year Australia, 2009)
Best Arranger of Indonesian Loans, Most Innovative Structurer of LBOs, Asia Pacific Loan of the Year (EuroWeek Asia, 2009)
Best Crossing Network: Broker (The Asset Triple A Transactional Banking Awards, 2009)
Best Sovereign or Quasi-Sovereign Bond (EuroWeek Asia, 2009)
Best Electronic Trading Platform (Asia Asset Management, 2009)
Most Innovative Product/Service of the Year in Japan [Credit Suisse AES Pathfinder] (TradeTech Japan, 2009)
Best Algorithms, Best Smart Order Routing (Asian Investor, 2009)
Best Emerging Markets Bond House, Best Liability Management, Best Leveraged Buyout Deal (The Asset, 2009)
IN THE NEWS
October 2009: Barreling towards the fourth quarter

Third-quarter results were strong again, particularly for the investment banking unit as it booked pre-tax income of CHF 1.75 billion on net
revenue of CHF 5.05 billion. Overall, Credit Suisse booked net income of CHF 2.35 billion on core net revenue of CHF 8.92 billion. Strong
results were largely attributed to the firm's differentiated investment banking strategy and a realigned platform. Continuing to shore up its risk
positions, Credit Suisse also dropped its risk-weighted assets to US$137 billion.
September 2009: Indian opportunities

Reuters repoorted that Credit Suisse was pursuing a banking license in India. If granted approval from India's central bank, the license would
further extend Credit Suisse's offerings in India into areas such as derivatives and foreign exchange.
Credit Suisse already views India as one of its most important markets in Asia Pacific, given the countrys significant opportunities in private
banking and investment banking. Previously, in July 2007, Credit Suisse was granted its 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 Mumbai's Worli neighborhood
where the bank has been steadily growing its headcount, even through the financial crisis. And in 2008, the bank acquired a non-bank
financial company (NBFC) in India, into which it has since injected US$203 million of capital. The NBFC enables Credit Suisse to provide its
clients with funding support.
September 2009: Get well soon

The firm announced sad news in September 2009 as the CEO of investment banking, Paul Calello, was unexpectedly diagnosed with an illness,
and began an intensive treatment program. In the interim, Eric Varvel, CEO for the EMEA region assumed the role of acting CEO, though
Calello "will remain as involved in the business as his course of treatment process will allow," according to a Credit Suisse press release. And
according to Credit Suisse CEO Brady Dougan, "Paul and Eric will consult closely, working together and with me to set the strategic direction
of the investment bank."
July 2009: Another solid quarter

Credit Suisse reported overall net income of CHF 1.57 billion for the second quarter 2009. The investment banking unit saw pre-tax income
of CHF 1.66 billion on net revenues of CHF 6.01 billion. On top of this, largely due to collaboration between private banking and investment
banking on delivery of services to ultra-high-net-worth clients, collaboration revenues from the integrated bank were CHF 1.5 billion.

July 2009: Coming up big at the Euromoney Awards

Credit Suisse won a number of top accolades at the 17th annual Euromoney Awards. Credit Suisse won the coveted Best Investment Bank
for 2009 award and was named Best M&A House in Singapore and Best Foreign Investment Bank in Indonesia. According to Euromoney,
What is now becoming clear is that Credit Suisse took the pain in 2008 and is reaping the rewards in 2009. Its first-quarter 2009 earnings
showed impressive momentum. The platform Credit Suisse now has stands it in very good stead for the years to come.
June 2009-July 2009: Expanding trading options in Australia and India

Credit Suisse announced that its Advanced Execution Services (AES) unit had reached two milestones in expanding its services for clients.
The first, in June 2009, was the launch of a wide range of algorithmic trading strategies for Indian equities. This was followed by the July 2009
announcement that AES had launched a block crossing service for Australian equity trading, enabling clients to place anonymous orders for
large blocks of Australian stocks.
June 2009: New co-heads in APAC and Greater China

Two ex-UBS insiders, Ken Pang and Min Park, were appointed co-heads ofcCrediut Suisses equity derivatives and convertibles business for
the Asia Pacific region. Pang will oversee trading, risk management and infrastructure development, while Park will oversee sales, distribution
and structuring functions. Pang and Park will be based in Hong Kong and will report to Osama Abbasi, the head of equities for Asia Pacific.
Credit Suisse also named Simon Yuan, formerly head of Merrill Lynch's China financial institutions group, as a managing director and as the
co-head of its financial institutions Greater China team. Liping Zhang, the firm's China CEO, remarked, "Simon brings a wealth of experience
and ideas to Credit Suisse, having been heavily involved with many high profile restructurings, capital raisings and cross-border M&As in the
Chinese financial sector."
May 2009: Prime Services gets a new APAC head

In the Asia Pacific region, Credit Suisse's Prime Services business got a new head in Matt Pecot, who joined from UBS. Pecot has extensive
experience in the prime services business, as well as 13 years' experience in Asia Pacific. Based in Hong Kong, Pecot will report to Osama
Abbasi, the head of equities for Asia Pacific, and Philip Vasan, the global head of prime services and capital services.
April 2009: A return to profitability

Credit Suisse booked overall net income of CHF 2 billion for the first quarter 2009. The firms investment banking unit marked a return to
significant profitability, raking in CHF 2.4 billion in pre-tax income. On top of that, market shares increased in key business areas, including
global rates and foreign exchange, cash equities, prime services, and flow and corporate derivatives.
April 2009: Position filled

April 2009 saw the appointment of a new Credit Suisse Group chairman after Walter Kielholz stepped down in March 2009 and Hans-Ulrich
Doerig was elected to the vacant position. Doerig has over 35 years of experience at Credit Suisse; in 2003, he was named vice chairman and
head of the firm's risk committee.
Doerig described his appointment as coming during "the midst of the biggest crisis since 1929," but in an interview, he quickly laid fears to
rest about a sell-off of the investment banking division. "That would be totally the wrong thing to do, and would ultimately prove harmful for
Switzerland. Banks wishing to differentiate themselves from the global competition in the future need an intact investment banking division.
It was clear that the division needed partial restructuring. Together with old strengths such as reliability, prudence, predictability and
performance, our three pillars mean we have a huge opportunity, which we must make the most of."
February 2009: Tough year

Credit Suisse Group wasn't immune from the turmoil that hit so many other financial institutions hard. It posted an annual net loss for 2008
of CHF 8.2 billion, with CHF 6.02 billion of that coming in the fourth quarter. The investment banking unit contributed a pretax loss of CHF
7.78 billion for the fourth quarter, including CHF 3.19 billion in write-downs on leveraged loans and structured products. For the year, the
investment banking unit reported a net loss before taxes of CHF 13.85 billion.

In total, Credit Suisse Groups revenue for the year stood at some CHF 9.3 billion, down a whopping 76 percent versus its 2007 results. The
groups investment banking and asset management businesses saw big losses.
December 2008: Not immune to the cuts

As almost every big investment bank was forced to do in late 2007 and early 2008, Credit Suisse began handing out some pink slips in January
2008 due to the subprime mortgage meltdown. The firm cut about 500 investment banking positions, and a spokesman for Credit Suisse
cited "market conditions and projected staffing levels required to meet client needs" as causes for the cuts. In October 2008, Credit Suisse
confirmed it would purge another 500 jobs from its securities group and support roles.
However, as it was clear that the economic crisis wasn't going anywhere soon, Credit Suisse announced in December 2008 that it would cut
another 5,300 positionsor about 11 percent of its employees globallywith most cuts coming from its investment banking unit. Due largely
to "adverse market conditions and risk reduction," Credit Suisse said it intended to reduce investment banking staff to 17,500 by the end of
2009, down from the 21,300 it employed in September 2008. The cost to Credit Suisse was booked as a restructuring charge of CHF 900
million, primarily on its fourth-quarter books.
December 2008: Bonuses take a new shape

Credit Suisse hit upon a novel idea to lessen its loss risk: using US$5 billion from illiquid securities such as leveraged loans and mortgage-
backed debt (the type largely blamed for serving as the catalyst of the financial crisis) to pay its managing directors' and directors' annual
bonuses in investment banking. The securities will be put into a vehicle called the partner asset facility, and senior investment bankers will
be given shares in it. If the securities weaken in value, however, bonuses will be affected first.
GETTING HIRED
Hiring students and professionals

Undergraduate students, university graduates and experienced professionals can learn more about employment opportunities through Credit
Suisse's careers web site for the Asia Pacific region at www.credit-suisse.com/careers. The firm recruits at a number of universities in Australia,
China, Hong Kong, India, Japan, Korea, and Singapore; it also recruits overseas in the U.S. and the U.K. On the careers web site, Credit Suisse
hosts campus recruiting pages for analysts and associates in Asia Pacific, as well as separate campus recruiting pages for Australia and Japan
(the latter in Japanese).
Experienced professionals looking to make a lateral move in Asia Pacific can search postings (organized by location or job function) at the
firm's career web 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.
Develop and grow

Credit Suisse recruits graduates across Asia Pacific, including in Hong Kong, Singapore, Tokyo, Seoul, Mumbai, Melbourne and Sydney. At
both the analyst and associate levels, full-timers are hired across the bank in a number of different departments, including private banking,
investment banking, alternative investments, shared services, operations and information technology.
Credit Suisses full-time programs combine formal learning, on-the-job practice and personal coaching. The program includes technical and
financial training, presentations from senior management, internal cross-divisional events, philanthropic and team-building events, and
networking events with peers and Credit Suisse professionals. Throughout the training, graduates are exposed to senior managers, colleagues
and peers across the bank. Graduates are also given early responsibility and face challenges from day one.
Some business areas also host global training programs, which take place in New York, London or Zurich. Candidates should be in their final
year of a bachelor's or master's degree for analyst positions, and an MBA or PhD degree for associate positions.
Recruitment for full-time hires generally occurs from August to November across Asia Pacific, though it's usually from January to July in
Australia. For more information, check out the Credit Suisse careers web site.

I know what you did last summer

The Asia Pacific internship program, which generally lasts 10 weeks, gives participants an experience similar to that of the bank's first-year
analysts or associates. Candidates should be in their penultimate/junior year of a bachelor's or master's degree for analyst positions, and in
the first year of an MBA or PhD degree for associate positions.
The first week of the internship focuses on induction and bespoke training in preparation for nine weeks of on-the-desk experience.
Candidates should be in their penultimate or junior year and have an interest in building a career in the Asia Pacific region. Some qualities
the firm looks for in internship candidates include strong motivation, creativity, solid communication skills (both verbal and written), computer
literacy, intelligence and leadership.
Once you have applied to Credit Suisse, your application will be reviewed by both campus recruiting and the business area you have chosen.
If you are selected for an interview, it may take place face-to-face, by telephone or by video conference, but will always be conducted by a
manager in the business. Most initial interviews are competency-based which focus on your experiences so far in skills such as teamwork,
leadership, problem solving, communication and more.
Some business areas only conduct interviews; these will be a combination of competency-based and technical. Some areas conduct
assessment centers which may include exercises such as case studies, presentations and technical exams. In some locations/business areas,
candidates will also be expected to complete online numerical and verbal reasoning tests as part of the application process.
For Asia Pacific (excluding Australia) summer programs, recruitment generally runs from October to February. Meanwhile, recruitment for the
Australian summer internships generally runs from March to July. For those with an MBA or advanced degree, a summer associate program
is available as well. A winter analyst program is also open in Hong Kong and Singapore in the areas of investment banking, equities and fixed
income. For consideration, candidates should complete an application on the Credit Suisse careers web site.

PRESTIGE
RANKING
8 UBS INVESTMENT BANK
Two International Finance Centre KEY COMPETITORS

52nd Floor
8 Finance Street
Credit Suisse
Central, Hong Kong
Deutsche Bank
Phone: +852-2971-8888
Goldman Sachs
Fax: +852-2971-8333
Morgan Stanley
www.ibb.ubs.com
EMPLOYMENT CONTACT
PRIMARY LOCATIONS IN ASIA PACIFIC
www.ubs.com/graduates
Australia China Hong Kong Japan Singapore
BUSINESSES
Equities
Fixed Income, Currencies & Commodities
Investment Banking
THE STATS
Employer Type: Business unit of UBS AG
Chairman, UBS AG: Kaspar Villiger
CEO, UBS AG: Oswald Grbel
Co-CEOs, UBS Investment Bank:
Alex Wilmot-Sitwell & Carsten Kengeter
Chairman & CEO, UBS AG Asia Pacific:
Chi-Won Yoon
No. of Employees: 17,000 worldwide
No. of Offices: Operations in 50 countries

UBS Investment Bank
THE SCOOP
The big Swiss

UBS Investment Bank is one of the primary units of Swiss-based banking giant UBS AG, one of the worlds largest financial firms. Headquartered in
Zurich and Basel, UBS AG underwent a major restructuring in August 2008; the Swiss giant is now comprised of a corporate center and four business
divisions: Wealth Management & Swiss Bank, Wealth Management Americas, Global Asset Management and UBS Investment Bank. Worldwide, as
of mid-2009, UBS AG employed more than 70,000 people; however, according to a March 2009 statement by the firm, "UBS expects to reduce the
number of its employees to about 67,500 by 2010 in order to realize substantial cost savings in all areas."
UBS employs around 9,000 in the Asia Pacific region, equivalent to about 13 percent of its total workforce. While staff numbers have fallen in other
regions, those in Asia Pacific have been steadily rising (the region represented just 10 percent of the workforce in 2006). UBS operations in Asia
Pacific are now headed up by Chi-Won Yoon, who took over as chairman and CEO for UBS AG in Asia Pacific in June 2009.
UBS Investment Bank employs more than 15,000 people worldwide. (At its peak, in the third quarter of 2007, the investment bank employed
23,000.) Providing securities products and research in equities, fixed income, rates and foreign exchange, UBS Investment Bank also provides
advisory services and access to the world's capital markets for corporate, institutional, intermediary and alternative asset management clients.
Its current plans include sharpening its focus on client-driven growth, and further reducing its balance sheet and risk positions.
Way back
The current incarnation of UBS was formed in 1998 with the merger between the Union Bank of Switzerland and the Swiss Bank Corporation
(SBC). These entities merged in 1998 to form UBS AG. SBC's history dates back to the 1870s; during the course of its international growth
over more than a century, it had acquired a large number of foreign firms. One of these, the London-based S.G. Warburg Group, became
SBC's investment banking division, SBC Warburg. (In 1997, SBC Warburg increased its presence in the U.S. through the acquisition of Dillon,
Read & Co.)
In 2000, UBS launched its initial public offering on the New York Stock Exchange, and bought New York-based PaineWebber for US$11.8
billion, further solidifying its presence in the U.S. A rebranding in 2003 brought all UBS business groups under one name and one umbrella.
Tough times during financial crisis

To say the least, UBS AG has had a rough ride during the financial crisis. As a result of serious losses stemming from subprime mortgages,
it reorganized and shrank considerably throughout 2008 and the early part of 2009by exiting businesses, divesting assets, internally
restructuring and significantly cutting jobs. According to Bloomberg data, as of September 2009, UBS had eliminated more than 18,700 jobs
in the two years since the financial crisis began.
The draconian measures have been responses to staggering losses: For the fiscal year 2008, UBS AG's net operating loss was CHF 21.2 billion,
following on the 2007 loss of CHF 5.2 billion. In 2008, UBS received CHF 6 billion in aid from the Swiss government; in 2009, the government sold
the entire stake to institutional investors. UBS also transferred US$39.7 billion in illiquid securities and other positions to a fund owned and controlled
by the Swiss National Bank.
Shuffling the top of the deck in 2009

UBS has undergone a number of major changes at the top in 2009, taking on a new chairman, a new CEO and two new heads of the
investment bank. In February, UBS announced that CEO Marcel Rohner had resigned from his post and that Oswald Grbel, an ex-Credit
Suisse executive, would be taking over for him. Then, in March, less than a year after succeeding Marcel Ospel, UBS Chairman Peter Kurer
was replaced by Kaspar Villiger, Switzerlands former finance minister. And in April, UBS Investment Bank CEO Jerker Johansson resigned,
just over a year after taking the position. The role was filled by co-CEOs Alex Wilmot-Sitwell and Carsten Kengeter.
Awards and rankings

Best Equity House in China (Euromoney, 2009)
Best Equity House in Australia (Euromoney, 2009)
Best Ideas and Innovative Equity Products (Asiamoney, 2009)
Best Equity Derivatives House in Asia Pacific (Structured Products Magazine, 2009)

UBS Investment Bank
Best M&A House in Australia (Euromoney, 2009)

Best FIG House in Asia (FinanceAsia, 2008)
Best Asia-Pacific Equity House (IFR Awards, 2003, 2005-2008)
Best Investment Bank in Asia (Euromoney, 2008)
Best Foreign Investment Bank in China (FinanceAsia, 2008)
Best Foreign Investment Bank in Philippines (FinanceAsia, 2008)
Best Equity House in Philippines (Euromoney, 2008)
Best Joint Venture Investment Bank (China Securities Times, 2008)
Most Influential IPO (China Securities Times, 2008)
IN THE NEWS
November 2009: "Wobbly" road to recovery

UBS AG reported a third quarter 2009 loss of 564 million Swiss francs ($552.9 million), a far cry from the 283 million francs in net profit the
firm booked in the same period a year earlier. The results were especially troubling because there were still significant investment outflows in
the firm's private banking operations. However, according to UBS AG's CFO John Cryan, the firm is "definitely on the road to recovery, but it
will be a wobbly road." Following the earnings release, UBS shares fell in value by more than 4 percent.
August 2009: Swiss government ditches UBS stake, makes a bundle

The government of Switzerland sold off its investment in UBS AG in August 2009, making a cool profit of CHF 1.2 billion (US$1.13 billion) on the
transaction. The deal made the Swiss government the first in Europe to state that a recession-hit bank was healthy enough to have its state ownership
sold. Less than a year earlier, Switzerland had given the firm CHF 6 billion (US$5.6 billion) as part of a rescue package that also involved the transfer
of illiquid securities and positions to the Swiss National Bank.
August 2009: Naming names

An agreement was reached between the U.S. and Switzerland regarding a lawsuit that sought the names of U.S.-based UBS clients believed
to have dodged taxes by storing money in Swiss bank accounts. Each government has initialed agreements and will be signing a final accord
at a later time, according to a judge. Specific details of the agreement werent released, but tax lawyers said that they anticipate that UBS will
ultimately reveal the information attached to about 4,500 accounts. The amount is only a fraction of the 52,000 clients that U.S. authorities
originally sought.
July 2009: Magnus to lead in Singapore and Malaysia

UBS snagged Bank of America Merrill Lynchs Keith Magnus to head its investment banking unit in Singapore and Malaysia. Magnus stepped
into a newly-created position at UBS, which is trying to increase its investment banking coverage in the Asia Pacific region. Magbnus previously
oversaw BofA Merrill Lynchs investment banking operations in Singapore and Malaysia. Recently, Magnus experience in the region included
advising on a US$1.28 billion rights issues for Singaporean real estate developer CapitaLand.
June 2009: New Asia Pacific head

Chi-Won Yoon took over as UBS' chairman and CEO for the Asia Pacific region, succeeding Rory Tapner, who left UBS after 25 years at the
firm (he had held the top Asia Pacific post for five years). Yoon, who has been with UBS since 1997,

UBS Investment Bank
was named the head of equities and head of fixed income, currencies and commodities for Asia Pacific earlier in 2009.
May 2009: Wage increases intact

UBS AG CEO Oswald Grbel confirmed that the firm would stick to its practice of paying market wages to its employees. This means that,
following salary raises after taking government aid, UBS will be increasing top senior bankers salaries by up to 50 percent to avoid defections.
The bank will pay out the bonuses over the course of three years. UBSalong with rivals Credit Suisse and Morgan Stanleyhas also inserted
clawback provisions into certain bankers compensation packages, which lets the bank retract payments from workers who do not meet
specific goals. According to the firm, "Total compensation is linked to UBS's business objectives, and pay and incentive programs are designed
to pay for performance."
May 2009-July 2009: Retooling investments in China

As summer 2009 kicked off, the Swiss bank was seen buying and selling a number of shares as it tried to increase both profits and assets
across China. In July, it cut its shareholding in China Mengniu Dairy from 7.37 percent to 6.99 percent for US$14 million. The previous month
had seen even more activity, with the sale of US$16.5 million worth of shares in Guangzhou R&F Property, taking the banks share down from
7.54 percent to 6.82 percent. UBS also cut its shareholdings in Maanshan Iron & Steel Company and Aluminum Corporation of China
(Chinalco) in June. However, in May, it saw the merit of raising its stake in China Merchants Bank (CMB) from 6.97 percent to 7.12 percent
at the cost of US$55.73 million. CMB is Chinas sixth-largest commercial bank by assets and has over 500 branches in mainland China.
April 2009: Goodbye, Jerker

UBS AG announced that Jerker Johansson, the CEO of UBS Investment Bank, would be leaving the firm, just over a year after taking the
position. UBS replaced Johansson with co-CEOs: Alex Wilmot-Sitwell, who was previously co-head of UBS global investment banking division
and the chairman and CEO of UBS Europe; and Carsten Kengeter, who for seven months had served as joint global head of fixed income,
currencies and commodities.
April 2009: Big cuts, including more in Asia Pacific

UBS AG stated at its annual general meeting that it would be reducing its workforce from 76,200 at the end of March 2009 to around 67,500
in 2010. Swiss publication Sonntag reported that marketing and support staff in Switzerland would bear the brunt of the cuts. According to
UBS, the cuts reflect the changed market conditions and reduced levels of business.
Following on the November 2008 cuts, as part of the restructuring moves, 3 percent of its Asia Pacific staff were being let go, according to a
CNBC report. In Hong Kong, a UBS spokesman confirmed to CNBC that 240 wealth management jobs were being cut, including 100 in
Singapore. During the financial crisis, Asia Pacific has been hit hard by a drop in the portfolios of high net-worth individuals (HNWIs).
According to Merrill Lynch and Capgemini's "Asia Pacific Wealth Report 2009," HNWIs dropped by 14 percent in 2008, and lost over 20
percent of their overall wealth. Despite all this, UBS considers Asia a "strategic priority" and plans to continue to invest in the regionat the
end of 2008, the firm managed about CHF 130 billion (US$115 billion) in assets in Asia.
March 2009: Former Swiss finance minister becomes chairman

Just days after the appointment of Oswald Grbel, UBS named a new chairman as well. Less than a year after succeeding Marcel Ospel in
the position, it was announced that UBS Chairman Peter Kurer would be replaced, effective April 2009. The 68-year-old Kaspar Villiger,
Switzerlands former finance minister, succeeded him.
February 2009: New CEO Grbel takes over

UBS AG announced that its CEO Marcel Rohner had resigned from his post and Oswald Grbel, an ex-Credit Suisse executive, would be taking
over for him. Grbel, who was co-CEO at Credit Suisse from 2003 to 2007, was largely responsible for turning that firm's fortunes around, and
investors seemed to agree that Grbel would be able to do the same for UBSon the news, the banks shares increased 9.7 percent in Zrich
trading.

UBS Investment Bank
February 2009: Still struggling to shore up

For the fiscal year 2008, UBS AG's net operating loss was CHF 21.2 billion, following on the 2007 loss of CHF 5.2 billion. In response to the
losses, UBS announced plans to divide its wealth management business into two units: Wealth Management and Swiss Bank, and Wealth
Management Americas. Additionally, UBS laid plans to cut 2,000 jobs in its investment banking unit by the end of 2009, leaving its employee
count for that business at 15,000. (UBS said that it remained committed to the investment bank, but plans to refocus on Swiss banking and
international management.) The new wave of reductions brings the firms total job cuts since October 2007 to 11,000.
January 2009-February 2009: No more secrecy

As the result of an inquiry brought by the U.S. Internal Revenue Service and the U.S. Justice Department, UBS AG agreed to pay a US$780
million fine and to name U.S. clients whom it had helped evade U.S. taxes by setting up and managing offshore accounts. In a statement,
UBS AG Chairman Peter Kurer said, We accept full responsibility for these improper activities. The firm closed those accounts and agreed
to release some 250 names (of the 19,000 clients who had been under investigation).
However, following that, the U.S. government decided to file a suit against UBS (to be exact, the Internal Revenue Service issued a John Doe
summons) in an attempt to secure the identities of 52,000 American customers who it believed were evading tax payments through offshore accounts
with UBS (the payments evaded equaled an estimated US$100 billion annually in lost revenue for the U.S.). Under Swiss financial privacy laws, this
information is protected from disclosure, and UBS filed its opposition to the enforcement in April 2009. By August 2009, the firm and the U.S.
government came to a deal to stop the litigation going any further; UBS agreed to hand over the names of some of the wealthy Americans holding
accounts with the Swiss bank. Although only 4,450 of the 52,000 American investors with UBS accounts were revealed to the U.S. government, it
marked an unprecedented blow to Switzerlands traditional bank secrecy rules.
November 2008: The first to fall

Asian casualties of the financial crisis came in November 2008 when media reports emerged that UBS was making 200 employees redundant
from its Hong Kong office by February 2009. The bank also reported that it was looking to cut about 400 staff from the Asia Pacific region
over the same period of time.
GETTING HIRED
Do your research
As career sites go, the UBS site is straightforward and thorough, with all the necessary hints and tips to prepare a top-quality job application.
Start by simply clicking onto the career link and follow the relevant path: Graduates and Interns, MBAs and Advanced Studies, or Professionals.
Once in, select the Asia Pacific location and up pops a selection of current positions. Those interested in working within Asia Pacific should
bear in mind that they are only allowed to apply for one position at a time.
Above all else, UBS believes that doing the right research is key for those wanting to build strong foundations for the application process.
Beyond doing your research, UBS recommends attending its university campus events in addition to non-university events, a list of which is
given on its web site.
Are you competent?

So youve done the research, found a job that suits younow what ? Well, the next thing to do is to create an account, select the relevant
position, and fill out the application form. If you impress at this initial stage, youll be invited to take online tests that will assess your numerical
ability and logical reasoning.
Following this, candidates can expect a round of interviews conducted by business line managers. According to UBS, the purpose of this stage
is to evaluate your competencies against those required for the position you applied for. The firm does this by competency-based questioning
and further assessment tests to check out what it calls your seven core competencies. These include the ability to solve problems, make
decisions with good judgment, communicate, plan and organize, generate new ideas, and work in a team, as well as demonstrating drive and
commitment to the position.

UBS Investment Bank
If your competencies are in order, you can expect one last stage at the companys assessment center, which usually lasts half a day and
includes exercises such as presentations and group discussions. UBS says this enables it to appreciate further how your individual skills and
competencies fit with our requirements.
Try before you buy

For UBS Investment Bank, the firm hosts its UBS GTP-EXPLORE Graduate Program for aspiring young hires. Lasting 18 to 24 months, the
program is designed to help grads transition from "early" to "mid-career" professionals. More information is available on the UBS careers site.
Eight-week summer internship programs are also available in Asia Pacific; they run in Australia, China, Hong Kong, Japan and Singapore.
Interns can expect to be at the heart of everything that takes place on a day-to-day basis. Look online in the careers section for any available
positions. A few tips: If you fancy applying for internships in Australia, permanent residency status in the country is required, whereas in Asian
locations, relevant language skills are "highly preferred."

PRESTIGE
RANKING
9 CITI INSTITUTIONAL CLIENTS GROUP
50/F Citibank Tower KEY COMPETITORS

Citibank Plaza, 3 Garden Road
Deutsche Bank
Central, Hong Kong
Goldman Sachs
www.icg.citi.com
J.P. Morgan
Morgan Stanley
LOCATIONS IN ASIA PACIFIC UBS
Australia Bangladesh Brunei China Guam Hong Kong

India Indonesia Japan Korea Macau Malaysia New PLUSES
Zealand Philippines Singapore Sri Lanka Taiwan
Global firm with endless opportunities
Thailand Vietnam
Scope of work on the international markets
BUSINESSES
MINUSES
Citi Capital Advisors
Very difficult to get promoted
Citi Investment Research & Analysis
No junior support
Global Banking
Global Markets
Global Transaction Services EMPLOYMENT CONTACT
Graduate Recruitment: oncampus.citi.com
THE STATS Lateral Hiring: careers.citigroup.com
Employer Type: Subsidiary of Citigroup Inc.

CEO, Citi: Vikram S. Pandit
CEO, Institutional Clients Group: John Havens
Revenue: US$91.81 billion (FYE 12/09)*
Net Income: US-$1.6 billion*
No. of Employees: 265,000 (worldwide)*
No. of Offices: 7,500 (worldwide)*
*Citigroup Inc.

Citi Insitutional Clients Group
THE SCOOP
A changing Citi
Parent Citigroup Inc. was rebranded as simply "Citi" back in 2007. For many years, the bank operated its businesses through four key areas:
markets and banking, global consumer banking and global cards, global wealth management and alternative investments. In October 2007,
Citi merged its markets and banking group (which housed its investment banking operations) with its alternative investments unit, creating an
institutional clients group (ICG). Today, Citis ICG offers a full range of corporate and investment banking services, including treasury and trade
solutions, securities and fund services, debt and equity capital markets, underwriting and advisory, corporate lending, private banking and
institutional asset management.
Globally, Citi serves over 200 million customer accounts in more than 100 countries and has over 265,000 employees worldwide. In January
2009, Citi restructured its businesses into two primary segmentsCiticorp and Citi Holdings. consumer banking operations, both of which
the group considers its "core Citi properties."
Citi had traditionally been revered as the worlds largest financial services group, but the financial crisis has not been kind to this global giant.
During the crisis, Citi has seen billions of dollars wiped off its market value, laid off nearly 100,000 employees worldwide since the start of
2008, received US$45 billion in assistance from the U.S. government and sold off some non-core assets in 2009including its U.S. and
Japanese brokerage arms.
Still going strong in Asia

Over the past several years, the Asia Pacific region has been one of the fastest-growing regions for Citi. In 2008, Citis ICG was hit hard as its
North American unit lost over US$20 billion in net income. However, in Asia, ICG remained profitable, recording US$164 million in net income
(though this figure was down 94 percent from 2007's figures of US$2.85 billion). Net revenue for Citis ICG in Asia remained strong at US$5.26
billion in 2008, but marked a 37 percent drop from 2007.
Citis ICG, which operates in 18 markets in Asia Pacific, helped reopen Asia Pacifics capital markets in 2009, underwriting the first IPO of the
year (Hong Kongs Real Gold), the first convertible bond (Koreas SK Telecom), the first corporate bond (Koreas Posco), the first rights issue
(Singapores DBS), the first covered bond (Koreas Kookmin Bank) and the first high-yield bond (Indonesias Matahari).
Citi, the first U.S. bank to establish operations in Asia, has done business in the region for more than 100 years. It opened its first branch in
Shanghai in 1902 through its predecessor company, the International Banking Corporation (IBC), and expanded to Hong Kong, India, Japan,
the Philippines and Singapore in the same year. (In Japan, Citi has been involved in a joint venture with the Nikko Cordial Corporation since
1999; in October 2009, Nikko Citigroup Limited was renamed Citigroup Global Markets Japan.)
Citi expanding further into Asia Pacific in the 1950s, 1960s and 1970s, launching operations in Australia, Brunei, Guam, Indonesia, Korea,
Malaysia, New Zealand, Sri Lanka, Taiwan and Thailand. Today, in Asia, Citis ICG serves multinational organizations, local corporations and
financial institutions, offering a range of products and services, including securities sales and trading, foreign exchange, investment banking,
project finance, cash management, custody and syndicated loans. In July 2009, Euromoney named Citi the Best Bank in Asia for the 10th
consecutive year; the publication also named Citi the Best Bank in Singapore, Best Cash Management in Asia Pacific and Best Hong Kong
Equity House.
Raising capital
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 US$18.1 billion, which led to a net loss of US$9.8
billion for the quarter, the biggest quarterly loss in Citi's history.
As a result, the firm joined other American companies 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
US$7.5 billion from an Abu Dhabi sovereign wealth fund. In January 2008, the Government of Singapore Investment Corporation (GIC)
pumped US$6.88 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.
Beyond that, Citi continued to raise liquidity as it received US$45 billion in October and November 2008 from the U.S. Treasury's Troubled
Asset Relief Program (TARP) in an effort to restabilize the markets. The U.S. government is now Citi's largest shareholder, with a 34 percent

stake in the bank. At the end of the third quarter of 2009, Citis Tier-1 capital ratio, a key measure of financial strength, was 12.7 percent,
among the highest in the industry.
Big layoffs
Citi laid off about 17,000 people in April 2007 in anticipation of subprime-related losses in the second half of the year. In January 2008, Citi
announced it was cutting 4,200 jobs from its investment banking division in order to reduce costs. At the time, Citi said 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 accounted for less than 10 percent of
Citi's workforce.
After four consecutive quarters of losses, Citi announced in November 2008 that it would be cutting an additional 52,000 jobs globally.
According to The Wall Street Journal, at least 10,000 of the job cuts were expected to come from investment banking.
Further reductions have left Citi with a workforce of around 265,000 employees globally as of December 2009.
Pandit's keys to the Citi

Vikram Pandit became the CEO of Citi in December 2007, replacing interim CEO Sir Winfried Bischoff. Pandit succeeded Chuck Prince
(Charles O. Prince III), who had taken his post in 2003. To say the least, Pandit's job has not been easy, taking the helm of the worlds largest
banking and financial services group during the worst financial crisis in modern times.
Pandit joined Citi just after the global banking group purchased Old Lane Partners, the hedge fund that Pandit set up after leaving Morgan
Stanley. (Unfortunately for Old Lane, after two years of flat returns that caused US$200 million of write-downs in the first quarter of 2008,
Citi decided to close down the hedge fund.) At the time of Pandits appointment, industry commentators noted that in the wake of the losses
the group was hit with under Prince, Pandit would have to address the firms risk management practices to win back the confidence of staff
and investors.
Although Pandit lowered the banks costs and allowed reinvestments in growth in 2007, the following years were not so peachy. In 2008, the
firm received a U.S. Federal Reserve bailout of US$45 billion, and in 2009, the bank reported a loss of US$1.6 billion. However, the completion
of an exchange offer in the third quarter 2009 resulted in an additional US$64 billion of tier-1 common equity and US$60 billion of tangible
common equity. Citis Tier-1 Common and TCE ratios improved to 10.3 percent and 9.1 percent, respectively, at the end of the third quarter,
placing it among the strongest in the industry.
Awards and rankings

Asiamoney 2009 FX Client Poll
Best for Overall FX ServicesChina, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand
Best for Innovative FX Products and Structured IdeasAustralia, China, Hong Kong, Indonesia, Korea, Malaysia, Philippines,
Singapore and Thailand
Best FX Prime Brokerage ServicesChina, India, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand
Best Single-Bank Electronic Trading PlatformAustralia, China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore,
Thailand and Vietnam
Asiamoney 2009 FX Poll
Best for Overall FX Services (as voted by corporates)
Asiamoney 2009 Poll of the Polls
Overall Best FX Banks in Asia: 1991-2008

Best Overall Cash Management Banks in Asia (as voted by corporates): 1999-2008
Asiamoney 2009 Structured Products Poll
Best Overall Provider for Structured Commodity Products

Structured Currency Products: Best Overall Provider for G3 Denominated Products
Structured Currency Products: Best Overall Provider for Local Currency Products

Asia Risk Corporate Survey 2009
Currency Derivatives: Vanilla HedgingNo. 1 in Indian Rupee, Philippine Peso, Thai Baht
Currency Derivatives: Structured HedgingNo. 1 in Indian Rupee
Currency Derivatives: Yield EnhancementNo. 1 in G7 ex-Yen
Interest Rate DerivativesNo. 1 in Thai Baht
Structured HedgingNo. 1 in G7 ex-Yen and No. 1 in Indian Rupee
Yield EnhancementNo. 1 in Asia ex-Japan
The Asset Triple A Investment Awards 2009
Best Commodities Derivatives HouseCorporate

Best Local Currency Structured Product, India
Best Private Bank, Malaysia
Euromoney 2009 Awards for Excellence
Best Bank in Asia (10 years in a row)

Best Cash Management Bank in Asia
Best Equity House in Hong Kong
Best Bank in Singapore
FinanceAsia 2009 Country Awards for Achievement
Best Foreign Investment Bank in India (three consecutive years)
Institutional Investor Asia Best Sales Team 2009
Best in Hong Kong

Best in Singapore
IN THE NEWS
October 2009: Jewel in the crown

Citis Asia Pacific business has been described as the "jewel in the crown," and its results fpr the third quarter 2009 proved why. Net income
for the banking giant in the region stood at US$845 million for the quarter, the largest net profit result for the period for any region in which
Citi operates. "Asia Pacific is a credit-tested durable business," said Asia Pacific co-CEO Stephen Bird in a statement. "China lies at the very
heart of Citi's Asia Pacific priorities." Citi's business on the Chinese mainland, Taiwan and Hong Kong contributed to about one-third of Citi's
overall business in the region.
July 2009-October 2009: Sayonara, Nikko

In early 2007, Citi announced its intentions to acquire 100 percent of Nikko Cordial's brokerage business, Nikko Cordial Securities, as part of
the plan for Citi's expansion in Japan. By the end of the year, the deal was completed, with Citi paying US$13.4 billion. However, the tie-up
with Nikko Cordial Securities was extremely short-lived, as Citi did a complete reversal on its expansion plans in Japan. In January 2009, Citi
announced plans to focus on core assets in retail banking, taking a step back from asset management and brokerage services. CEO Vikram
Pandit said that the firm is moving extremely fast on asset sales. The latest sale came after U.S. regulators performed a "stress test" and
advised Citi to improve its capital base by US$5.5 billion.
First, Citi sold its Japanese asset management arm, Nikko Asset Management, to Sumitomo Trust for US$795 million in July 2009. The deal
created one of the largest asset management groups in Japan. Then, in October 2009, a subsidiary of Japan-based Nomura Holdings, Nomura
Trust & Banking, successfully purchased NikkoCiti Trust and Banking Corporation for US$212 million, with Citis ICG advising on the deal.
Following that, Citi inked a deal with Japanese banking giant Sumitomo Mitsui Financial Group (SMFG) to sell Nikko Cordial Securities for
US$8.7 billionselling it at a loss of US$4.7 billion, less than a year and a half after buying out the securities firm. The sale was completed
in October 2009, the same month that Citi's joint venture with Nikko Cordial, Nikko Citigroup Limited, was renamed Citigroup Global Markets
Japan.

September 2009: Gupta hits the road, takes over DBS

Piyush Gupta, Citi's CEO for Southeast Asia and the Pacific region, left after 27 years at Citi to take the CEO spot at Singapore-based DBS
Group. Gupta took over at DBS for Richard Stanley (formerly Citi's CEO for China), who died of complications from leukemia in April 2009.
August 2009: Head of FIG leaves for Nomura

Following on the heels of former Asia Pacific CEO Ajay Banga's exit, one of his top appointments also left Citi. Dan McNamara, one of Citi's
most senior investment bankers in the region, tendered his resignation in August 2009. McNamara had been serving as Citi's head of its
financial institutions group (FIG) in Asia Pacific and was formerly the co-head of Asia Pacific investment banking. McNamara moved over to
Nomura Holdings, where he became the head of financial institutions group investment banking for Asia Pacific (excluding Japan) and co-
head of corporate finance for Asia, according to FinanceAsia.
July 2009: Euromoney names Citi the best in Asia

Financial publication Euromoney named Citi the Best Bank in Asia in July 2009 for the 10th consecutive year. Citi also nabbed Best Bank in
Singapore, Best Cash Management in Asia Pacific and Best Hong Kong Equity House. Commenting on the field day for Citi, Euromoney
explained, "Citi is still the region's largest, most complete international bank. During the Euromoney awards period, no other institution offered
clients the same breadth of products across such a wide swath of Asia. The firm's cash management service is unsurpassed, and in Singapore
it competes with, and even surpasses, the best local institutions to become the country's top bank."
July 2009: Continuing to look up

For the second quarter 2009, Citigroup posted a US$4.28 billion profit compared with a loss of US$2.5 billion for the second quarter 2008.
Revenue, meanwhile, experienced a 71 percent boost to US$29.97 billion. However, the news wasnt all positive. Citis securities and
investment banking units posted a 7 percent decrease, and Citi cut 30,000 jobs during the quarter.
June 2009-July 2009: Banga goes to Mastercard, powers divided in three

In perhaps the most significant move affecting the Asia Pacific region in recent years, Citi Asia Pacific CEO Ajay Banga left in June 2009 to
become second-in-command at credit card giant Mastercard (as its president and chief operating officer). Banga, who had been with Citi
since 1996, had served in the Asia Pacific CEO position for just over a year, having taken the newly created post in April 2008. Powers for the
Asia Pacific CEO position were divided in three in July 2009. Shengman Zhang was named the chairman for Asia Pacific, while Shirish Apte
and Stephen Bird were named co-CEOs for the region. Zhang will be primarily responsible for Citi's relationships with clients, regulators,
government officials and employees across the region. Meanwhile, Apte will oversee South Asia, while Bird will continue to oversee North Asia,
and the two will collaborate on overall performance, strategy and execution in the Asia Pacific region.
April 2009: Good news on the earnings front

Citigroup booked US$1.6 billion in net income for the first quarter of 2009, concluding five consecutive quarters of losses (including a US$5.11
billion loss in the first quarter of 2008). Revenue, meanwhile, skyrocketed to US$24.8 billion, a 99 percent increase versus the first quarter
of 2008. The positive numbers were propelled by increased fixed income trading revenue, a new accounting rule letting Citi take a one-time
gain of US$2.5 billion on its derivative positions and lower costsCiti had cut operating expenses by 23 percent in the previous 12 months
and its headcount by 13,000 since the beginning of 2009.
February 2009: Dollar days

Citigroup CEO Vikram Pandit said that he had offered to take a US$1 salary and no bonus until the bank gets back on solid financial ground,
noting that he understands the new reality and will make sure Citi gets it as well. The announcement came as U.S. President Barack
Obama and other lawmakers slammed Citi and other banks for giving exorbitant year-end bonus payments to top executives after accepting
federal bailout funding.

February 2009: TARP spending breakdown

Citi posted its initial progress report regarding its use of the funds from the U.S. governments Troubled Asset Relief Program (TARP). During
the fourth quarter of 2008, of the US$45 billion it received, Citi said it had lent US$36.5 billion, including US$1 billion in student loans and
US$2.5 billion in business and personal loans. Citi also increased credit lines, opened new credit card accounts and spent US$27.5 billion
to buy mortgages in the secondary market during the last three months of 2008.
Also in February, the U.S. Treasury boosted its stake in Citi from 8 percent to 36 percent, converting US$25 billion of its preferred stock into
common equity. The move freed up some much needed capital for Citithe bank doesnt have to pay dividends on the common stock unlike
it did on the preferred. It also significantly diluted existing shareholders stake in Citi by nearly 75 percent. According to Citi CEO Vikram Pandit
in a statement, the swap has one goal: to increase our tangible common equity. Pandit added, While we believe Tier 1 capital remains the
most important measure of the financial strength of banks, we recognize that the markets also view tangible common equity as an important
measure. Coinciding with the announcement, Citi agreed to make several changes, including changing the makeup of its board to include
a majority of independent directors.
January 2009: Divesting U.S. brokerage business over time

Citi agreed to combine its Smith Barney brokerage unit with U.S.-based Morgan Stanleys brokerage division, in effect selling a 51 percent
majority stake in the joint venture for US$2.7 billion. Morgan Stanley is expected to acquire full control of the venture, named Morgan Stanley
Smith Barney, in phases over the next five years.
January 2009: Divide and conquer?

Upon the announcement of its financial results for the year, Citi revealed that it was splitting into two operating units, Citicorp and Citi Holdings
Inc. The former would continue to provide traditional retail and investment banking services, while the latter would oversee what remained of
the groups high-risk investments (many had already been sold off). Citi itself remained as the parent company, but potential spin offs and
mergers from either of the units were not ruled out as possibilities. In fact, the two operating units were divided so that Citicorp remained the
core bank, while Citi Holdings encompassed the saleable assets. Along with the restructuring, Citi announced its fifth consecutive quarterly
loss, as it booked a loss of US$8.29 billion for the fourth quarter of 2008.
December 2008: Top of the tables

Citi is one of the leading investment banks in the world, and each year, it ranks in the top 10 of several important investment banking league
tables. For 2008, according to Thomson Reuters, Citi ranked No. 3 in worldwide announced M&A deal volume, working on 343 deals worth
a total of US$705 billion.
Equally as impressive were Citis standings on the debt and equity charts. In 2008, the bank ranked No. 3 in worldwide debt and equity issues,
raising US$309 billion worth of securities. It was also the No. 3 issuer of worldwide equity and equity-related securities, the No. 3 issuer of
global IPOs and the No. 4 issuer of global common stock. Citi scored numerous top 10 rankings on Thomson Reuters fixed income tables:
global debt (No. 4), global mortgage-backed securities (No. 7), global asset-backed securities (No.2), international bonds (No. 4) and
international emerging market bonds (No. 2), among others.
November 2008: Deeper cuts

After four consecutive quarters of losses, Citigroup announced it would be cutting an additional 52,000 jobs (in addition to the 23,000 it had
already sacked before the announcement). The planned cuts were blamed on the ongoing financial crisis and global credit conditions. Cuts
are expected to come from attrition, the sale of various units and assets, and outright layoffs. According to The Wall Street Journal, at least
10,000 of the job cuts are expected to come from investment banking.
In a good sign for Asia compared to other regions for Citi, cuts were expected to be significantly lower. Reuters reported that, in Singapore,
cuts would be less than 300, with a small number of positions cut in Australia as well. An estimated 150 job cuts in Asia (excluding Japan)
were reported to come in wealth management, with about 90 of those coming from Singapore and Hong Kong. The Associated Press reported
that 1,000 jobs would be cut from Citi's brokerage unit in Japan. On a more positive note, the AP also reported that Citi would be expanding
its workforce and hiring more workers in the Philippines, with the intent of setting up a regional call center hub.

November 2008: Nayar heads to KKR, Robinson takes over South Asia
Sanjay Nayar, Citi's head of the South Asia cluster, left his post to join the Indian unit of private equity firm Kohlberg Kravis Roberts & Co.
(KKR). Nayar had been at Citi in various roles for 23 years, and called the decision a personal one. Citi Asia Pacific CEO Ajay Banga remarked,
"Sanjay has had a distinguished career at Citi as an international manager, having held senior positions in New York and London. He has
made an immense contribution to establishing Citi as the leading financial services franchise in India and throughout Southeast Asia." In the
interim, Nayar was replaced by Mark Robinson, who had been serving as Citi's head of Russian operations. Robinson has been with Citi for
24 years, primarily in emerging markets.
October 2008-November 2008: Bailout from TARP

Citi received US$25 billion in October 2008 from the U.S. Treasury's Troubled Asset Relief Program (TARP) in an effort to recapitalize the
markets. The following month, in November 2008, Citi received a further US$20 billion, bringing the grand total of bailout money to US$45
billion and effectively making the U.S. government its largest shareholder (now with a 36 percent stake in the firm). With the injection, the
U.S. followed in the footsteps of some European countries, which announced similar moves designed to help thaw their credit markets.
October 2008: Denying Goldman

Citigroup CEO Vikram Pandit was approached by Goldman Sachs CEO Lloyd Blankfein regarding the possibility of a merger, soon after Goldman
received approval to become a bank holding company in September 2008. According to the Financial Times, Citi roundly rejected the
proposal, which would have been structured as a Citi takeover and would have likely led to thousands of job cuts in both companies' investment
banking units. Citi may also have decided that it didn't need another securities group, the FT speculated.
September 2008: Krawcheck walks

Sallie Krawcheck, who headed up Citi's wealth management arm since 2004, was reported to be leaving the firm, according to The Wall Street
Journal. Krawcheck's exit follows the departure of other high-level Citi employees (such as investment banking co-CEO Michael Klein) who
have left in the summer of 2008. Meanwhile, the company's wealth management group is also facing reorganization, moving to be part of
Citi's ICG unit. Michael Corbat, who currently heads up the corporate and commercial bank within the firm's investment banking unit, will be
taking over Krawcheck's position.
August 2008: Four Asia Pacific clusters

Citi's Asia Pacific businesses were restructured into four geographic clustersJapan, North Asia (China, Hong Kong, Korea and Taiwan), South
Asia (Bangladesh, India and Sri Lanka), and South East Asia Pacific (Australia, New Zealand, Guam and the ASEAN countries of Indonesia,
Malaysia, the Philippines, Singapore, Brunei, Thailand and Vietnam). Upon the announcement, CEOs were appointed for each cluster. Two
CEOs continued in their roles (Doug Peterson for Japan and Sanjay Nayar for South Asia), and two new CEOs were appointed (Stephen Bird
for North Asia, and Piyush Gupta for South East Asia Pacific). For the first time, the regional heads will be responsible for all Citigroup's
business within their geographic areas. Previously, Citi's businesses in Asia were led by heads of its ICG, global wealth management and
consumer banking units.
GETTING HIRED
Trying to find a fit

Because "cultural fit is important," Citi is "highly selective." As one experienced analyst puts it, "Less than 1 percent of applicants will get formal
interviews with MDs, and a fraction will get an offer." Respondents report anywhere from three to seven rounds during the interview process.
A source in Mumbai reflects, "There were multiple rounds of interviews held, and I was really grilled on the technical knowledge." Yet another
source remembers being asked "about the level of commitment and also in terms of general knowledge, such as past experiences of failures
and successes, investment history, knowledge of the markets, background and decision methodology."
Recruiters are looking for "people with the right skill set" as well as personality; recruiting volume "varies depending on market conditions." A
source in Mumbai says the 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."

For graduates, Citis ICG careers web site at oncampus.citi.com 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 autumn. Experienced hires looking for
positions should check out careers.citigroup.com.
Internships a great way in

Citis ICG offers summer internships, and these are a very good way of getting a foot in the door if you are seeking employment. This is
mainly due to the fact that most full-time hires go through this process before being offered a jobsome staffers even claim that, thanks to
the economic crisis, the firm now primarily looks to employ graduate hires who go through this system. Those who have gone through the
process say it's a great way to find out if Citi is a good match for you. "I find it very useful for both the company to get to know you as a person,
and for you to find out whether there's a cultural fit between you and the company. An internship is like a 10-week interview, and it's very
important to perform well in those ten weeks to secure a return offer," one source offers.
To land the internship, candidates generally undergo four rounds of interviews during what insiders call a Super Day. I was interviewed
by a person from HR, two associates and a vice president. Questions varied between technical and behavioral, depending on the interviewer,
a source tells us. Going into more depth on the process, a colleague says, Questions were asked about my level of commitment and also in
terms of general knowledge. Examples included past experiences of failures and successes, investment history, knowledge of markets,
background and decision methodology.
Those lucky enough to secure themselves a place on the program can expect to be helping VPs and MDs with all kinds of work. I was
helping the sales people with their day-to-day presentations and pricings, explains one contact. Another who interned with the equity
derivatives desk and mainly worked with traders says, I learned about the various trading strategies the desk was involved with, and was
asked to make a few pricing sheets for options trading. Yet another says, "During my internship, I didn't have much opportunity to work on
quantitative work; most of the time I worked on PowerPoint and Word documents. But the experience was great. I gained a lot of exposure
and picked up a lot of skillsnot only hard skills but also soft ones, such as how to handle pressure, how to multi-task and how to pay attention
to detail." According to survey respondents, internships are not that much different from full-time jobs and are therefore a great way to
prepare for a long-term position at Citi ICG.
OUR SURVEY SAYS
Friendly and goal-oriented

When it comes to the pros at Citi ICG, insiders say that it is culturally diverse, meritocratic, based on mutual respect and competitive, with
very high standards, though some also feel that it is a bit politicized and bureaucratic. The firm has, according to one contact, a typical
American company culture, meaning that people there are very friendly but also very goal-oriented. Another insider says the ICG is very
supportive of personal lifestyles outside of the work environment.
Of course, the culture also depends on which team you are in and what kind of colleagues you are working with. But, on the whole, insiders
give the thumbs-up when asked about their work environment. Peers are very helpful, and internal communications are open, prompt and
candid. We have a very strong teamwork environment, and have a strong sense of information sharing, explains a source.
"Respect is fundamental"
We are told that respect is fundamental, and this extend to relations between bankers and their managers. The managers I work with are
very nice, helpful and reasonable, says one insider, while a colleague says that relationships consist of openness and allow an easy flow
of information. Relationships are always dependent on the team and their culture. And as one contact explains, Some teams are very
open, without much hierarchy, while some teams are just the opposite. On the whole, Citis ICG insiders give high marks to teamwork.
This teamwork is said to extend to the upper echelons of the company. At Citi, seniors are very approachable, and VPs sit down and go
through models with me step-by-step. I dont think you would find this kind of help in other banks, says a respondent. People are fun to
hang out with outside of work, too. You have to like the people that youre working with; otherwise everyday would be tough, especially if you
need to spend over 12 hours in the office. However, at the end of the day, Citis ICG is still an investment bank, and insiders admit that, like
most firms in the industry, the work is still tough, ruthless and demanding of a lot of personal time.

Standard salaries
Insiders say their hours at Citi ICG average between 70 to 80 a week, with about 15 hours on weekdays and five hours on a Saturday. That
said, some say they work substantially longer, clocking in over 100 hours a week. However, one source explains, Hours-wise, its much
better than when I was with the firm over the summer of 2007.
Moneywise, bankers receive salaries that are described as the market average. One staffer tells us that, given this years business
performance, I expect the base salary and expected bonus to perhaps be below the market average. In addition to base salaries and bonuses,
the firm also provides staff with housing allowances and rotation schemes to other geographies.
New York, New York

Training can involve a bit of travel, made up of five weeks of training in New York before joining the company as a full-time employee. Says
one source, I had two weeks of accounting training, two weeks of modeling training by an outside company, and then one week of company-
specific modeling and rules and regulations training. The training was very useful and prepared me well for the job ahead. Unfortunately,
according to a Hong Kong source, sales and trading trainees generally dont get the same overseas training opportunities in New York or
London, sticking with training in Asia, which is, though, described as "quality."

PRESTIGE
RANKING
10 BARCLAYS CAPITAL
Hong Kong Regional Headquarters KEY COMPETITORS

42/F Citibank Tower
Deutsche Bank
3 Garden Road
Goldman Sachs
Central, Hong Kong
J.P. Morgan
Phone: +852-2903-2000
UBS
Fax: +852-2903-2999
www.barcap.com
PLUSES
LOCATIONS (AP) Meritocracy
Good training program
Australia China Hong Kong India Indonesia Japan
Internal mobility encouraged
Korea Malaysia Philippines (representative office)
Singapore Taiwan Thailand
MINUSES
CLIENT OFFERINGS The stress to perform well
Graduates limited to specific desks initially
Barclays Capital Live BARX BNRI Distribution Global
Restrictions on stock trading
Markets Investment Banking Private Equity Research
EMPLOYMENT CONTACT
THE STATS
www.barcap.com/campusrecruitment
Employer Type: Division of Barclays PLC
Ticker Symbol: BARC (LSE), BCS (NYSE), 8642 (TYO)
Barclays PLC Chief Executive: John Varley
Barclays PLC Chairman: Marcus Agius
Barclays PLC President: Robert Diamond Jr.
Barclays Capital President: Jerry del Missier
Barclays Asia Chairman & CEO: Robert Morrice
Barclays Capital Net Income: 2.8 billion (FYE 12/08)
No. of Offices: Offices in 33 countries
69
Barclays Capital
THE SCOOP
Global reach
Barclays Capital is the investment banking arm of Barclays PLC, a global bank with more than 1.5 trillion of assets on its balance sheet and
49 million customers worldwide. Barclays has two business clusters: global retail banking, and corporate and investment banking and wealth
management. The latter comprises Barclays Commercial Bank, Barclays Wealth and Barclays Capital.
Globally, Barclays Capital has offices in 33 countries and over 20,000 employeesa number which has increased since the acquisition of
Lehman Brothers' North American investment banking and capital markets divisions, just one day after the U.S. firm filed for bankruptcy. In
Asia Pacific, Barclays Capital employs more than 4,000, and that's also been increasingthe headcount has grown over 50 percent in the
last several years. With regional hubs located in Hong Kong, Singapore and Tokyo, Barclays Capital provides large corporations, government
and institutional clients with a full spectrum of solutions to their strategic advisory, financing and risk management needs. The firm offers
services to both issuer and investor clients, and its product suite includes commodities, emerging markets, equities, fixed income, foreign
exchange, prime services, strategic portfolio and liquidity management and treasury.
Though its investment banking roots began in the 1980s, Barclays Capital was officially 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, thanks to its relationship with its parent firm, has grown at an astonishing rate and today is one of the worlds leading
investment banks.
Growth spurt
While Barclays PLC traces its roots to late 17th-century London, Barclays Capital grew out of its parent company's continuing global expansion
in the 1980s and the founding of an investment management division in 1986 that was initially named BZW Investment Management. With
eyes on the global market, investment banking services were extended to Asia Pacific. And in 1995, Barclays Bank PLC purchased U.S.-
Japanese joint venture fund manager Wells Fargo Nikko Investment Advisers and merged it with BZW, creating Barclays Global Investors.
However, in 1997, parts of BZW were sold offCredit Suisse First Boston purchased the European and Asian equities and M&A advisory
businesses, and ABN AMRO bought the Australian and New Zealand operations. The remaining pieces of BZW were rebranded as Barclays
Capital in 1997.
Barclays Capital underwent another global push in the late 1990s and early 2000s. And in recent years, the firm has increased the range of
its investment banking activities to include mortgage-backed securities, equity products, commodities and derivative products, across all asset
classes.
Over the last few years, Barclays PLC has also increased its position in Asia, thanks in part to investments from two major state-run
shareholders in the region. In 2007, Singapore's state-run investment firm Temasek Holdings and China Development Bank (CDB) became
major shareholders of Barclays Plc with a 3.6 billion investment. (Temasek divested its holding in early 2009.) CDB and Barclays have since
formed a commodities strategic alliance.
Big write-downs, but still on top

In a very challenging 2008, Barclays Capital saw its profits before tax drop by 44 percent to 1.3 billion. (The annual results included a gain
on the acquisition of Lehman Brothers businesses of 2.3 billion.) Overall, total income was down 27 percent to 5.2 billion, while net trading
income decreased 60 percent to 1.5 billion, mirroring write-downs in the credit market and weaker performance in credit products and
equities.
However, bucking the trend of falling headcounts, Barclays Capital actually increased its headcount, although the bulk of additions were the
direct result of absorbing Lehman's staff in North America. The acquisition initially added about 10,000 staff before reductions were made in
the fourth quarter when integration of the U.S. businesses was completed.
Awards and rankings

Wealth Management House of the Year (AsiaRisk Annual Awards, 2009)
Currency Derivatives House of the Year (AsiaRisk Annual Awards, 2008)

Barclays Capital
Best FX House, Best Commodities Structured Product: CORALS (FinanceAsia Structured Products Awards, 2009)
Best FX and Commodities House (FinanceAsia Structured Products Awards, 2008)
Best Commodities Derivatives House, Best Local Currency Structured Product: CORALS (The Asset Triple A Investment Awards, 2009)
Best Structured Products House: Retail, Best Commodities Structured Product: Global Commodities Delta Fund (The Asset Derivatives
& Structured Products Awards, 2008)
Fixed Income Research PollNo. 1 overall (FinanceAsia,2009)
FX PollNo. 1 Single-bank Electronic Trading (BARX), as voted by financial institutions; Best Single-bank Electronic Trading Platform
in India; Best Single-bank Electronic Trading Platform in Taiwan (Asiamoney, 2009)
Institutional Derivative User SurveyNo. 2 overall, No. 1 in Credit and No. 2 in Equity, FX and Interest Rates (AsiaRisk, 2009)
Commodity Derivatives SurveyNo. 3 overall, No. 1 in Precious Metals, No. 2 in Base Metals, No. 3 in Structured Products, No. 3 in
Emissions, No. 4 in Agriculture, No. 4 in Crude Oil & Refined Products, No. 5 in Natural Gas (AsiaRisk, 2009)
FX PollNo. 3 in Asia Pacific by volume (Euromoney, 2007-2009)
Japan FX PollE-trading Single-bank Platform (BARX) (Euromoney, 2006-2008)
IN THE NEWS
September 2009: New APAC heads for I-banking and prime services
Barclays Capital announced that it had named a new head of investment banking for the Asia Pacific region. Matthew Ginsburg took over the
role after previously serving in the same position at Morgan Stanley; he will be based in Hong Kong. Ginsburg joined Morgan Stanley in Asia
in 1996, serving in a variety of roles, and was previously at First Boston in New York, Tokyo and Hong Kong.
Barclays Capital also named a new Asia Pacific head for its prime services division. Ryan Bacher was hired from Deutsche Bank, where he
spent 11 years in senior roles in prime finance and prime brokerage. Bacher will be based in Hong Kong, and will oversee prime services
offerings such as equities financing, fixed income financing, futures and Barclays Capital's multi-asset class prime brokerage platform.
August 2009: Get live

Barclays Capital introduced its newest web-based client portal, Barclays Capital Live, in August 2009. Providing a platform with access to
research, indices, analytics, reporting tools and electronic trading, the global launch of Barclays Capital Live aims to give clients access to the
firm's breadth of knowledge, as well as building on the products available from the Lehman Brothers acquisition in North America.
July 2009: Greater China head is here

One of the most significant senior appointments in recent years, former ABN AMRO chairman for China, Zhi Zhong Qiu, was named to dual
roles at Barclays Capital: vice chairman for Asia Pacific and Greater China chairmana newly-created role. Based in Hong Kong, Qiu will
oversee the development and management of senior client relationships, and provide coverage for financial institutions, government agencies
and corporates looking for advisory, capital raising and risk management, particularly regarding cross-border transactions.
June 2009-July 2009: Bulking up in power, forex and Japan

Profits for the first half of 2009 doubled compared to the same period in 2008, increasing to 1.05 billion from 524 million. The strong
financial results meant that Barclays Capital was one of only a few investment banks in the region going on a hiring spree at a time when many
were struggling to retain top talent.
In June, Barclays Capital hired Jim Chapman and a five-member team away from Bank of America Merrill Lynch to head up a newly-created
power and utilities investment banking team for Asia excluding Japan. Chapman formerly headed up power banking for the region at Bank
of America Merrill Lynch; prior to that, he and his team worked for Lehman Brothers. The team will oversee all power and utility-related
investment banking operations for the region, including mergers and acquisitions, debt and equity financing, and risk-solution transactions.

Barclays Capital
In July 2009, in moves to bulk up its foreign exchange businesses in Asia, Barclays Capital named a number of senior hires, including Ivan
Ferraroni, formerly Royal Bank of Scotlands head of FX sales and trading in Tokyo, as head of Asia FX bank sales. Ferraroni will be based in
Singapore and joins other new appointments on the Asia Pacific forex team, including Eric Schatz, who was named head of foreign exchange
for Japan. In addition, Toshimasa Fujii was hired from the Japanese operations of U.S.-based forex firm Currenex to become a director of
foreign exchange sales in Tokyo. And Gaurav Tholia joined Barclays Capital's Singapore office from J.P. Morgan, taking on the role of vice
president in charge of foreign exchange derivatives sales to banks and private banks in Asia excluding Japan.
Barclays Capital also announced in July 2009 that it had increased its overall headcount in Japan by about 200, bringing the total to about
750, as part of an overall strategy to derive 50 percent of its revenue from outside the U.K. President Bob Diamond revealed that the bank
planned to hire up to as many as 1,000 people by the end of 2009, with most of the new hires coming Asia.
December 2008-January 2009: Temasek unloads stake in Barclays

Singapore's state-run investment firm Temasek Holdings paid about 2.4 billion in 2007 for a 2 percent stake in parent Barclays PLC.
However, a June 2009 report in the AFP revealed that the secretive Temasek had offloaded its entire stake between December 2008 and
January 2009, booking a loss somewhere between 500 million to 600 million. Temasek sold its stake at a time when there were fears of a
British government takeover of Barclays; had the Singaporean investment firm held out a bit longer, they would have watched the bank get
back on its feet.
September 2008: Once-in-a-lifetime bankruptcy

Just a day after the dramatic bankruptcy filing of U.S. investment banking giant Lehman Brothers, Barclays PLC swooped in and bought the
firm's North American investment banking and capital markets divisions for US$1.75 billion; Barclays also took the building housing Lehman's
New York headquarters in the deal. Five days post-collapse, a judge approved the purchase. Though the move didn't affect Asia as much as
North America and Europe, it did add about 100 people to Barclays Capital opreations in Japan, mainly from Lehman Brothers Holdings Inc.,
as part of a plan to launch an equity business there.
(By August 2009, Barclays PLC President Bob Diamond was hailing the purchase, as profits at Barclays Capital doubled from 524 million in
the first half of 2008 to 1.05 billion in the first half of 2009. The once-in-a-lifetime opportunity to buy the Lehman Brothers assets, as
Diamond put it at the time, saved the company four to five years of organic growth, according to Barclays PLC's chief executive, John Varley).
October 2007: ABN AMRO a no-go, CDB and Temasek 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 AMROultimately, Barclays PLC didn't win the battle.
However, the bidding war led to two long-term benefits for Barclays Capital: a strategic partnership with China Development Bank (CDB), and
a consolidation of its relationship with Temasek Holdings, 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. After the bid fell through,
however, 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.
GETTING HIRED
Study what you like

Barclays Capital is said to be not too particular about your educational background with regards to the subject of graduation. But sources
say the firm is still very selective and the interview process is very structured, with the candidates personality proving to be an important
aspect. Every applicant is expected to do two analytical online tests consisting of verbal and mathematical questions. This is followed
by a phone interview to assess interest and a full day at the assessment center. The day includes group exercises to assess teamwork
and two sessions of face-to-face interviews.

Barclays Capital
Of vital importance for grads

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 last 10 weeks, and run from May to August each year. Within Asia Pacific,
the main internship locations are in Singapore, Hong Kong and Tokyo, with a smaller number of internships offered in Mumbai, Seoul and
Shanghai. For the 2010 intake, online applications close on December 31, 2009 for the Asia Pacific region.
Getting into one of Barclays internship programs is said to be very important, since most new graduate hires are former interns. Barclays
hires interns with the foresight of them being the next batch of graduates, so getting onto the intern program plays a very important role,
explains a source. The program gives you a snapshot of what the organization and its culture are like, and if you will be suitable in such an
environment. One former intern says of the internship program, I was exposed to different areas of work the desk deals in. This helped me
understand the mechanism and gave me an opportunity to make an informed choice about the area I wanted to work in after joining full time.
Three levels
Along with internship programs, Barclays Capital offers three entry levels for graduates: analyst, associate and quantitative associate. 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 such as compliance, corporate communications, finance, global
financial risk management, global marketing, human resources, investment banking, legal, operations, prime services quantitative analytics,
research, sales, strategic planning, structuring, technology and trading. Barclays Wealth also recruits at the analyst level in the Asia Pacific
region.
The associate role is a bit 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, sales, strategic
planning, 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 encompass the areas of global financial risk management, investment banking, quantitative analytics,
research, structuring and trading.
OUR SURVEY SAYS
"One of the best"

Barclays Capital has one of the best investment bank cultures around, says one insider at the firm, claiming to have verified this with friends
who have worked at both Barclays and other investment banks. Others say that the fast-paced and meritocratic environment proves to be
a strong place to start a career, with good exposure to business and different divisions, along with good learning opportunities, and with
juniors able to address all kinds of problems.
Two words that sources use again and again when describing Barclays Capital are diversified and open. To promote this, the firm features
open-concept offices without partitions to encourage conversation and sharing, resulting in a firm that is cohesive and people-focused,
without much office politics.
Looking to the future, most insiders at the firm think Barclays Capital will do well when the economic crisis simmers down, with one claiming
that the firm is better positioned than a lot of its peers. That said, some sources say 2008 saw meager year-end bonuses due to the
recession, with other banks performing worse than Barclays, but still paying out more.
Relaxing on the weekends

Most insiders at Barclays Capital in Asia say they put in between 50 to 60 hours a week, starting work at 9 a.m. and finishing at 6:30 p.m.
But others admit they sometimes work until 8 p.m. As far as your Saturdays and Sundays are concerned, a source says, Weekend support

Barclays Capital
work is on a rotational basis. Another insider in Asia explains, As long as you finish your tasks, there is no need to stay until your boss
leaves.
Leave it at the door

Management is very approachable, and there's a well established feedback system. But above all else, people at Barclays Capital are said
to be nice to work with. I was nervous to start but was pleasantly surprised on my first day to find very friendly people. I found them very
approachable, and they helped me in my learning process, reports a contact.
Reportedly, there is a clear leave-rank-at-the-door policy at Barclays Capital. One source says, Many managers are very open and
approachable people who not only look out for their team but also are looking for ways to better the experience, opportunities and
productivity of the individual. They're also said to act as mentors for newcomers, providing assistance and advice when needed. As one
respondent puts it, The hierarchy of the firm is quite flat, and superiors are generally very open to opinions put forth by subordinates.
Graduate learning
Barclays Capital encourages employees to constantly engage in training to upgrade themselves. This is, of course, after the initial four- to
eight-week graduate training program in London, focusing on financial concepts and soft skills. Following this, newbies can expect to take
part in a one-year long continuous professional education program for graduates. Once completed, bankers can participate in various kinds
of online or classroom training, with Barclays constantly striving to provide new and relevant courses for the employees.
Women on top
Employees at Barclays Capital rate the firm highly when it comes to the position of women in the firm, mentioning that it has its own internal
network that constantly organizes seminars and workshops to provide work tips for women. Barclays Capital is strong in its stand for gender
diversity, raves one source. While we're told the number of women in IT is less than in other areas, we're also informed that this is made
up for the significant number of senior managers who are women.

PRESTIGE
RANKING
11 STANDARD CHARTERED BANK
Head Office: KEY COMPETITORS

1 Basinghall Avenue
Citigroup
London, EC2V 5DD
HSBC
United Kingdom www.standardchartered.com
PLUSES
Cosmopolitan workplace with staff from all over the world
Afghanistan Australia Bangladesh Brunei Cambodia
Great relations between superiors and peers
China Hong Kong India Indonesia Japan Korea Laos
Macau Malaysia Mauritius Nepal Pakistan
Philippines Singapore Sri Lanka Taiwan Thailand MINUSES
Vietnam Infrastructure such as speed of bandwidth
Work pressure
BUSINESSES
Consumer Banking EMPLOYMENT CONTACT
Wholesale Banking www.standardchartered.com/careers
www.standardchartered.com/graduates
THE STATS www.standardchartered.com/interns

Ticker Symbol: STAN (LSE), 2888 (HKSE)
Group CEO: Peter A. Sands
CEO, Asia: Jaspal Bindra
Operating Income: US$14 billion (FYE 12/08)
75
THE SCOOP
Royal banking
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.
The Chartered Bank was founded by an emissary of Queen Victoria in 1853. The first branches opened in Mumbai, Calcutta and Shanghai
in 1858, followed by branches in Hong Kong and Singapore. Meanwhile, Standard Bank was founded in South Africa in 1863 by John
Paterson. It 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, the bank 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.
Today, the company focuses on consumer, corporate and institutional banking, as well as on providing 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. It has 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 been a major player in Asia Pacific, and a
banking powerhouse in Africa and the Middle East. It derives more than 90 percent of its operating income and profits from Asia, Africa and
the Middle East.
Standard Chartered employs 73,000 people, representing 115 nationalities. It has 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; operations are fairly balanced
between its two primary business units: wholesale banking and consumer banking.
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 servicessuch as credit cards, personal loans, mortgages, deposit taking and wealth managementto individuals
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 US$860 million. Standard Chartered has also been offered the opportunity to buy American Express' international deposit
division in 2009 for US$212 million, bringing the total expected cost of the deal to US$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 US$22.5 billion in assets to Standard Chartered's portfolio. The private banking arm targets high-
net-worth customers with between US$1 million and US$50 million in assets.
Up, up, and away

Standard Chartered's success in China has attracted the attention of domestic banks on the mainland that reportedly are interested in
acquiring a minority stake in the bank. Three of China's "Big Four" state-owned banksIndustrial and Commercial Bank of China, Bank of
China, and China Construction Bankhave been cited as possible buyers of a 17 percent stake currently owned by Temasek, a Singaporean
government-run investment agency.

In the last half of 2007, the firm started an aggressive expansion program that included five major acquisitions, incuding the American Express
international banking purchase, 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.
And while other financial institutions were reporting huge losses in their annual reports for 2008, Standard Chartered announced that its
operating income actually rose 26 percent to $14 billion and its operating profit jumped 13 percent to $4.5 billion in 2008. The positive results
were due to the banks strong focus in Asia. In Hong Kong, the firm booked operating profit of $445 million; in Singapore, it brought in $309
million worth of profits.
The bank acknowledged that although its target markets in the East were suffering, the downturn would be shorter there than in the U.S. and
Europe. It also revealed that it had reduced the bonuses of its directors by between 10 and 25 percent, and imposed salary freezes on senior
managers across all regions.
IN THE NEWS
August 2009: New opportunities

In order to take advantage of new business opportunities, the bank outlined its plans to raise 1 billion by issuing new shares to investors. The
deal consisted of 75 million shares priced at 13.60 each and followed reports that the Asian-based bank was closing in on a deal to buy RBS
Asia units in India, China and Malaysia. According to the Indian Economic Times, the bank was poised at the beginning of August to pay $250
million for RBS retail and small business lending operations in these countries.
July 2009: A role for Peace

Standard Chartered got a new boss in the form of John Peace in July. The acting chairman officially took over the role vacated by Mervyn
Davies, who left the position in January to take a job with the U.K. government. Before joining the banks board in 2007, Peace served as
chief executive at retail conglomerate GUS PLC, which during his tenure spun off its Experian and Burberry units through initial public
offerings. His new role will include identifying acquisitions and stemming losses in those countries feeling the strongest effects of the global
downturn. At the time, chief executive Peter Sands reported that the bank was looking into further acquisitions in the Middle East, Asia and
Africa, with negotiations continuing on the possibility of buying up some of RBS assets in Asia.
July 2009: Priority on relationships

As one of only a few banks in a position to make new hires throughout 2009, Standard Chartered revealed that it was expanding its priority
banking business with plans to recruit an additional 300 relationship managers in Singapore over the next three years. This came on top of
the 80 RMs it had already hired in 2009. Catering for individuals with a net worth of more than $200,000, priority banking grew throughout
Asia by 16 percent between 2003 and 2008, and is growing three times faster than it is in North America and Europe.
June 2009: Korea calling

As part of its aggressive expansion policy in Asia, the London-based bank became the first foreign lender in South Korea to set up a financial
holding firm. The new company, called Standard Chartered Korea Ltd, will make it easier for the bank to seek further takeovers, and develop
and sell a wide range of financial products. At the time, there were also rumors that Standard Chartered was looking to open up an insurance
unit and mulling over the prospect of taking over local insurer Kumho Life Insurance. This all followed the banks acquisition of Korea First
Bank for $2.7 billion back in 2005.
October 2008-November 2008: Snapping up the weak

Standard Chartered capitalized on the economic situation by picking up a few cheap acquisitions. The first came in October in the form of
the debt-ridden Asia Trust and Investment Corp. The Taiwan government paid the Standard Chartered $104 million to take over the poor
performing bank, giving the firm an extra 8 branches in the country, taking its total to 96.
A month later, the firm snapped up Cazenove Asia and its $159 million in assets for an undisclosed sum from JPMorgan Cazenove. The deal
boosted Standard Chartereds equity markets business in Hong Kong and across Asia. The move meant that the British bank took on 142

additional employees, most based on the Chinese island. It also meant the bank would have a stronger equity markets platform to offer clients
financing, distribution, equity research and advisory capabilities.
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.
Standard Chartered maintains an extensive careers section of its web site at www.standardchartered.com/careers. There, the firm organizes
information about career 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).
The bank provides information on internships and programs for new graduates. For new graduates, the firm runs a two-year rotational
"International Graduate Programme" (IGP). The career section of the firms web site also includes a space specifically for MBAs interested in
working at Standard Chartered.
The site allows jobseekers to search for 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.
Nothing out of the ordinary

When it comes to hiring at Standard Chartered, sources say that selection is based on the level of competence, capabilities and the suitability
of the individual for the position. Candidates who put themselves forward for a position should expect around three rounds of interviews,
although some claim to have just experienced two. The structure of the interviews vary according to the office but typically include one round
with the HR manager, followed by a round with the HR manager and a reporting manager, and a final round with a reporting manager and a
departmental head.
With respect to internships, it is not necessary to have participated in one to seek full-time employment at the bank. However, insiders admit
that participating in such programs is a good way of evaluating whether you want to work for the organization or not.
OUR SURVEY SAYS
Fast-paced and diverse

The environment at Standard Chartered is fast-paced, according to insiders, and the firm has a driven corporate culture with highly
motivated people. Still, teamwork is valued, with everyone working toward a common goal. Teams are multinational, and the people who
work for the bank are said to be creative and very responsive. Insiders also point out that the firm is a little on the conservative side,
resulting in it being more cautious than other banks.
Putting in the hours

As with most professional positions, says one source, during certain days it is necessary to work late and complete projects. Standard
Chartered is no exception. Most respondents claim to work on average around 50 to 60 hours a week, although a manager from the
Singapore office claims to work over 100 hours per week. Contacts in China claim the hours there are more than the Asian average. Banking
hours in China are higher than in other countries, explains an insider there, and it is expected that people put in the time needed to be
competitive.

Not politics
On the whole, there are good relations between superiors and colleagues at the bank. Support is always there when you need it from
motivated management, and there is very little politics. However, insiders highlight some issues in China where the speed of development
has left some managers without time to learn the appropriate skills. Young talent is abundant, explains a contact in the Shanghai office. It
is the management talent that is sometimes lacking. This is a result of the extreme speed in development of financial services in China. There
hasnt been the time for many financial service employees to develop into good managers.
Women taking charge?

Staff at Standard Chartered are a multinational lot. The bank is made up of over 65 percent women, with many taking up senior postsat
least in the Shanghai office. One insider there says, when asked about diversity with respect to women, I think this question would be more
interesting if you asked about diversity with respect to men.
Opportunities in the crisis

The economic outlook isnt as bleak for the bank as it is for some of its competitors. Our company can even make a profit even in bad
economies, so the outlook is good, explains a Singapore-based insider. A colleague agrees saying, I view downturns as opportunities. We
are lucky to be in markets that are less affected by the downturn.

PRESTIGE
RANKING
12 MACQUARIE GROUP LIMITED
No. 1 Martin Place KEY COMPETITORS

Sydney, NSW 2000
Deutsche Bank
Australia
Goldman Sachs
Phone: +61-2-8232-3333
UBS Investment Bank
Fax: +61-2-8232-7780 www.macquarie.com.au
EMPLOYMENT CONTACT
www.macquarie.com.au/careers
Korea Malaysia New Zealand Philippines Singapore
Taiwan Thailand
OPERATING GROUPS & DIVISIONS

Banking & Financial Services Group
Corporate & Asset Finance Division
Macquarie Capital
Macquarie Funds Group
Macquarie Securities Group
Real Estate Banking Division
Treasury & Commodities Group
THE STATS
Ticker Symbol: MQG (ASX)
Chairman: David Clarke
Managing Director & CEO: Nicholas Moore
Consolidated After-Tax Profit:
AU$871 million (FYE 3/09)
Total Operating Income:
AU$5.53 billion
No. of Offices: More than 70 office
locations in 26 countries

Macquarie Group Limited
THE SCOOP
Expanding from down under

Best known in its home country of Australia, Macquarie is a global provider of banking, financial, advisory, investment and funds management
services. 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 Macquarie Bank opened its doors
for business with a retail branch in Sydney. It adopting its name from Governor Lachlan Macquarie, the man largely responsible for
transforming the early settlement in Australia from a penal colony into a dynamic economy. Macquarie Bank went public on the Australian
exchange in 1996.
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. Asian
offices are located in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand.
Macquarie employs approximately 12,700 people in more than 70 offices in 26 countries. This includes more than 5,400 employees in offices
outside Australia, representing 43 percent of total staff. For the fiscal year ending March 2009, Macquarie posted total operating income of
AU$5.5 billion and net profit of AU$871 millionremaining highly profitable but ending 16 years of profit growth.
Five (plus two) at the core

In November 2007, Macquarie Bank underwent some restructuring following shareholder approval, and Macquarie Group Limited was
established as a non-operating holding company and the listed parent of the Macquarie Group. Today, Macquarie Group Limited comprises
businesses across a range of investment, commercial and selected retail financial services.
Macquarie organizes its activities into five operating groups (Macquarie Capital, Macquarie Securities Group, Treasury and Commodities Group,
Macquarie Funds Group, Banking and Financial Services Group) and two divisions (Real Estate Banking, and Corporate and Asset Finance).
Each group or division specializes in defined product or market sectors and works in close co-operation. In addition to the operating groups
and divisions, service groups (such as include risk management, corporate affairs and information technology) provide the framework,
infrastructure and support for the operational groups to function.
Macquarie Capital includes Macquaries corporate advisory, equity underwriting and specialized funds management businesses. Macquarie
Capital Advisers provides advisory and capital raising services to corporate and government clients involved in public mergers and acquisitions,
private treaty acquisitions and divestments, debt and equity fund raising, and corporate restructuring. Macquarie Capital Advisors also
encompasses Macquarie Capital Funds, which manages a range of specialist funds, including infrastructure and real estate funds.
In January 2009, most of the firms former real estate platform merged with Macquarie Capital. This created an integrated real estate business
for domestic and international real estate services (including funds management, advisory and principal activities) able to leverage expertise
from all Macquarie Capital industry and product teams.
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 firms banking
and securitisation group and the financial services group. Banking and financial services provides a diverse range of wealth management
products and services to financial advisors, stockbrokers, mortgage brokers, professional service industries and consumers.
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 trading and structuring.
Newest groups in town

In June 2008, Macquarie announced the establishment of two new groups, Macquarie Securities and Macquarie Funds. Macquarie Securities
Group was officially formed in April 2008 by merging the operating activities of the banks equity markets group (excluding its fund products
division) and the capital securities division of Macquarie Capital. 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. The securities arm is subdivided into three divisions: cash, Delta1 and derivatives. Macquarie Securities also
provides a select range of products and services in Europe, Africa and the Americas.
Meanwhile, Macquarie Funds was formed in August 2008 from the merger of the funds and funds-based structured product businesses within
the funds management group, the funds products division from the equity markets group and Macquarie Capitals products division.
Macquarie Funds offers a range of investments for both retail and institutional investors across a variety of asset classes, including equities,
listed infrastructure, private equity and hedge fund of funds, listed real estate, currencies, fixed income and cash. Macquarie Funds oversees
combined funds under management of AU$70 billion and AU$7 billion in funds-based structured products; it does not include Macquarie's
specialist infrastructure and real estate funds operations.
Awards and rankings

Best Domestic Investment Bank in Australia, Best Equity House in Australia, Rising Star Equity House in Asia (The Asset, 2008)
Best Infrastructure House (Asian Investor, 2008)
Best Domestic Equity House in Australia (Asiamoney, 2008)
Most Innovative Investment Bank, Best Securitisation House, Best Securitisation Deal, Most Innovative Deal (Finance Asia Achievement
Awards Australia, 2008)
Financial Advisor of the Year in Australia (Financial Times and Mergermarket, 2008)
Best IPO in Asia, Equity Deal of the Year in Asia (China Railway Construction Corporation) (The Asset, 2008)
Best IPO of the Year in China, Deal of the Year in China (China Railway Construction Corporation) (Asiamoney, 2008)
Best Equity Deal, Best IPO (China Railway Construction Corporation) (Finance Asia, 2008)
IN THE NEWS
August 2009: Sino-Australian trust approved

Macquarie received regulatory approval in August 2009 from the Chinese government to launch a trust joint venture. Known as Sino-Australian
International Trust, the Shanghai-based entity will offer corporate banking and asset management services in China. Macquarie will hold the
maximum stake allowed by regulation at 19.99 percent, while the rest will be held by state-backed firms, including Beijing Sanjili Energy and
Beijing Rongda Investment.
August 2009: Chairman returns from leave of absence

Just nine months after taking a temporary leave of absence to undergo treatment for cancer, long-serving Macquarie chairman David Clarke
resumed his duties in full following significant improvements in his health. (In November 2008, Kevin McCann, the lead independent director
for Macquarie Group, was appointed the group's acting chairman, temporarily taking Clarkes place). Clarke returned healthy, and with a
pocketful of cash, having sold a large amount of his Macquarie sharesboth directly and through Karii Pty Limited, a firm in which Clarke
owns a significant stakefor AU$12.5 million just one week prior to his return. Macquarie's stock had tripled since falling to a 10-year low in
March 2009.
August 2009: Two more infrastructure funds, this time in China

Macquarie announced that it was teaming up with Chinese financial services giant China Everbright Ltd. to raise up to US$1.5 billion in capital
for two funds. Similar to the SBI link-up fund launched in April 2009, the two Chinese funds are aimed at investing in infrastructure projects
in mainland China, Hong Kong and Taiwanincluding the construction of toll roads, airports, ports, railways, water treatment facilities and
renewable energy sources. One fund will be targeted at raising funds from international institutional investors, while the second fund (awaiting
Chinese government regulatory approval) will be aimed at bringing domestic Chinese investors on board through RMB capital investments.

May 2009: Combining forces for AIG assets

According to The Times of India, India-based financial services group Religare Enterprises partnered with Macquarie in May 2009 to jointly
bid for AIG Investments, the asset management arm of troubled U.S.-based insurer American International Group (AIG). Prior to teaming up,
Religare and Macquarie had made separate bids for the AIG department. Then, realizing they might have a better chance together, the firms
teamed up and submitted a joint proposal to AIG Investments executives. Ultimately, the winning bid went to Hong Kong-based Pacific Century
Group (which runs a host of businesses including Hong Kong telecom giant PCCW) for about US$500 million in September 2009. Religare
and Macquarie have been teamed up for quite some time, as they operate a wealth management joint venture in India.
April 2009: State-of-the-art infrastructure in India

Keeping in line with Macquaries aggressive expansion in the Asia Pacific region, Macquarie linked up with the State Bank of India to form a
joint ventureMacquarie-SBI Infrastructure Fund (MSIF)in April 2009. MSIF raised initial capital of US$1.04 billion to invest in
infrastructure projects such as roads, ports and power plants in India. R. Sridharan, the managing director of SBI, remarked on India's
infrastructure needs, "As per the Planning Commission of India estimates, the country will need close to US$500 billion in infrastructure
investments in the next five years. Funding of this magnitude cannot be supported domestically alone and must be supplemented by other
sources of capital." The fund has a strong supporter in the private-sector investment arm of the World Bank, the International Finance
Corporation (IFC), which serves as a keystone investor and a minority shareholder in the venture. Macquarie and SBI each own 45 percent
in the venture, while IFC owns the remaining 10 percent.
February 2009: Three from Lehman

Macquarie Group hired three ex-Lehman Brothers bankers to head up significant units in the U.S. David Baron, who formerly served as a
managing director in Lehman's principal origination and financial sponsors businesses, will head up Macquarie's U.S. financial sponsors unit.
Michael Meyers and Sean Fitzgerald, who worked in Lehman's equity syndicate private placements and private equity units, respectively, will
co-lead Macquarie's private capital finance operations in North America.
October 2008: In bonds we trust

Macquarie announced that it had applied to enter the U.S. bond insurance market. This announcement came despite the fact that several
prominent insurers, such as New York-based MBIA and Ambac Financial Group, had recently lost their AAA ratings as a result of being tied
to hard-hit subprime housing loans. In October 2008, Macquarie officially received a license to insure municipal and infrastructure debt in a
joint venture with Chicago-based investment capital house Citadel Investment Group. The partnership developed insulation against woes
troubling the insurance industry by avoiding guarantees from securities connected to subprime loans and other such risky forms of debt.
September 2008: Macquarie to sell its investment lending business

Following Macquaries decision in May 2008 that it would wind back its Australian residential mortgage business, Macquarie announced that
its investment lending arm would be sold. The sale was not expected to have a material impact on the groups earnings, but a company
statement declared that unloading the division would allow the firm to focus on its most profitable businesses.
May 2008: Macquarie Capital chief takes over

Nicholas Moore, head of Macquarie Capital, was appointed to replace Allan Moss as managing director and CEO of Macquarie Group Limited
as soon as Moss retired. Moss had held the post for almost 15 years.

GETTING HIRED
A different kind of vacation

Job seekers can find out more about opportunities at Macquarie by visiting www.macquarie.com/careers and choosing the relevant location in
which they wish to work. Applicants are able to research and apply for Macquarie's available full-time positions, as well as its graduate and
internship programs. There's also information about Macquarie's work environment and testimonials from current employees, including video
presentations. Opportunities exist across the Asia Pacific region in Australia, China, Hong Kong, India, Japan, Korea, Malaysia, New Zealand,
the Philippines and Singapore.
Macquarie's internship program grants university undergraduates the opportunity to join various teams within the company where they can
benefit from hands-on experience, exposure to the financial services sector and insight into the career opportunities offered at Macquarie. The
graduate program allows students the opportunity to secure a position upon commencement of their studies. Visit the careers web site to find
out more about application dates and the application process.

PRESTIGE
RANKING
13 NOMURA HOLDINGS, INC.
Japan Headquarters: KEY COMPETITORS

1-9-1, Nihonbashi, Chuo-ku
Credit Suisse
Tokyo 103-8645
Goldman Sachs
Japan
J.P. Morgan
Phone: +81-3-5255-1000
Mitsubishi Financial Group
Fax: +81-3-3278-0420
Mizuho Financial
Asia Regional Headquarters: Morgan Stanley
30/F, Two International Finance Centre UBS
8 Finance Street
Central, Hong Kong
EMPLOYMENT CONTACT
Phone: +852-2536-1111
Phone: +852-2536-1888 www.nomura.com/careers
www.nomura.com

Korea Malaysia Philippines Singapore Taiwan
Thailand (affiliate) Vietnam
KEY BUSINESSES
Asset Management
Domestic Retail
Global Investment Banking
Global Markets
Global Merchant Banking
THE STATS
Ticker Symbol: 8604 (TYO), NMR (NYSE)
President & CEO: Kenichi Watanabe
Total Revenue: 664.51 billion (FYE 3/09)
Net Income: -708.19 billion
No. of Offices: 190 offices in 30 countries
worldwide
85
Nomura Holdings, Inc.
THE SCOOP
From Tokyo to the world

Japanese-based Nomura Holdings is one of the world's largest securities and investment banking firms. As of September 2009, Nomura
boasted 27.7 trillion in total assets. The company was founded in 1925 and ever since has been a force of dominance domestically and
abroad. Nomura has offices all over the world, including four main hubs in Tokyo, Hong Kong, New York and London. While Tokyo serves as
the firm's overarching headquarters, the Asia (excluding Japan) headquarters are located in Hong Kong.
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 United States. Finally, the firm's asset management business develops and manages investment
trusts and investment advisory services through its subsidiary, Nomura Asset Management Company.
Traditionally known in Japan as a domestic retail bank, times may be changing for the firm, as Nomura has shown increasing interest in
expanding its global operationsparticularly with the September 2008 acquisition of Lehman Brothers' assets across Asia, the Middle East
and Europe. Worldwide, Nomura offers a full range of securities and investment banking services, including asset management, merchant
banking, corporate advisory, derivatives, foreign exchange, sales and trading, research and capital raising.
Roots in Osaka
The son of an Osaka moneychanger, Tokushichi Nomura II was born in 1878, the year the Osaka and Tokyo stock exchanges were founded.
At that time, Osaka was Japan's business and finance center. After a three-year transcription in the Japanese army, young Nomura joined his
father at the family business (called Nomura Shoten, or Nomura Shop). By 1904, the younger Nomura was running the shop, and he decided
to add stock sales, trades and spot transactions to his father's currency exchange business. In 1906, Nomura created an in-house research
department, and, to this day, research is a central aspect of his firm's operations. He began publishing a daily newsletter called the Osaka
Nomura Business News, which contained stock analysis, economic research and trading reports. Nomura became well known throughout
Japan; no other broker at the time was putting out such reports.
Thanks to his solid reputation, Nomura and his company survived the Japanese market crash of 1907. A year later, he took a life-changing
trip to New York. Nomura returned to Japan with the intention of creating a global finance firm that could compete with the best; his first step
was to expand his research department and create a translation department so he could become involved in foreign currency-denominated
bonds. Underwriting and international trading were ramped up, and by 1917, Nomura Shoten became Nomura Shoten Incorporated. In
1922, Nomura formed a holding company to contain his empire, and three years later, his securities division was incorporated separately as
Nomura Securities. In 1927, Nomura's dream of opening an office in New York came true. By then, Nomura's enterprises included the stand-
alone securities division, bond sales, underwriting and commercial banking under the Osaka Nomura Bank name.
In 1946, the firms headquarters shifted to Tokyo; five years later, it launched an investment management business. Nomura is credited with
pioneering the use of investment trusts in Japan; it was also one of the first foreign-owned companies to gain membership on the London Stock
Exchange. Under leadership in the late 1990s and early 2000s, Nomura went through a series of restructuring moves that were finalized in
a transition to a holding company in October 2001.
Landing Lehman
In September 2008, Nomura made the purchase of a lifetimeat the epicenter of the global financial crisis. After the spectacular collapse of
U.S. investment bank Lehman Brothers, Nomura swooped in to buy Lehmans equities and investment banking operations in Europe, Asia
and the Middle East. The Asian businesses sold for US$225 million, while the European and Middle East arms went for nominal sums reported
to be two U.S. dollars each. Analysts noted that Nomura put forth an impressively low figure for all that, considering that Europe and Asia
previously represented half of Lehmans annual revenue, and CEO Kenichi Watanabe agreed, calling it a "once-in-a-lifetime opportunity."
The Lehman acquisition clearly marked Nomuras leap to the global investment banking major leagues. As well, the move preserved thousands
of Lehman bankers jobs outside the U.S. and boosted Nomuras headcount by over 8,000including nearly 3,000 Lehman employees in
Asia.

When the deal marked its first anniversary in September 2009, it still remained to be seen how legacy Lehman employees would ultimately
merge into Nomuras culture and system over the three-year integration plan set forth by Watanabe. Some initial attrition occurred early in the
acquisition, as some high flyers departed for Merrill Lynch, Blackstone and UBS within the first few weeks. At the end of Nomuras fiscal year
in March 2009, as the bonus season approached, Reuters reported that veteran Nomura bankers were also concerned about disparities
between their pay and the incentives offered to Lehman employees who remained with the firm. Meanwhile, some former Lehman bankers
have publicly expressed frustration at Nomuras conservative, risk-averse way of doing business. Compounding matters, Nomura took a hefty
67.8 billion loss for its fiscal year ending in March 2009. However, things quickly shiftedJuly 2009 marked a solid return to profitability for
Nomura, less than a year after the acquisition and, at least temporarily, silenced many critics.
Awards and rankings

Best Investment Bank from Asia (The Banker, 2009)
Best M&A House in Japan (Euromoney, 2009)
Best China M&A House (Euromoney 2008 and 2009)
Best Samurai Bond (FinanceAsia, 2009)
No. 1 G3 Bond Underwriter in Asia (Dealogic, 2009)
No. 3 Convertible Bond Issue, Asia ex-Japan (Dealogic, 2009)
No. 3 US$ Bond Underwriter in Asia ex-Japan (Dealogic, 2009)
Best Equity House, Japan (Asiamoney, 2008)
Best M&A House in China / Best Deal in Indonesia (The Asset, 2008)
House of the Year, Straight Bond House of the Year, Straight Bond of the Year, Straight Bond Debut Deal of the Year, Local Government
Bond of the Year, Samurai Bond of the Year, Equity House of the Year, Equity Issuer of the Year, Equity Deal of the Year, IPO of the Year,
J-REIT of the Year (Thomson Deal Watch, 2008)
Best Equity House, Best Brokerage House, Best IPO, Best Secondary Equity Offering, Best Samurai Bond, Best Equity-linked Deal,
Best China Deal, Best Singapore Deal, Best Cross-Border M&A Deal, Best Sovereign Bond (FinanceAsia, 2008)
Best Equity Deal (The Banker, 2008)
Asia-Pacific Emerging Market BondsNo. 1, All Bonds in Yen, Japan DebtNo. 3 (Thomson Reuters Debt Capital Markets League
Tables, 2008)
Equity & Equity-related Fees, JapanNo. 1, Japan Equity & Equity-relatedNo. 1, Japan IPOsNo. 1, Japan Common StockNo.
1, Japan ConvertiblesNo. 2 (Thomson Reuters Equity Capital Markets League Tables, 2008)
Worldwide Involvement Completed M&A by deal valueNo. 12, Asia (ex-Japan) Involvement Completed M&A by deal valueNo. 1,
Chinese Involvement Completed M&A by deal valueNo. 2, Japanese Involvement Completed M&A by deal valueNo. 1 (Thomson
Reuters Global M&A League Tables, 2008)
IN THE NEWS
September 2009: More shares up for grabs

Following its February 2009 share offering, Nomura announced a second offering in September 2009, this time aiming to raise up to 433
billion. Through the capital raise, the group plans to strengthen its foundation by investing (and extending loans) to its subsidiaries in Asia,
Europe and the U.S. The offer was heavily oversubscribed; the domestic tranche was about three times oversubscribed and the overseas
offering was close to 10 times oversubscribed.

July 2009: Nomura acquires NikkoCiti

Nomura Holdings confirmed in July 2009 that subsidiary Nomura Trust and Banking Co. plans to purchase NikkoCiti Trust and Banking Corp.
for 19 billion from Citigroup, as part of Citi's moves to raise capital to repay U.S. government bailout money. As of the fiscal year ending
March 2009, NikkoCiti Trust and Banking had 4.5 trillion in trust assets and more than 100 employees, while Nomuras trust division
possessed 19.5 trillion in assets and over 250 employees.
July 2009: Quick return to profitability

Marking the first time in six quarters, the firm returned to profitability as it announced its first-quarter results for its fiscal 2010 year. Profits
before tax weighed in at 31.4 billion for the quarter, while net income came in at 11.4 billion. Most striking, however, was the firm's net
revenue, which jumped 120 percent overall compared to the previous year, hitting 298.4 billion. CEO Kenichi Watanabe remarked on the
strong start, "Our retail and asset management business continued to generate stable revenues, and global markets made a significant
contribution to earnings." (Net revenue for the firm's global markets division skyrocketed to 187.1 billion for the quarter, or 17 times higher
than the first quarter of fiscal 2009.) Watanabe continued, "Our newly expanded client business platform is now fully operational, and we saw
considerable momentum in global wholesale client flow businesses during the quarter. While market conditions remain uncertain, we are
making steady progress towards our objective of achieving a full-year profit."
May 2009: Seizing opportunities in the U.S.

At a time when other banks are retrenching, Nomura has been expanding its U.S. operations and expecting to double its U.S. headcount by
early 2010. For Nomura to be truly global, the U.S. franchise is seen as a key component of that global strategy. In establishing a significant
presence, Nomura has been hiring former Lehman Brothers colleagues as well as hiring recognized market-leading teams to charge the U.S.
markets as it looks to join the top five global investment banks.
With its key hires in place, Nomura announced in July 2009 that it has been designated to join the ranks as a "primary dealer" of U.S. Treasury
securities by the Federal Reserve Bank of New York.
April 2009: Some cutbacks in Asia

According to The Wall Street Journal, Nomura cut 50 investment banking positions in Asia (excluding Japan) in April 2009, representing only
about 2 percent of the company's total 2,500-strong workforce in the region. However, like many financial giants, there have been a good deal
of cuts and restructuring during the economic crisisat Nomura, this has included about 2,100 job cuts from October 2008 to April 2009,
with about 1,000 of those taking place in London, according to the AFP (the Association for Finance Professionals).
April 2009: Taking its biggest hit ever

Releasing its results for the fiscal year ending March 2009, Nomura Holdings posted its largest annual loss ever, booking 708.19 billion in
losses, a more-than-tenfold increase compared with losses of 68.7 billion in the previous year. The second half of the fiscal year was
especially tough, as the firm posted net losses of about 560 billion from October 2008 to March 2009. As major reasons for the slide, Nomura
cited trading losses, significant exposure to crisis-hit Iceland, convicted Ponzi scheme operator Bernard Madoff, write-downs on merchant
banking and real-estate related assets, and acquisition costs related to its purchase of the Asian, European and Middle Eastern divisions of
Lehman Brothers.
April 2009: London calling

The financial world took notice when Nomuras global head of investment banking, Hiromi Yamaji, packed his bags for London. In a shift that
signaled Nomuras heightened focus on Europe, Yamaji announced that the investment banking division would be run from the U.K. instead
of Nomura's global headquarters in Tokyo. "The importance of Japan as our most important market won't change," Yamaji told the Financial
Times. Even though Japanese retail banking remains Nomuras biggest money-maker, Yamaji promised that his move "is a message that we
place priority on London."

February 2009: Gathering capital

Nomura announced a new share offering, its first since 1989, in an effort to raise 300 billion. The news sent Nomuras shares to a 26-year
low as investors worried that the Japanese bank was losing too much capital on bad investments and the costs of merging Lehman's
operations. However, the share issue wasn't solely intended to recoup losses. Nomura indicated it also needed the capital to fund expansion
plansparticularly efforts to make further inroads in the U.S.
October 2008: One more piece in India

Though not included in the initial deal, Nomura scooped up one more piece of Lehman as it purchased the collapsed investment bank's IT
support businesses in India, adding a further 3,000 employees to the fold. Based in Mumbai, the three Indian subsidiaries include back-office
operations and an IT support hub key to running Lehman's stock trading platform. Terms of the deal were not disclosed, but according to
Japanese daily The Nikkei, Nomura paid "several billion yen" for the Indian businesses.
GETTING HIRED
Grads unite
Nomura's main careers page provides links to sites for four regions: Japan, Asia Pacific, Europe and the Americas. Japan's careers site is
predominantly in Japanese, though the firm has plans to include more English information in the near future.
Within the Asia Pacific region, graduate roles are divided into two areas at Nomura: global markets (including sales, trading, research and
structuring) and investment banking (including deal execution, client relationship management and strategic analysis). In 2010, the firm will
also be looking to add graduates to its corporate infrastructure divisions. The application deadline for full-time grads and summer interns are
posted on the Nomura web site.
Once you've put in your application, Nomura has a first-round interview stage (phone or face-to-face); if you pass the first round, final round
interviews are conducted by phone, videoconference or face-to-face depending on your location. One insider describes personal experience
with the process as "three rounds of phone interviews, plus two face-to-face interviews." Another source agrees that it's "usually four to five
interviews."
Interns eternal
Aside from full-time graduate positions, a 10-week summer internship program is available at both the analyst and associate levels. Spanning
the global markets and investment banking divisions (as well as occasional placements into corporate infrastructure), the internship includes
a buddy/mentor system as well as formal and informal training sessions. For specific deadlines, check Nomura's Asia careers site for more
details.
Past interns rave about their experiences, describing it as "very important." Although the Nomura internship program is not as well established
as it was at Lehman Brothers, there has been strong momentum after a successful first summer class. One Tokyo source also offers a tip for
those interested in landing a Japan placement: "The best way to get hired for a job in Japan is to attend the Boston Career Forum [the world's
largest Japanese-English bilingual job fair] in Novemberthat's how I got hired."
OUR SURVEY SAYS
Getting acquainted
In the post-Lehman era, Nomura has done its best to bring everyone under one roof that's described as "respectful," "friendly" and "open." An
insider says, "People here actually get along and are friends outside of work. There are few cut-throat bankers, and it's a non-toxic
environment."
With any merger, there are a few initial worries about culture clash, but most Nomura and Lehman employees are looking ahead to a bright
future together. A former Lehman staffer says, "I'm still assessing Nomura's culture as I'm getting to know the post-merger firm." However,

another source assures, "Once the two cultures are meshed, it will be fine; in the meantime, we are trying to integrate." In Tokyo, an insider
tells us that "the culture has become much more international here since all the Lehman people have joined."
Beating the street

Most respondents say they're putting in fairly standard investment banking hours, ranging from 60 to 90 hours a week on average. Staffers
also describe a formal dress code in place, although some offices reportedly have casual Fridays. Training is said to be "good" and has
included something fairly unique among global investment banks: "an info session on Japanese business etiquette."
On the perennial issue of pay, insiders tell us that "at least for 2008, Nomura paid much more than the street averageespecially for legacy
Lehman employees." Other sources report perks such as signing bonuses, a housing allowance for expatriates and nice offices.
Eyes on diversity
For women, the Nomura environment is "surprisingly good," despite some negative reports in the media and revealing data on Nomura's web
site (with one page showing less than 4 percent of females in management at Nomura Securities as of July 2009). Another insider gives the
lowdown: "I was involved in Lehman's internal women's network, and everyone was welcome to join. They have diversity officers who run
programs like that, and these people continue at Nomura to help employees appreciate diversity."

PRESTIGE
RANKING
14 BANK OF AMERICA MERRILL LYNCH
Regional Headquarters: KEY COMPETITORS

42nd Floor, Two International Finance Centre
Citi
8 Finance Street
Goldman Sachs
Central Hong Kong
J.P. Morgan
Phone: +852 2847.5222
Morgan Stanley
Fax: +852.2847.5232
UBS
www.bankofamerica.com
EMPLOYMENT CONTACT
bankofamerica.com/careers
bankofamerica.com/campusrecruiting
South Korea Malaysia Philippines Singapore Taiwan
Thailand
BUSINESS LINES/SUPPORT UNITS

Finance
Global Banking & Markets
Global Commercial Banking
Global Technology & Operations
Global Wealth & Investment Management
Human Resources
THE STATS
Ticker Symbol: BAC (NYSE)
Chief Executive: Brian Moynihan
No. of Employees Worldwide: 283,717
No. of Employees in Asia: 5,000+
91
Bank of America Merrill Lynch
THE SCOOP
Beyond America
Bank of America is one of the worlds largest financial institutions, serving clients in more than 150 countries. The company has business
relationships with more than 80 percent of the Global Fortune 500.
In September 2008, Bank of America made just about every headline in the world, announcing that it would buy New York-based investment
bank Merrill Lynch. On January 1, 2009, the bank officially acquired Merrill Lynch in exchange for common and preferred stock with a value
of US$29.1 billion. BofA, which called the purchase "a great opportunity for our shareholders," expects to achieve US$7 billion in pre-tax
expense savings by 2012. When the deal closed in early 2009, it made BofA the biggest U.S. bank in terms of assets, with more than US$2
trillion. It also made the combined firm the largest brokerage firm in the world, with about 16,000 financial advisors; one of the leading
investment banking advisory firms, with significant operations in M&A advisory as well as debt and equity underwriting; and one of the worlds
top wealth management firms, with Merrill Lynchs nearly 50 percent stake in U.S.-based investment management company BlackRock.
Also in January 2009, not long after the Merrill Lynch deal closed, BofA accepted its second round of TARP (Troubled Asset Relief Program)
funds from the U.S. government, taking US$20 billion in exchange for preferred stock in the firm. That brought BofAs total TARP funds to
US$45 billion (in October 2008, the U.S. government gave US$15 billion to BofA and US$10 billion to Merrill Lynch under TARP in exchange
for preferred shares). But in December 2009, Bank of America repaid the entire US$45 billion.
Bank of America is headquartered in Charlotte, N.C. Many of Bank of Americas services to corporate and institutional clients are provided
through its U.S. and U.K. subsidiaries such as Banc of America Securities LLC and Banc of America Securities Limited.
Banc of America Securities LLC (BAS), based in New York City, is the investment banking subsidiary of Bank of America. BASs business
spans both domestic U.S. and international investment banking markets. The use of the word Banc tends to confuse some people, but its
use bears great significance in that it is indicative of the fact BAS is not a bank, and its deposits and holdings are not insured by the Federal
Deposit Insurance Corporation. Based in New York City, Merrill Lynch had two main business segments when it came into the BofA fold: global
markets and investment banking (with sub units of sales and trading; fixed income, currencies and commodities; equities; and investment
banking), and global wealth management (which included global investment management and global private clients).
Bank of Americas global banking unit focuses on companies with annual revenue of more than $2.5 million. This includes middle-market
and large corporations, institutional investors, financial institutions and government entities. The units services include M&A, raising equity
and debt capital, lending, trading, risk management, treasury management and research.
Bank of America has operated in Asia for more than 60 years, providing clients in the region with corporate investment banking, global markets,
investment management, treasury management and leasing services. Today, BofA has more than 5,000 employees in Asia working out of 12
countries across five time zones.
Lewiss reign
Kenneth D. Lewis, who stepped down as CEO at the end of 2009, had been the banks chief executive officer since 2001. Although he received
a lot of heat in 2008 and 2009 (while many big banks, including BofA, were hurting), Lewis was credited with many achievements during his
tenure as CEO. Under Lewiss watch, before the worldwide economic slide, BofA doubled annual revenue, doubled annual profit, increased
assets to US$1.7 trillion from US$642 billion, and grew its market capitalization to US$183 billion from US$74 billion. Since the slide, things
werent as smooth for Lewis, who endured much criticism for acquiring Merrill Lynch just prior to Merrill announcing billions of dollars in losses.
Lewis path to company leadership started in 1969 when he joined North Carolina National Bank (NCNB, predecessor to NationsBank and
Bank of America) as a credit analyst in Charlotte, North Carolina. After various U.S. roles, he took over as manager of the banks international
banking business in1977. Lewis executive progression continued and when he was appointed as chairman, chief executive officer and
president of Bank of America in April of 2001, he was already serving the company as president of consumer and commercial banking and
chief operating officer. In 2007, Time magazine included Lewis on its The Time 100 List identifying him as one of the 100 most influential
people in the world. And in 2008, Lewis was named Banker of the Year by American Banker magazine.

Time after time

Bank of America can trace its roots back to the late 18th century when Massachusetts Bank was chartered in 1784 and the Providence Bank
was created in Rhode Island in 1791. These banks were among the first in the U.S. As decades past and the population expanded, these
banks would grow with the country, expanding and merging with smaller firms and businesses.
Two centuries later, in the swinging 1960s, a southern bank known as North Carolina National Bank (NCNB) had began an aggressive plan of
expansion based on the model of a hometown bank where a branch would individually cater to the needs of the community it served.
NCNBs model proved popular, and the bank expanded rapidly through the 1970s and 1980s.
In 1991, NCNB merged with Citizens & Southern National Bank (C&S)/Sovran Corporation to form NationsBank, which acquired BankAmerica
in 1998 to become Bank of America. The new entity was mighty in that its business reached across the country. But that wasnt all for growth
and consolidation. In 2004, Bank of America acquired FleetBoston Financial for US$47 billion dollars, and in 2006, the bank paid US$35
billion for the MBNA credit card business, which, in addition to its U.S. offices, had operations in Great Britain and Canada. The bank acquired
U.S. Trust in 2007.
Bank of America made another big purchase in 2007, acquiring the ABN Amro North American Holding Company (the American business of
Dutch bank ABN Amro Holding NV and parent of U.S.-based LaSalle Bank Corporation) in October. In 2008, Bank of America purchased the
U.S. diversified financial services holding group Countrywide Corporation in an all-stock transaction worth about US$4 billion, before acquiring
Merrill in September.
Merrills history
The Merrill in Merrill Lynch was Charles E. Merrill, who founded the firm in New York City in 1914. He met his partner, Edmund Lynch, while
living in a rented room at the YMCA. From these meager beginnings grew a firm with about 900 offices in 40 countries and total client assets
of approximately US$1.6 trillion. Before being acquired by BofA, Merrill Lynch had established itself as one of the world's leading wealth
management, capital markets and advisory companies, serving private clients, institutions and corporations, and small businesses. As of mid-
2008, the firm employed nearly 63,100 people worldwide.
Awards and rankings

No. 1 Converts U.S. Market/Global Issuers (Bloomberg, 2008)
No. 1 Algorithmic Trading (Alpha, 2008)
No. 2 Best Broker for Difficult Trades (Bloomberg, 2008)
No. 2 Best at Recommending Risk Management Solutions (Treasury & Risk Magazine, 2008)
No. 3 Overall Best Provider of Derivatives (Treasury & Risk Magazine, 2008)
No. 5 Worlds Best Brokers (Bloomberg, 2008)
IN THE NEWS
January 2010: New CEO announces management team

Brian Moynihan, the new chief executive officer and president of Bank of America, announced the company's most senior management team:
Steele Alphin, chief administrative officer; Cathy Bessant, global technology and operations executive; David Darnell, president of global
commercial banking; Barbara Desoer, president of home loans and insurance; Anne Finucane, global strategy and marketing officer; Sallie
Krawcheck, president of global wealth and investment management; Tom Montag, president of global banking and markets; Ed O'Keefe,
general counsel; Bruce Thompson, chief risk officer; and Joe Price, who will become president of consumer, small business and card banking
(Price will continue to serve as chief financial officer until February 1st while the bank searches for a new CFO).
December 2009: BofAs new chief

Ending a highly publicized search for a new CEO, Bank of America named Brian Moynihan as its new chief executive officer. Moynihan most
recently headed BofAs consumer and small business banking. (He officially replaced outgoing CEO Ken Lewis on January 1, 2010.)

December 2009: The big payback

Bank of America repaid the entire US$45 billion it borrowed under the U.S. governments Troubled Asset Relief Program. Repayment followed
the successful completion of a securities offering.
October 2009: Big loss

Bank of America posted a 2009 third-quarter loss of US$1 billion (26 cents a share) compared with US$1.18 billion in profit (15 cents a share)
in the same period in 2008. However, due mostly to its acquisition of Merrill Lynch, BofAs revenue increased 33 percent to US$26.04 billion.
Analysts had predicted a 6-cent per-share loss on revenue of $27.7 billion. Additionally, the bank had US$2.6 billion in write-downs. The
report was the last to fall under the watch of CEO Kenneth Lewis (who officially retired from his post on December 31, 2009). A day before
the release of the third-quarter numbers, Lewis agreed to surrender his salary and bonus for 2009.
August 2009: Sontag takes his leave

Bank of America Merrill Lynchs brokerage head, Daniel Sontag, said he will retirean announcement that came shortly after Bank of America
hired Sallie Krawcheck as head of its global wealth and investment management unit. In a conference call, Sontag indicated that he was
leaving voluntarily, insiders told The Wall Street Journal. Sontag, who had been with Merrill since 1978, had held his brokerage head role since
January 2009. Industry watchers indicated that Sontags departure may point to an overall wearing down of the Merrill culture, which has seen
a number of exits as of late.
August 2009: Hiring Krawcheck

Bank of America confirmed several management changes. The bank hired Sallie Krawcheck, former head of global wealth management at
Citigroup, as head of its global wealth and investment management business. Additionally, BofA said that Brian Moynihan, then the head of
its global corporate and investment banking and global wealth management units, would be taking over the reins as the banks head of
consumer banking. Meanwhile, BofA confirmed that Liam McGee, head of its consumer and small-business banking arm, was resigning. Tom
Montag, the head of BofAs global markets division, would also head up BofAs global corporate and investment banking unit. The moves
position a number of senior executives to compete to succeed me at the appropriate time, CEO Kenneth Lewis said in a statement.
June 2009: Bull by the horns

Bank of America confirmed that it decided to resurrect Merrill Lynchs iconic bull symbol in a new promotional campaign. The print and
Internet campaign will publicize BofAs Merrill Lynch unit via the thundering herd tagline. BofA Chief Marketing Officer Anne Finucane told
the Financial Times that after interviewing clients, the firm realized that combined, the brands are stronger than either on their own.
May 2009: Raising billions

Revealing the results of its stress tests, the U.S. government told Bank of America it needed to increase Tier 1 common capital by $33.9 billion
to endure the possibility of an intense and prolonged downturn (beyond what economists had forecasted).
As of the end of June 2009, Bank of America had raised the $33.9 billion, mainly by selling common stock worth $13 billion, selling $7.3
billion worth of its shares in China Construction Bank and converting nongovernment-owned preferred stock into common stock.
April 2009: Lewis voted out as chairman

During Bank of America's annual shareholders meeting, Ken Lewis was removed from his post as BofA chairman when shareholders narrowly
passed a proposition (50.34 percent in favor) preventing one person from holding the firm's CEO and chairman position at the same time.
(Lewis retained his chief executive title). The board elected Dr. Walter E. Massey, a Bank of America board member since 1998 and president
emeritus of Morehouse College, to serve as chairman of the board.
Lewis, once celebrated as a top banker, has become a highly controversial figure in the industry. After paying what some industry watchers
deemed as too much for Merrill Lynch, BofA endured two governmental rescue packages. New York Attorney General Andrew Cuomo is also
currently investigating whether Lewis informed shareholders of the risks of such a transaction.
During the shareholder meeting, Lewis defended controversial transactions such as Merrill and Countrywide, saying, "These acquisitions are
not mistakes to be regretted. Both are looking more like successes to be celebrated. We are building this company for the long run.

April 2009: BofA turning around

Bank of America posted first quarter 2009 net income of US$4.25 billion, up from US$1.21 billion in the first quarter of 2008. The bank was
bolstered by its Merrill Lynch and Countrywide units, profiting from trading at Merrill and mortgage refinancing at Countrywide. Merrill brought
US$3.7 billion to the net income total, due largely to strong capital markets revenue. (Overall, BofAs corporate and investment bank delivered
$2.4 billion in net income, compared with a US$991 million loss in the same period in 2008). Meanwhile, mortgage banking and insurance
losses decreased to US$498 million from US$732 million in 2008. BofAs credit card division didnt fare as well, losing $1.77 billion compared
with an US$867 million in profit in the first quarter 2008. Overall, net revenue for the company jumped about 50 percent to US$35.76 billion.
April 2009: Head of technology, media and telecommunications resigns

George H. Young III announced his departure from Bank of America. Young, a respected banker within the industrywho headed up Merrill
Lynchs global technology, media and telecommunications divisionis one of a number of bankers and executives from the firm who have
chosen to leave BofA after it acquired Merrill. Insiders have indicated that some of the departures have been motivated by a difference in
philosophy between the two firms. According to The Wall Street Journal, Bank of America has been accused by some of having a corporate
business method as opposed to one that emphasizes person-to-person relationships.
March 2009: No bonus for Lewis

Bank of America said it did not give a bonus to CEO Ken Lewis or any other of its high-ranking executives in 2008. Although many of its
competitors opted to pay out bonuses, the bank said its most recent financial statement didnt measure up to its hopes. Though Lewis received
a salary of $1.5 million, his total compensation (including stock-based rewards) dropped 56 percent from the previous year; according to AP
calculations, it fell from US$20.4 million in 2007 to US$9 million in 2008.
March 2009: Commence the probe

Bank of America launched an investigation into how Merrill Lynch accounted for some suspicious trades made by traders in 2008. Among
the former Merrill employees involved in the probe is London-based currency trader Alexis Stenfors, who incurred a loss of more than $120
million. Stenfors' trades set off a warning bell to the bank, which then began to look closely at the activities of other traders, some of whom
had lost millions of dollars in other areas such as credit derivatives.
February 2009: Who wants to be a millionaire?

New York State Attorney General Andrew Cuomo revealed that 700 of the 39,000 Merrill Lynch employees were paid a bonus of US$1 million
or higher in 2008. In a letter to the House Financial Services Committee, Cuomo said Merrill "chose to make millionaires out of a select group
of 700 employees." Cuomo also condemned Merrill for moving its bonus payments up to December 2008, prior to the firm's merger with Bank
of America.
A month later, in March 2009, The Wall Street Journal reported that the annual bonuses may have been higher than Cuomo originally thought.
Eleven of Merrills high-ranking executives accepted more than $10 million in cash and stock in 2008, insiders told the paper. Moreover, an
additional 149 employees collected at least $3 million in 2008. In total, the bonus payments for the firms 10 highest-paid workers came to
$209 million in cash and stock, up from the $201 million the firm paid out in the previous year.
February 2009: Lewis gets subpoenaed

New York State Attorney General Andrew Cuomo subpoenaed Bank of America CEO Kenneth Lewis in a state probe regarding whether BofA
held back information from investors prior to its purchase of Merrill Lynch. According to The Wall Street Journal, in addition to looking for facts
about whether investors were deliberately deceived, Cuomo is investigating if about US$4 billion in Merrill bonuses should have been revealed
to investors.
January 2009: Not meeting expectations

During the fourth quarter 2008, Merrill Lynch lost US$15.84 billionabout US$500 million more than the US$15.31 billion loss Bank of
America had calculated for the firm. The little US$500 million oversight was due to not keeping effective internal controls, according to
Merrills annual report. Merrill also took several charges in the fourth quarter, including a US$2.3 billion goodwill write-down due to exposure

in its fixed income, currencies and commodities trading business. Merrills write-downs have stirred up several federal investigations into the
firms practices.
January 2009: Thains exit

Ex-CEO of Merrill Lynch John Thain said he would resign from Bank of America, a decision that came about one month after Merrill Lynch
was acquired by Bank of America. It also came not long after Merrill's steep fourth quarter 2008 losses led BofA to take another $20 billion
in federal aid (and not long after it was revealed that Thain approved bonuses for several Merrill Lynch executives days before the deal with
BofA closed). According to a spokesman for Bank of America, Thain and BofA CEO Ken Lewis "mutually agreed that his situation was not
working and [Thain] resigned."
January 2009: Done deal

Bank of America officially closed its acquisition of Merrill Lynch on January 1, 2009.
December 2008: Two at the top

According to Thomson Reuters, Merrill Lynch and BofA found themselves near the top of many investment league table rankings for 2008 (the
firms were ranked separately for the year, since the Merrill acquisition didnt close until 2009). Among its many top rankings in 2008, Merrill
placed No. 6 in global debt, No. 7 in U.S. investment grade debt, No. 7 in international bonds, No. 3 in global equity and equity-related
underwriting, No. 2 in global common stock, No. 5 in global IPOs, No. 4 in U.S. equity and equity-related underwriting, No. 1 in U.S. IPOs,
No. 4 in EMEA equity and equity-related deals, No. 4 in EMEA common stock, No. 6 in global announced M&A deal advisory, No. 4 in
announced U.S. M&A, No. 8 in announced European M&A, and No. 5 in global debt, equity and equity-related underwriting.
Banc of America Securities, meanwhile, ranked No. 10 in global debt underwriting, No. 3 in global mortgage-backed securities, No. 4 in global
debt, No. 3 in global asset-backed securities, No. 3 in U.S. investment grade debt, No. 2 in global high-yield debt, No. 7 in global equity and
equity-related deals, No. 10 in global common stock, No. 5 in U.S. equity and equity-related underwriting, No. 5 in U.S. IPOs, No. 14 in global
announced M&A deals and No. 8 in U.S. announced M&A.
December 2008: Cutting back

Bank of America announced plans to cut 30,000 to 35,000 positions over the next three years. The layoffs will come from both BofA and
Merrill Lynch, and will affect all business lines and divisions, BofA said in a statement. BofA added that the cutbacks, which will "eliminate
redundancies," are due to the Merrill acquisition and the anemic U.S. economy. BofA CEO Kenneth Lewis is hoping to save around $7 billion
from the merger, necessitating the abolishment of many jobs along with the possible sale of some of its business units. At the time, BofA and
Merrill combined had 260,000 employees, including 50,000 working in investment banking.
September 2008: Buying Merrill Lynch

Bank of America agreed to acquire legendary investment bank and brokerage Merrill Lynch. The deal followed on the heels of Merrill
competitor Lehman Brothers filing Chapter 11, the largest bankruptcy in history at the time.
GETTING HIRED
Casting a wide net

At Bank of Americas careers website (www.bankofamerica.com/careers), you can search for job openings by country, city, job family and
keyword, and you can complete an online application by clicking the link at the end of your chosen position. Vacancies arise across the bank
in a number of departments and divisions, including global banking, global markets, wealth and investment management, consumer banking,
card services, risk management, technology, finance and human resources.
BofA recruits at more than 200 schools globally; its careers web site maintains an up-to-date calendar of events. In addition to traditional job
descriptions and information about available benefits, visitors can view associates video testimonials, find answers to common questions, and
use a Career Fit Tool to see which job or line of business might suit their skills, experience, education and interests.

An internship is a huge advantage for those seeking employment at Bank of America; interns are more likely to move to the head of the hiring
line. The firm offers summer internships for analysts (undergrads) and associates (grad students).
Good mix
DiversityInc magazine consistently names Bank of America as one of the Top 50 Companies for Diversity. Black Enterprise consistently ranks
BofA one of the 40 Best Companies for Diversity. And Hispanic Business continues to rank the bank as one of the Top 60 companies for
Hispanics. In addition, Working Mother magazine has recognized Bank of America as one of the 100 Best Companies for working mothers
for more than 20 consecutive years.

PRESTIGE
RANKING
15 BNP PARIBAS SA
Hong Kong Branch: KEY COMPETITORS

59-63/F
Crdit Agricole
Two International Finance Centre
HSBC Holdings
8 Finance Street
Socit Gnrale
Central, Hong Kong
Phone: +852-2909-8888
Fax: +852-2865-2523 EMPLOYMENT CONTACT
www.bnpparibas.com careers.bnpparibas.com
graduates.bnpparibas.com
Australia Brunei China Hong Kong India Indonesia
Japan Korea Macau Malaysia New Zealand Pacific
Islands Philippines Singapore Taiwan Thailand
Vietnam
DEPARTMENTS
Asset Management & Services
Corporate & Investment Banking
International Retail Services
THE STATS
Ticker Symbol: BNP (Euronext)
President, CEO & Director: Baudouin Prot
Net Income: 3.02 billion
No. of offices: 2,200

BNP Paribas SA
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 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 in numerous countries, 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 Parias CIB unit 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 and transaction group.
A foothold in the mainland

Like many of the largest international banks, BNP Paribas has partnered with a Chinese bank to give it a foothold in the country. 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 was 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
Jiangsu in eastern China. At the time of its deal with BNP Paribas, Bank of Nanjing had an impressive US$5.3 billion of total assets.
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.
On the Orient express

BNP Paribas 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 gave the company 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 (US$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 US$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' private banking services usually have about US$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. 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 US$32 billion in assets under management in Asia.

BNP Paribas SA
Overturning the odds

Despite the bleak financial picture that many banks across the globe encountered in 2008, BNP Paribas was able to navigate its way through
the economic wreckage with relative ease. Thanks to the resilience of retail banking and AMS, and through a mix of cost cutting measures
that saw bonuses reduced, operating expenses were contained at 18.4 billion, while total revenue was down by 11 percent to 27.3 billion.
By the end of 2008, pre-tax income was down from 7.8 billion to 3.9 billion, but this was still enough to put the banks profits in the worlds
top 10. Going forward into 2009, the bank revealed its plan to avert financial difficulties: reduce market risk and risk-weighted assets,
strengthen its capital base through earning generations and participate in the French stimulus plan, while stabilizing its cost base.
Awards and Rankings

Forbes Global 2000, No. 13 (Forbes, 2008)
Best Overall Provider of FX Services (Asiamoney, 2008)
Derivatives House of the Year/Best Equity Derivatives House/Best Derivatives House: Japan/ Best Derivatives House: Taiwan (The Asset, 2008)
Japan House of the Year/Asia House of the Year (Structured Products, 2008)
IN THE NEWS
April 2009-August 2009: Changes high up

In April, BNP Paribas Capital (Singapore) received a new chief executive in the form of experienced banker Johnson Tan. He was also made
head of the banks South East Asian corporate finance unit, which provides banking clients with services for M&A as well as primary equity
market transactions. Tan has over 20 years of experience in M&A deals for large corporations and government bodies and was working as the
managing director of corporate finance for South East Asia at the Macquarie Group before being hired by the French bank.
Another appointment included Chinese banker Margaret Ren, who was made chairwoman and chief executive of BNP Paribas corporate
finance division for Greater China in August. A former managing director and chairwoman of China investment banking at Merrill Lynch (Asia
Pacific), Ren proved to be a star banker at her former bank and is seen as a pioneer in investment banking in China. She was one of many
Merrill Lynch employees at the time to defect to other banks across the globe.
April 2009-May 2009: Sharia compliant

BNP Paribas revealed that it was looking to boost its revenue from Islamic finance four-fold by the end of 2011, through expanding its corporate
banking products and Islamic operations in South East Asia. By May, the French bank was granted its first license in Islamic asset
management and launched BNP Paribas Islamic Asset Management Malaysia. The license will enable the bank to provide its clients with a
full range of Sharia-compliant asset management products. Malaysia, along with Saudi Arabia comprises 48 per cent of the banks Islamic
funds and 61 per cent of their assets.
April 2009: Weeding out insider trading

In what was Hong Kongs first criminal conviction for insider dealing, Ma Hon Yeung, a former vice president of BNP Paribas Capital (Asia
Pacific) was handed 26 months imprisonment along with a fine of $29,680. Ma and four others were found guilty on a total of 12 insider
dealings and related offences and given fines equaling the profits made while dealing in shares of Egana Jewelry & Pearls. Ma was found
guilty of using his position at the Paris-based bank to tip off the other four defendants about the proposed privatization of the jewelry firm.
March 2009: Leaving Tokyo

Joining an exodus of foreign companies, BNP Paribas delisted its shares from the Tokyo Stock Exchange, in March. The reason behind the
move was said to be due to the big drop in trading in its shares in Japan over the last few years. The bank joined the likes of BP, Socit
Gnrale and Boeing in leaving the exchange, which at the time of delisting had a mere 15 foreign companies, down from a peak of 127 in
1991.

BNP Paribas SA
January 2009: Insurance move

In a move designed to tap into Asias top insurance markets, BNP Paribas announced the formation of a $60 million insurance tie-up with
Taiwan Cooperative Bank. The French bank will hold a 49 percent stake in the joint venture, while its Taiwan counterpart takes the rest. The
move came at a time when ING had sold its Taiwan insurance business to Fubon Financial and AIG, the damaged US insurer was trying to
sell its Taiwan business Nan Shan Life.
December 2008: Hiring and firing

Despite the very gloomy headlines towards the end of 2008 regarding impending job losses, BNP Paribas Wealth Management claimed that
it still had plans to hire 100 more people in 2009 for Asia, with 80 to be based in Singapore. Of these 80, 30 new hires would be senior
relationship managers, while the bank was looking to add another 50 people to its international IT hub. The bank stated at the time that by
2009 it expected the headcount in Singapore to reach 500, up from 350.
It wasnt all positive for the bank at the turn of the year, however, as it also revealed that it was to lay off 50 workers from its Asian corporate
and investment banking division in January in an effort to cut costs.
October 2008: A Belgian snack

Frances biggest bank also became the biggest in the Eurozone after it paid 14.5 billion in cash and shares to take control of stricken Belgian
bank Fortis, just days after it was the target of a government-led rescue package. BNP Paribas gained control of Fortiss banking businesses
in Belgium and Luxembourg for 9 billion, funded through issuing 132.6 million new BNP Paribas shares. As a result of the deal, BNP Paribas
deposit based rose from 586 billion to 239 billion, including $30 billion of client assets and liabilities in Asia, where the bank was a top 10
private bank with over 860 employees.
June 2008: Making moves in China

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 2008 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.

BNP Paribas SA
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 citiescheck 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 at careers.bnpparibas.com or at
graduates.bnpparibas.com.
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 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 email 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.

PRESTIGE
RANKING
16 CITIGROUP INC.
50/F Citibank Tower KEY COMPETITORS

Citibank Plaza, 3 Garden Road
Central, Hong Kong
Barclays
www.citigroup.com
Deutsche Bank
HSBC Holdings
LOCATIONS IN ASIA PACIFIC J.P. Morgan
Australia Bangladesh Brunei China Guam Hong Kong

India Indonesia Japan Korea Macau Malaysia New PLUSES
Zealand Philippines Singapore Sri Lanka Taiwan
Responsibility at young age
Thailand Vietnam
Strong brand image and reputation
Steep learning curve
BUSINESSES
Citicorp MINUSES
Institutional Clients Group
Cut throat"
Citi Capital Advisors
"Dog-eat-dog culture
Citi Investment Research & Analysis
Lot of politics, especially at senior management positions
Global Banking
Global Markets
Global Transaction Services EMPLOYMENT CONTACT
Regional Consumer Banking Graduate Recruitment: oncampus.citi.com
Citi-branded Cards Lateral Hiring: careers.citigroup.com
Local Commercial Banking
Retail Banking
Citi Holdings
Brokerage and Asset Management
Consumer Finance
Special Asset Pool
THE STATS
Ticker Symbol: C (NYSE)
CEO, Citi: Vikram S. Pandit
Co-CEOs, Asia Pacific: Shirish Apte & Stephen Bird
Chairman, Asia Pacific: Shengman Zhang
Net Income: US-$1.6 billion
No. of Employees: 276,000 (worldwide)
No. of Offices: 7,500 (worldwide)
103
Citigroup Inc.
THE SCOOP
A changing Citi
Citigroup Inc. (now commonly referred to as simply Citi) serves over 200 million customer accounts in more than 100 countries and has over
265,000 employees worldwide. Citi had traditionally been revered as the worlds largest financial services group, but the financial crisis has
not been kind to this global giant. During the crisis, Citi has seen billions of dollars wiped off its market value, laid off nearly 100,000 employees
worldwide since the start of 2008, received US$45 billion in assistance from the U.S. government and sold off some non-core assets in 2009
including its U.S. and Japanese brokerage arms.
For many years, Citi operated its businesses through four key areas: markets and banking, global consumer banking and global cards, global
wealth management and alternative investments. In October 2007, Citi merged its markets and banking unit with its alternative investments
group to create an institutional clients group, with the aim of offering the full range of corporate and investment banking services. Then in
January 2009, given the dramatic and profound changes in the markets, Citi restructured its businesses into two primary segments: Citicorp
and Citi Holdings. Citicorp is now the core franchise of institutional and consumer businesses, aiming to be the source of Citis long-term
profitability and growth, while Citi Holdings' assets are planned to be managed to optimize their value over time.
Still going strong in Asia

Over the past several years, the Asia Pacific region has been one of the fastest-growing regions for Citi. In the third quarter of 2009, Citi Asia
Pacifics consumer banking business was the largest net income contributor to Citigroups earnings, accounting for over 65 percent. For the
first nine months of 2009, Citi in Asia reported revenue of around US$11 billion and net income of US$3.5 billion, making it one of the most
profitable regions for Citi globally.
Citibank is one of the leading financial services brands in the region, serving more than 35 million customer accounts in 14 markets in Asia
Pacific, and is the top card issuer with 15 million card accounts in circulation. With over 600 branches across the region and more than 2,000
ATMs, Citi was the first to launch mobile banking services for customers in China, India, the Philippines and Singapore in 2009. Citi also
recently launched consumer banking and private banking services in Vietnam.
Through its institutional clients group business, which operates in 18 markets in Asia Pacific, Citi helped reopen Asia Pacifics capital markets
in 2009, underwriting the first IPO of the year (Real Gold in Hong Kong), the first convertible bond (SK Telecom in Korea), the first corporate
bond (Posco in Korea), the first rights issue (DBS in Singapore), the first covered bond (Kookmin Bank in Korea) and the first high-yield bond
(Matahari in Indonesia).
Citi, the first U.S. bank to establish operations in Asia, has been in the region for more than 100 years. It opened its first branch in Shanghai
in 1902 through its predecessor company, the International Banking Corporation (IBC), and expanded to Hong Kong, India, Japan, the
Philippines and Singapore in the same year. (In Japan, Citi has been involved in a joint venture with the Nikko Cordial Corporation since 1999;
in October 2009, Nikko Citigroup Limited was renamed Citigroup Global Markets Japan.)
Citi expanded further into Asia Pacific in the 1950s, 1960s and 1970s, launching operations in Australia, Brunei, Guam, Indonesia, Korea,
Malaysia, New Zealand, Sri Lanka, Taiwan and Thailand. Today, in the region, Citi serves multinational organizations, local corporations and
financial institutions, offering a range of products and services, including securities sales and trading, foreign exchange, investment banking,
project finance, cash management, custody and syndicated loans. In July 2009, Euromoney named Citi the Best Bank in Asia for the 10th
consecutive year; Citi also nabbed Best Bank in Singapore, Best Cash Management in Asia Pacific, and Best Hong Kong Equity House from
Euromoney.
Raising capital
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 US$18.1 billion, which led to a net loss of US$9.8
billion for the quarter, the biggest quarterly loss in Citi's history.
The firm was also one of many American companies 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
US$7.5 billion from an Abu Dhabi sovereign wealth fund. In January 2008, the Government of Singapore Investment Corporation (GIC)
pumped US$6.88 billion into Citi 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.

Citigroup Inc.
Beyond that, Citi continued to raise liquidity as it received US$45 billion in October and November 2008 from the U.S. Treasury's Troubled
Asset Relief Program (TARP). The U.S. government became Citi's largest shareholder, taking a 34 percent stake in the bank. At the end of
the third quarter of 2009, Citis Tier-1 capital ratio, a key measure of financial strength, was 12.7 percent, among the highest in the industry.
Big layoffs
Citi laid off about 17,000 people in April 2007 in anticipation of subprime-related losses in the second half of the year. In January 2008, Citi
announced it was cutting 4,200 jobs from its investment banking division in order to reduce costs. At the time, Citi said that its ultimate total
number of layoffs could be close to 20,000 to 24,000, whichdue to the firm's massive sizestill only accounted for less than 10 percent of
Citi's workforce. But after four consecutive quarters of losses, Citi announced in November 2008 that it would be cutting an additional 52,000
jobs globally. Further reductions have left Citi with a workforce of around 265,000 employees globally as of December 2009.
Pandit's keys to the Citi

Vikram Pandit became the CEO of Citi in December 2007, replacing interim CEO Sir Winfried Bischoff. Pandit succeeded Chuck Prince
(Charles O. Prince III), who had taken his post in 2003. To say the least, Pandit's job has not been easy, taking the helm of the worlds largest
banking and financial services group during the worst financial crisis in modern times.
Pandit joined Citi just after the global banking group purchased Old Lane Partners, the hedge fund that Pandit set up after leaving Morgan
Stanley. (Unfortunately for Old Lane, after two years of flat returns that caused US$200 million of write-downs in the first quarter of 2008,
Citi decided to close down the hedge fund.) At the time of his appointment, industry commentators noted that in the wake of the losses the
group was hit with under Prince, Pandit would have to address the firms risk management practices to win back the confidence of staff and
investors.
Although Pandit lowered the banks costs and allowed reinvestments in growth in 2007, the following year was not so peachy. However, in
2009, the bank reported three consecutive quarters of global profitability. The completion of an exchange offer in the third quarter this year
also resulted in an additional US$64 billion of Tier-1 Common and US$60 billion of Tangible Common Equity. Citis TCE and Tier-1 Common
ratios improved to 10.3 percent and 9.1 percent respectively at the end of the third quarter, placing it among the strongest in the industry.
Even so, when the firm reported its year-end earnings at the beginning of 2010, the three quarters of profits were erased, as Citi booked a
US$7.6 billion loss in the fourth quarter. That resulted in an overall 2009 loss for Citi of US$1.6 billion.
Awards and rankings

Best Foreign Bank in Philippines, Best Foreign Bank in Singapore, Best Foreign Bank in Thailand (Alpha Southeast Asia, 2009
Islamic Product House of the Year (Asia Risk, 2009)
Best Global Cash Management Banks (as voted by Asian corporates in small, medium and large categories), Best Global Cash
Management Bank (as voted by financial institutions in small and medium categories), Best U.S. Dollar Cash Management Services,
Best at Understanding of Business Strategies and Objectives, Best at Implementing of Cash Management Solutions, Best After-Sales
Customer Service, Best Electronic Banking Platform, Best Local Currency Cash Management Services (Asiamoney, 2009)
Best Agency and Trust Bank, Best e-Commerce Bank, Best in Corporate Trust, Best Cash Management BankNorth Asia, Best Cash
Management BankIndonesia, Best Cash Management DealSamsung Electronics, global liquidity solution, Best Transaction Bank
Indonesia, Best Transaction BankPhilippines, Best Trade Finance BankPhilippines (The Asset, 2009)
Best Bank in Asia (10 years in a row), Best Cash Management Bank in Asia, Best Equity House in Hong Kong, Best Bank in Singapore
(Euromoney Awards for Excellence, 2009)
Best Foreign Investment Bank in India, Best Foreign Commercial Bank in Indonesia, Best Foreign Commercial Bank in Hong Kong (12
consecutive years), Best Foreign Commercial Bank in Korea, Best Foreign Commercial Bank in the Philippines (11 consecutive years),
Best Foreign Commercial Bank in Sri Lanka Best Foreign Commercial Bank in Singapore (13 consecutive years), Best Foreign
Commercial Bank in Taiwan (12 consecutive years), Best Foreign Commercial Bank in Thailand (seven consecutive years)
(FinanceAsia, 2009)
Best Corporate/Institutional Internet Bank: Australia, Bangladesh, India, Japan, Kazakhstan, Korea, New Zealand, Pakistan, the
Philippines, Thailand and Vietnam (Global Finance, 2009)

Citigroup Inc.
Best Global Cash Management Bank, Best Bank for Liquidity Management in Asia (seven consecutive years), Best Foreign Treasury
and Cash Management Bank in China (Global Finance, 2009)
Best Overall Trade Bank in Asia (five consecutive years), Best International Trade Bank in Hong Kong, India, Malaysia, Thailand and
Vietnam (Trade Finance, 2009)
IN THE NEWS
October 2009: Jewel in the crown

The Asia Pacific business has been described as the "jewel in the crown" for Citi, and its third quarter 2009 results showed why. Net income
for the banking giant in the region stood at US$845 million for the quarter, the largest net profit result for any region in which it operates. "Asia
Pacific is a credit-tested durable business," said Asia Pacific co-CEO Stephen Bird. "China lies at the very heart of Citi's Asia Pacific priorities."
Citi's business on the Chinese mainland, Taiwan and Hong Kong contributed to about one-third of Citi's overall business in the region.
October 2009: Keen to expand in India

Citibank said it is keen to expand its branch network in India to enhance operations and serve existing customers better. "Citi would love to
open more branches in India," Citi South Asia CEO Mark Robinson remarked in a statement. At the time, Citibank had 41 branches with 4,795
employees in India. Credit growth of Citibank, Robinson said, would be faster in commercial banking and small and medium enterprises
portfolios, and relatively slower in consumer banking in the current fiscal climate. Expressing optimism over the country's growth prospects,
Robinson said, "On the (Indian) economy, the outlook is very positive; we feel very good about the next 12 months."
October 2009: New APAC head for consumer and cards

Jonathan Larsen was appointed the head for Citi Asia Pacific's consumer banking and global cards businesses. Most recently serving as Citi's
country head for Singapore, Larsen got his start at Citi in 1998 and has handled a variety of senior management roles across the Asia Pacific
region, including serving as the head of Southeast Asia and head of retail banking for Citibank in Asia Pacific. In his new role, he'll be based
in Hong Kong and reporting to Asia Pacific co-CEOs Stephen Bird and Shirish Apte. Larsen's successor in Singapore was not immediately
announced.
October 2009: Foraging deeper into China

Expanding further into rural China, Citi China opened its third lending company ias Dalian Wafangdian Citi Lending Co. was established near
the northeastern port city of Dalian. (The other two lending businesses are located in the Gong'an and Chibi areas in Hubei province.) With
registered capital of RMB 17 million and 10 employees to start, Dalian Wafangdian Citi Lending offers both secured and unsecured loans to
individuals, self-employed and micro-businesses. In China, Citi now operates eight corporate bank branches and 26 consumer bank outlets
in Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Hangzhou, Dalian and Chengdu. In March 2007, the China Banking Regulatory
Commission granted Citi China approval to begin operations as a locally incorporated bank.
October 2009: First retail branch in Vietnam

Citi opened its first Vietnam retail banking branch. Located in Ho Chi Minh City's central business district, the branch provides deposit and
remittance services. Citi has been in Vietnam since 1993, with commercial banking outlets in both Hanoi and Ho Chi Minh City. Citi is the
first U.S.-based bank to open for retail banking in Vietnam; HSBC, Standard Chartered and ANZ already operate retail banking services in the
rapidly developing country. Shirish Apte, Citi Asia Pacific's co-CEO, remarked, "We believe in Vietnam's future, and are committed to
continuing to invest here and actively participate in Vietnam's economic growth."
October 2009: Water under the bridge?

Businessman Oei Hong Leong, one of Singapore's 40 richest people in 2009 according to Forbes, filed a lawsuit against Citi's private banking
arm in May 2009. Oei claimed he had lost about SG$1 billion in 2008 due to conflicting reports from Citi on his margin surplus in October

Citigroup Inc.
2008. In a June court filing, Citi denied that it had provided misleading or inaccurate information, and stated that Oei was aware of the
"considerable risks" of his investments.
Oei and Citi eventually settled out of court in October 2009; terms of the settlement were kept confidential. In a Bloomberg interview, Oei
remarked, I am quite happy with the outcome and Ive put this 100 percent behind me. How do you say it in English? Water under the
bridge. Its all been quite amicable and I have no hard feelings.
July 2009-October 2009: Sayonara, Nikko

In early 2007, Citi announced its intentions to acquire 100 percent of Nikko Cordial's brokerage business, Nikko Cordial Securities, as part of
the plan for Citi's expansion in Japan. By the end of the year, the deal was completed, with Citi paying US$13.4 billion. However, the tie-up
with Nikko Cordial Securities was extremely short-lived, as Citi did a complete reversal on its expansion plans in Japan. In January 2009, Citi
announced plans to focus on core assets in retail banking, taking a step back from asset management and brokerage services. CEO Vikram
Pandit said that the firm is moving extremely fast on asset sales. The latest sale came after U.S. regulators performed a "stress test" and
advised Citi to improve its capital base by US$5.5 billion.
First, Citi sold its Japanese asset management arm, Nikko Asset Management, to Sumitomo Trust for US$795 million in July 2009. The deal
created one of the largest asset management groups in Japan. Then, in October 2009, a subsidiary of Japan-based Nomura Holdings, Nomura
Trust & Banking, successfully purchased NikkoCiti Trust and Banking Corporation for US$212 million, with Citi ICG advising on the deal.
Following that, Citi inked a deal with Japanese banking giant Sumitomo Mitsui Financial Group (SMFG) to sell Nikko Cordial Securities for
US$8.7 billionselling it at a loss of US$4.7 billion, less than a year and a half after buying out the securities firm. The sale was completed
in October 2009. Also in October 2009, Citi's joint venture with Nikko Cordial, Nikko Citigroup Limited, was renamed Citigroup Global Markets
Japan.
September 2009: Gupta hits the road, takes over DBS

Piyush Gupta, Citi's CEO for Southeast Asia and the Pacific region, left after 27 years at Citi to take the top CEO spot at Singapore-based DBS
Group. Gupta took over at DBS for Richard Stanley (formerly Citi's CEO for China), who died of complications from leukemia in April 2009.
September 2009: GIC sells at a profit

After investing a further US$6.88 billion into Citi in January 2008, the Government of Singapore Investment Corporation (GIC) sold about half
of its stake, according to a news release. The sale of the stake left GIC holding less than 5 percent in Citi, and the government investment
vehicle netted a profit of US$1.6 billion. According to the release, "This was the level GIC had intended when it invested in Citigroup through
the convertible security. A stake below 5 percent reflects GIC's goals and desire to be a portfolio investor." GIC also added that it planned to
continue its Citi investment based on confidence in its long-term prospects.
July 2009: Continuing to look up

For the second quarter 2009, Citigroup posted a US$4.28 billion profit compared with a loss of US$2.5 billion in the previous years same
quarter. Revenue saw a 71 percent boost to US$29.97 billion. However, the news wasnt all positiveCiti also posted a 7 percent decrease
in revenue within its securities and investment banking units. The group also executed 30,000 job cuts within the quarter.
June 2009-July 2009: Banga goes to Mastercard, powers divided in three

In perhaps the most significant move affecting the Asia Pacific region in recent years, Citi Asia Pacific CEO Ajay Banga left in June 2009 to
become second-in-command at credit card giant Mastercard (as its president and chief operating officer). Banga, who had been with Citi
since 1996, had served in the Asia Pacific CEO position for just over a year, having taken the newly created post in April 2008. Powers for the
Asia Pacific CEO position were divided in three in July 2009. Shengman Zhang was named the chairman for Asia Pacific, while Shirish Apte
and Stephen Bird were named co-CEOs for the region. Zhang will be primarily responsible for Citi's relationships with clients, regulators,
government officials and employees across the region. Meanwhile, Apte will oversee South Asia, while Bird will continue to oversee North Asia,
and the two will collaborate on overall performance, strategy and execution in the Asia Pacific region.

Citigroup Inc.
June 2009: Citi removed from Dow Jones blue chip index
Citi and General Motors (GM) were both removed from the blue-chip Dow Jones Industrial Average. Dow Jones editor-in-chief Robert Thomson
explained: "We were reluctant to remove Citigroup at the height of the financial frenzy, but it is clear that the bank is in the midst of a substantial
restructuring which will see the government with a large and ongoing stake. We genuinely hope that once the bank has refashioned itself that
we will again be able to consider it for inclusionCitigroup is a renowned institution, not only in this country, but around the world." GM and
Citi were replaced by Cisco Systems and former Citi insurance arm Travelers.
April 2009: Good news on the earnings front

Citigroup booked US$1.6 billion in net income for the first quarter of 2009, concluding five consecutive quarters of losses (including a US$5.11
billion loss in the first quarter of 2008). Revenue, meanwhile, skyrocketed to US$24.8 billion, a 99 percent increase versus the first quarter
of 2008. The positive numbers were propelled by increased fixed income trading revenue, a new accounting rule letting Citi take a one-time
gain of US$2.5 billion on its derivative positions and lower costsCiti had cut operating expenses by 23 percent in the previous 12 months
and its headcount by 13,000 since the beginning of 2009.
February 2009: Dollar days

Citigroup CEO Vikram Pandit said that he had offered to take a US$1 salary and no bonus until the bank gets back on solid financial ground,
noting that he understands the new reality and will make sure Citi gets it as well. The announcement came as U.S. President Barack
Obama and other lawmakers slammed Citi and other banks for giving exorbitant year-end bonus payments to top executives after accepting
federal bailout funding.
February 2009: India car-loan operations shuttered

According to India's Financial Express, Indian unit CitiFinancial India halted the finance of automobile purchases, shutting down 280 branches
and cutting 1,000 jobs.
February 2009: TARP spending breakdown

Citi posted its initial progress report regarding its use of the funds from the U.S. governments Troubled Asset Relief Program (TARP). During
the fourth quarter of 2008, of the US$45 billion it received, Citi said it had lent US$36.5 billion, including US$1 billion in student loans and
US$2.5 billion in business and personal loans. Citi also increased credit lines, opened new credit card accounts and spent US$27.5 billion
to buy mortgages in the secondary market during the last three months of 2008.
Also in February, the U.S. Treasury boosted its stake in Citi from 8 percent to 36 percent, converting US$25 billion of its preferred stock into
common equity. The move freed up some much needed capital for Citithe bank doesnt have to pay dividends on the common stock unlike
it did on the preferred. It also significantly diluted existing shareholders stake in Citi by nearly 75 percent. According to Citi CEO Vikram Pandit
in a statement, the swap has one goal: to increase our tangible common equity. Pandit added, While we believe Tier 1 capital remains the
most important measure of the financial strength of banks, we recognize that the markets also view tangible common equity as an important
measure. Coinciding with the announcement, Citi agreed to make several changes, including changing the makeup of its board to include
a majority of independent directors.
January 2009: Divide and conquer?

Upon the announcement of its financial results for the year, Citi revealed that it was splitting into two operating units: Citicorp and Citi Holdings
Inc. The former would continue to provide traditional retail and investment banking services, while the latter would oversee what remained of
the groups high-risk investments (many had already been sold off). Citi itself remained as the parent company, but potential spin offs and
mergers from either of the units were not ruled out as possibilities. In fact, the two operating units were divided so that Citicorp remained the
core bank, while Citi Holdings encompassed the saleable assets. Along with the restructuring, Citi announced its fifth consecutive quarterly
loss, as it booked a loss of US$8.29 billion for the fourth quarter of 2008.

Citigroup Inc.
January 2009: Divesting U.S. brokerage business over time

Citi agreed to combine its Smith Barney brokerage unit with U.S.-based Morgan Stanleys brokerage division, in effect selling a 51 percent
majority stake in the joint venture for US$2.7 billion. Morgan Stanley is expected to acquire full control of the venture, named Morgan Stanley
Smith Barney, in phases over the next five years.
December 2008-January 2009: Sale of assets in India

As part of its restructuring, Citi sold off two major businesses in India. First, in December 2008, Citi announced that it had completed the sale
of its India-based business process outsourcing (BPO) unit, Citigroup Global Services Limited (CGSL). CGSL was sold to Indian giant Tata
Consultancy Services (TCS) for US$512 million, with part of the agreement being that TCS will provide outsourcing services through CGSL to
Citi and its affiliates over the next nine and a half years. The CGSL sale resulted in Citi reducing its overall headcount by more than 12,000
employees.
Then, in January 2009, Citi announced that it had completed the sale of technology infrastructure support and application development unit
Citi Technology Services Ltd. (India). Citi Technology Services was sold to another Indian giant, Wipro Technologies, for US$127 million. Like
the CGSL deal, Citi inked an agreement with Wipro to deliver technology infrastructure services and application development and maintenance
services over the next six years.
December 2008: Injecting cash into Korea

Giving a boost to its Korean banking arm, as well as support to the idea that Asia would continue to be a key region for Citi going forward, the
group injected US$800 million of new capital into Citibank Korea. According to Reuters, 60 percent of the injection will be used for new shares,
while the remainder will be earmarked for subordinated debt.
November 2008: Deeper cuts

After four consecutive quarters of losses, Citigroup announced it would be cutting an additional 52,000 jobs (in addition to the 23,000 it had
already sacked before the announcement). The planned cuts are blamed on the ongoing financial crisis and global credit conditions. Cuts
are expected to come from attrition, the sale of various units and assets, and outright layoffs.
In a good sign for Asia, cuts were expected to be significantly lower than in other regions. Reuters reported that, in Singapore, cuts would be
less than 300, with a small number of positions cut in Australia as well. About 150 job cuts in Asia (excluding Japan) were reported to come
from wealth management, with about 90 of those coming from Singapore and Hong Kong. The Associated Press reported that 1,000 jobs
would be cut from Citi's brokerage unit in Japan. The AP also reported that Citi would be expanding its workforce and hiring more workers in
the Philippines, with the intent of setting up a regional call center hub.
November 2008: Nayar heads to KKR, Robinson takes over South Asia
Sanjay Nayar, Citi's head of the South Asia cluster, left his post to join the Indian unit of private equity firm Kohlberg Kravis Roberts & Co.
(KKR). Nayar had been at Citi in various roles for 23 years, and called the decision a personal one. In the interim, Nayar was replaced by
Mark Robinson, who had been serving as Citi's head of Russian operations. Robinson has been with Citi for 24 years, primarily in emerging
markets.
October 2008-November 2008: Bailout from TARP

Citi received US$25 billion in October 2008 from the U.S. Treasury's Troubled Asset Relief Program (TARP) in an effort to recapitalize the
markets. The following month, in November 2008, Citi received a further US$20 billion, bringing the grand total of bailout money to US$45
billion and effectively making the U.S. government its largest shareholder. With the injection, the U.S. followed in the footsteps of some
European countries, which announced similar moves designed to help thaw their credit markets.
October 2008: Denying Goldman

Citigroup CEO Vikram Pandit was approached by Goldman Sachs CEO Lloyd Blankfein regarding the possibility of a merger, soon after Goldman
received approval to become a bank holding company in September 2008. According to the Financial Times, Citi roundly rejected the

Citigroup Inc.
proposal, which would have been structured as a Citi takeover and would have likely led to thousands of job cuts in both companies' investment
banking units. Citi may also have decided that it didn't need another securities group, the FT speculated.
August 2008: Four Asia Pacific clusters

Under Asia Pacific CEO Ajay Banga, Citi's Asia Pacific businesses were restructured into four geographic clusters: Japan, North Asia (China,
Hong Kong, Korea and Taiwan), South Asia (Bangladesh, India and Sri Lanka), and South East Asia Pacific (Australia, New Zealand, Guam
and the ASEAN countries of Indonesia, Malaysia, the Philippines, Singapore, Brunei, Thailand and Vietnam). Upon the announcement, CEOs
were appointed for each cluster. Two CEOs continued in their rolesDoug Peterson for Japan and Sanjay Nayar for South Asiaand two new
CEOs were appointedStephen Bird for North Asia and Piyush Gupta for South East Asia Pacific.
For the first time, the regional heads will be responsible for all Citigroup's business within their geographic areas. Previously, Citi's businesses
in Asia were led by heads of the ICG, global wealth management and consumer banking units.
GETTING HIRED
The cat that gets the cream

Citi only picks up the crme de la crme from top-tier business schools, according to contacts at the firm, with a mere 1 percent of MBA
applicants getting offers. We're also informed that referral is quite important if you want to increase your chances of getting in. Competition
is intense, according to one insider, yet the firm looks for fit more than anything else. The interview process tends to be extremely
thorough. A source at the firm explains further, saying, Every experience on your resume is probed in depth and interspersed with technical
questions. They are difficult to prepare for, because the questions arent standard and the interviews go in the direction that the specific
interviewer you have wants to take it.
Benefitting both parties

When it comes to Citis summer internships, sources say the experience is good, but not essential, as only a few graduates are hired as
interns before getting full-time employment with the firm. Its an important training ground in the companys day-to-day processes and
culture, which makes the transition process seamless, reveals a respondent. A colleague agrees, stating that the internship is an important
experience for both the company and the candidate, to determine if they would want to continue working togetherand it seems quite a
successful way of getting the right candidates.
OUR SURVEY SAYS
Going that bit further

Citi is a very competitive environment and fits for people who are willing to go the extra mile, says an insider when asked to describe the
firm. The corporate culture is one of meritocracy, with top performers being rewarded for their hard work and excellent output. As one
insider puts it, the bank is best described by its own slogan: Lets get it done. The environment is also open and young, and significant
responsibility is given to fresh graduates, who also benefit from lots of avenues for training and knowledge sharing.
Insiders dont, however, hide the fact that Citi is known for its aggressive culture, and claim that it is clearly visible on all fronts. One source
remarks, Deadlines are tough, and a lot of emphasis is on meeting them. Working at Citi normally means a lot of responsibilities with huge
expectations, although senior management is very supportive and a lot of guidance is always available. Other sources say there is always
room for growth, and people are very professional and hardworking at this aggressive, dynamic and vociferous bank.
Friendly perks
Employees in Citis Asian offices say they're given a two-month bonus, plus a performance bonus, in addition to 15 days of annual leave,
20 days of personal leave and 30 days of sick leave. New mothers are also given 60 days of maternity leave. Very good health insurance
coverage which now includes dental insurance is also available in some regions, with offers for family members.

Citigroup Inc.
Other perks offered by Citi include late night work reimbursement for travel and meals, as well as an allowance for gas. However, insiders
feel the salary package is a bit uneven compared to the global scale. In countries like India, China and Indonesia, it is lower than the market
average, says one source, with another stating bluntly, Our counterparts abroad have higher salaries. The firm notes that it offers
competitive packages versus the local scale, particularly in China and India, and that packages are relative to the local cost of living.
Workaholics anonymous
As with most finance giants, expect a lot of hours. However, the firm is said to be flexible with regards to hours and working arrangements.
An insider explains that HR provides employees with the tools necessary to work from home where possible and with a "corporate culture
that encourages people to leave as soon as their work is done." One source even states that the long hours boil down more to employee desire
than enforcement by the bank, saying, Our competitiveness usually drives us to work longer hours, but this is largely voluntary.
Here to help
Managers at Citi are described as supportive and understanding, and everybody is treated equally, insiders tell us. In fact, while firmly
committed to getting the job done, managers also proactively pay attention to employee development. Reports another contact: They also
encourage you to make your own decisions and participate when they are required. A colleague appreciates the support, saying, This really
helps you sail up the curve and learn faster, getting better and more varied exposure, agrees a colleague. A manager tells us, The
organization is essentially flat. People are generally empowered. I treat people of ranks lower than mine like I would those above myself
with respect and utter professionalism.
Women welcomed
Women are treated with the utmost respect throughout the organization, reports a source, with another in Manila saying, Women are as
much empowered as men at work. Filipino culture generally entails being tolerant and accepting of diversity, so I dont think there is any
problem in this respect. That said, insiders say women still form under 15 percent of the workforcemostly in junior levels in the Indian
offices. The company is pro-women, and has recruited a fair share of women in the past. However, there is an absence of women at top
management posts, confirms a Delhi-based insider.
Regaining momentum
Despite the global crisis and the massive restructuring efforts, staffers are positive about the overall future of Citi. The business outlook
remains positive because the bank has a strong foundation and great product offerings, maintains a respondent. A colleague agrees, beaming
that the business outlook is really good, as the firm is one of the first in the industry to launch new products and provide value added services
to the customer. However, as with most banks during the economic downturn, not everything's rosy. Employee morale may be low at the
moment due to Citi suffering from the current global financial crisis, despite the strength of the Asian business. Another source says, Weve
lost momentum on being the first on foreign bank business; clients have started to move to local banks. However, most people feel positive
about Citi's future in Asia. One respondent sums up the feelings of many: Overall, management is building confidence and strengthening
relationships with clients, and I believe we will gain momentum back in a short while.

PRESTIGE
RANKING
17 SOCIT GNRALE SA
Level 38, Three Pacific Place KEY COMPETITORS

1 Queens Road East
BNP Paribas
Wan Chai, Hong Kong
Crdit Agricole
Phone: +852-2166-5600
Deutsche Bank
www.socgen.com
EMPLOYMENT CONTACT
See careers at www.socgen.com
Korea Malaysia Philippines Singapore Taiwan
Thailand Vietnam
DIVISIONS
Corporate & Investment Banking
Global Investment Management & Services
Retail Banking & Financial Services
THE STATS
Ticker Symbol: SCGLY (OTC)
Chairman: Daniel Bouton
CEO: Frdric Ouda
Net Profit: 2 million
No. of Offices: Locations in 82 countries

Socit Gnrale SA
THE SCOOP
Big name in France

Socit Gnrale is one of the largest banks in the world, with over 60 subsidiaries operating in 82 countries. The massive company is
organized into three main branches: retail banking and financial services, global investment management and 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.
Socit Gnrale 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, Socit Gnrale 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.
A bank decreed
French banking giant Socit Gnrale was formed by a decree signed by Frances then-emperor Napoleon III on 4 May 1864, founding the
firm in order to foster the development of trade and industry in France. During the past two centuries, thats what Socit Gnrale has
done.
Socit Gnrale fast evolved into a leading European financial services company and a major player in the global market. The firm began its
international expansion in 1871 with the opening of a London branch. By 1913, the booming banking powerhouse had established 1,400
branches and established itself as a network bank. The company remained private until 1945, when the banks capital stock passed into the
hands of the French government. Then in 1970, Socit Gnrale stepped up its international development, concentrating on Asia and
Eastern Europe. Ten years later, in 1980, the bank had branches in 54 countries. As of March 2009, GIMS (Global Investment Management
& Services) had 332 billion in assets under management.
Awards and rankings

EMEA Structured Equity Issue of the Year (IFR, 2010)
Global Adviser of the Yearm, Asia Pacific PPP Deal of the Year, Asia Pacific Power Deal of the Year, Asia Pacific Oil & Gas Deal of the
Year, Asia Pacific Deal of the Year (Project Finance, 2009)
No. 2 Overall, Debt Trading Poll (Euromoney, 2009)
Best Fixed Income research House (Euromoney, 2009)
No. 1 Global Provider in Equity Derivatives (Risk, 2009)
Best Export Finance Arranger (Trade Finance, 2009)
Best Commodities House, Best Fund-linked House, Best Fund-linked Structured Product House (Finance Asia, 2009)
IN THE NEWS
May 2009: Write-downs and losses

Socit Gnrale reported a US$370.6 million loss for the first quarter 2009, a big drop from the US$1.47 billion in profit the firm pulled in
for the first quarter 2008. CEO Frederic Oudea pointed out that the firm, which is still rebuilding after enduring a trading scandal in 2008,
"registered an excellent commercial performance and high revenues," but added that Socit Gnrale "fell into a loss due to losses and
provisions on risk assets."

Socit Gnrale SA
April 2009: Chairman steps down

Socit Gnrale Chairman Daniel Bouton said that he would resign from his post after spending more than a decade with the firm. The bank,
which had been mired by the aftermath of a $6.44 billion trading fraud in 2008, had also been handling scandal-related attacks against Bouton
calling for his resignation. Bouton, who offered his resignation shortly after the fraud was uncovered, was asked to stay in his role by the
boardeven though the banks trading loss resulted in Socit Gnrale being made to request a US$7.2 billion capital increase to mend its
finances. In a statement (April 2009), Bouton said attacks against him risk harming the bank and its 163,000 employees, adding that in
the present financial and economic storm, priority must go to unity."
April 2009: Asian expansion

The bank revealed its plans to expand throughout Asia with the creation of 50 new outlets in China alone. Despite the global financial crisis,
it is clear the bank views China as a region with huge long-term growth potential, revealing that the first branches will be unveiled across the
countrys affluent coastal regions with plans to expand into internal cities later on. As of April, the bank already employed 500 people in China.
The news came on the back of Socit Gnrale announcing that it was to open the third of its retail outlets in China in Shanghai. The branch,
which provides finance management services and personal loan services follows the two branches the bank opened in Beijing in November
2008 and in Guangzhou, which opened four months later in March.
September 2008: Better late than never

The bank strengthened its foundations in China when its China-incorporated subsidiary won an operational license from the China Banking
Regulatory Commission giving it access to $2 trillion of personal savings in the country for the first time. Before the unit was opened, Socit
Gnrale had been focusing on corporate and investment banking through its five branches in China. The opening of the consumer banking
services in China proved to be the banks first such foray into Asia. Originally the bank had wanted to incorporate in China by March 2008,
but the move was delayed following the fallout from the trading scandal in January of that year.
April 2008: Bulls by the horns

Socit Gnrale signed the final agreement with Indiabulls for the creation of a life insurance joint venture in India. As part of the agreement
the French bank has a 26 per cent stake in the venture through its life insurance unit Sogecap, with Indiabulls taking the remaining 74 per
cent. The venture started off with an initial capital of 50 million.
January 2008: Rogue trader

Socit Gnrale 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 4.9 billion. Jerome 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.
December 2007: Indian appetite

The company's investment banking division, Socit Gnrale 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.

Socit Gnrale SA
GETTING HIRED
Joining Socit Gnrale

SG CIB maintains a helpful careers web site that provides information about opportunities in different divisions and functions, including capital
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.

PRESTIGE
RANKING
ROTHSCHILD
18
16th Floor, Alexandra House KEY COMPETITORS
16-20 Chater Road
Goldman Sachs
Central, Hong Kong
Macquarie
Phone: +852-2525-5333
UBS
Fax: +852-2810-6997
www.rothschild.com
EMPLOYMENT CONTACT
LOCATIONS IN ASIA PACIFIC www.rothschild.com/careers

Malaysia Philippines Singapore Vietnam
DEPARTMENTS
Investment Banking
Private Banking & Trust
Venture Capital
THE STATS
Employer Type: Private Company
Chairman: Baron David de Rothschild
Net Income: 407 million
No. of Offices: 51

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 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. Meanwhile, in the Hebrew language version of the
song "If I were a Rich Man" from the musical Fiddler on the Roof, the title of the song is literally translated as, "If I Were a Rothschild." If
you still arent impressed, then consider the fact that the Rothschild family owns a number of vineyards and makes its own wine. However,
the Rothschild 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, is now spreading the family's renown throughout every corner of the world. The bank has offices over 50 offices worldwide, with
operations 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, New Zealand, Seoul, Shanghai, Singapore, Sydney and Tokyo.
The London office of N.M. Rothschild & Sons is situated on the same corner it was back in 1811, but the institution has also 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
2009, the company ranked No. 11 for all global announced deals (by deal volume), according to Thomson Reuters. Rothschild worked on
219 deals worth a total of US$200.7 billion. In U.S. announced M&A deals, the firm ranked No. 10, and in Europe announced M&A
transactions, it ranked No. 9. Rothschild didnt crack the top 25 in Asia (excluding Japan) announced mergers and acquisitions, but it ranked
No. 12 in completed deals.
A year earlier, in 2008, Rothschilds operations in China launched the company into the No. 12 position in both announced and completed
M&A eals. For announced deals, Rothschild boasted a whopping 2,190 percent increase from 2007, with total value of the announced deals
at US$7.78 billion. Its completed deals also skyrocketed in value to US$7.92 billion, up 480 percent from the previous year.
In fact, some of the bank's biggest deals in the M&A arena in the past few years have been in China. The bank advised Spains Banco Bilbao
Vizcaya Argentaria (BBVA) on its US$1.3 billion investment in China's CITIC International Holding Company in 2008 as well as South Korean
telecommunications giant SK Telecom's US$1 billion strategic alignment with China Unicom.
Though Rothschild is primarily known for its M&A prowess, 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 recent deals was advising online business-to-business trade company Alibaba
in its US$1.5 billion IPO on the Hong Kong Stock Exchange in 2007. The firm has also racked up major profits in India with its debt advisory
business, working on deals such as the GBP 6.2 billion offer Tata Steel made for Corus Group in 2007. The company also worked out a
hedging strategy with Cairn India related to its US$1.9 billion IPO in early 2007.
The Rothshilds 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 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."

Rothschild
Awards and rankings

LBO Advisory Bank of the Year (Euroweek, 2009)
Cross Border Deal of the YearCarlsberg A/S and Heinekens $15.4 billion acquisition of Scottish & Newcastle plc (Acquisitions Monthly,
2009)
Best M&A Adviser in Europe (Private Equity International, 2009)
Best LBO Advisory Bank of the Year (Euroweek, 2009)
Domestic M&A Deal of the Year: BM&F (Latin Finance, 2009)
Cross-border Deal of the Year: Scottish & Newcastle (Acquisitions Monthly, 2009)
Debt Advisory House of the Year (Acquisitions Monthly, 2009)
Restructuring Adviser of the Year (Acquisitions Monthly, 2009)
Debt Advisory House of the Year (Acquisitions Monthly, 2008)
UK Financial Adviser of the Year (Financial Times & Mergermarket Awards, 2008)
Italy Financial Adviser of the Year (Financial Times & Mergermarket Awards, 2008)
Middle Market Financial Adviser of the Year (Financial Times & Mergermarket Awards, 2008)
IN THE NEWS
July 2009: Just friends

Nomura Holdings, Japans largest brokerage, announced in December 2008 that it had cancelled its almost four-year-long relationship with
Rothschild. Nomuras change of heart came as the company purchased a segment of Lehman Brothers operations. Rothschild and Nomura
had provided joint advice on numerous deals, including NTT DoCoMo Incs acquisition of a stake in Malaysian mobile company TM
Internationals Bangladesh unit. We have achieved our objective through the tie-up, explained Nomura spokesman Tohru Namikara. We
will maintain a friendly relationship with Rothschild.
Rothschild left the alliance unperturbed and has since sought out further ventures within Japan. In July 2009, Keiichi Mitake, the head of
Rothchilds local advisory partner Global Advisory Japan, reported that Rothschild was reviewing around 60 possible cross-border mergers and
acquisitions in Japan. The Tokyo-based Global Advisory Japan formed an alliance with Rothschild in March 2009 and aims to push the
companys presence in Japan further into the limelight. According to a Bloomberg report, Rothschild is currently seeking advisory mandates
in the financial, energy, technology, consumer and pharmaceutical industries between Japanese and European or Asian companies.
April 2009: Staying busy through the storm

The government of Dubai hired Rothschild to help construct a $10 billion fund aimed at softening the impact of the global recession. Officials
at the Dubai Department of Finance began disbursing the funds quickly, saying they would offer most of the support to real estate and property
companies. According to Standard & Poors, Dubais economythe second-biggest in the United Arab Emiratesis on track to slump
between 2 percent and 4 percent by the end of 2009.
Rothschild picked up another key assignment in April when it was retained by Belgian chemical and pharmaceutical conglomerate Solvay to
co-run the auction of its lucrative pharmaceutical business. The two-stage auction, which is also being run by Citigroup and Morgan Stanley,
is expected to bring in 5 billion ($6.62 billion).

Rothschild
January 2009: Good business from bad business

Since late 2008, Rothschild has been advising Borders Group, the struggling bookseller, on options that may include restructuring or
bankruptcy. The Borders team also includes consulting boutique AlixPartners and restructuring attorneys Jones Day. A significant move came
in January when Borders appointed hedge fund executive Richard Mick McGuire as its chairman, although the company remains silent on
the likelihood of a bankruptcy filing. Meanwhile, Rothschild and other advisors continue to work with Borders vendors and lenders to keep
Borders afloat.
November 2008: Joining forces with the Netherlands

Rothschild announced a joint venture with the Netherlands Rabobank. Under the terms of the deal, both companies will combine their food
and agriculture sector operations, and Rabobank bought a 7.5 percent stake in N.M. Rothschilds holding company, Rothschild Continuation
Holdings. While the Rothschild family remains the banks largest shareholder, Rabobank is now in third place, after trading group Jardine
Matheson (which owns 20 percent).
November 2008: Bonus bonanza

For many bankers, 2008 was the year of noor smallerbonuses, but not at Rothschild. The Times of London reported that Rothschilds
staffers worldwide had received record bonuses, thanks to booming business in advisory and private banking. Although Rothschild had to
write-off 96 million related to bad loans, its business was relatively unscathed by turmoil in the world financial markets. Thats because
Rothschild, unlike many of its peers, has avoided prime broking, proprietary trading and other risky activities. (Its worth noting, however, that
its fiscal year end fell in March 2008, well before the worst of the financial crisis hit.)
September 2008: Bear refuge

Wondering what became of Bear Stearns chief Alan D. Schwartz after his bank was taken over by JPMorgan Chase? The government-arranged
deal left, well, very little left of Bear, but Schwartz made himself at home in Rothschilds New York offices soon after his firms demise in the
fall of 2008. Richard Metrick, a former senior managing director at Bear and Schwartzs right-hand man, also set up camp at Rothschild while
the two men considered their next moves.
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 under the Graduate
Programmes subsection. The company looks to recruit for the long term and, under its non-hierarchal business environment, expects new
recruits to face challenging demands head on from the get-go.
Rothschild provides a graduate training program that runs over the summer, and provides in depth knowledge and know-how of the companys
internal workings as well as a taste of senior management. The training course sends graduates from all over the world to its offices in London,
allowing students to develop their and their international networks.
The Asian recruitment process typically opens on September 1st and closes in early November. Divided into three parts, the process requires
candidates to first send in an online application form (found on the company careers page). Those accepted will undergo first-round panel
interviews, which will carry on into December once all the applications have been reviewed. The first-round interview includes verbal and
numerical tests. The second round of interviews further determines candidates competencies and asseses their fit in the firm. The second
round of interviews includes panel interviews, an accuracy test and a case study for applicants to tackle.
The hiring process for the Asiang graduate program is administered through Rothschild's regional headquarters in Hong Kong, but graduates
can be placed throughout its regional offices, including in Hong Kong, Beijing, Shanghai, Singapore, Mumbai, Jakarta and Kuala Lumpur.

PRESTIGE
RANKING
19 ING GROEP N.V.
ING Wholesale Banking KEY COMPETITORS

9 Raffles Place #19-02
Citigroup
Republic Plaza
Socit Gnrale
48619, Singapore
UBS
Phone: +65-6535-3688
Fax: +65-6535-8329
EMPLOYMENT CONTACT
ING Asia Pacific Limited
39/F, One International Finance Centre www.ing.jobs
1 Harbour View Street
Central, Hong Kong
Phone: +852-3762-8200
Fax: +852-2522-4162
www.ing.asia

Australia China Hong Kong India Japan Korea
Malaysia New Zealand Philippines Singapore Taiwan
Thailand
BUSINESSES IN ASIA PACIFIC

ING Direct
Investment Management
Life Insurance
Platform Services
Real Estate Investment Management
Retail & Private Banking
Retirement Services
Wholesale Banking
THE STATS
Ticker Symbol: ING (NYSE)
CEO, ING Insurance Asia Pacific: Jacques Kemp
CEO, ING Investment Management Asia
Pacific: Chris Ryan
Net Income: -766 million

ING Groep N.V.
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, 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, 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. ING holds a 16 percent stake in
Bank of Beijing in China and a 44 percent stake in ING Vysya Bank in India.
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 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 in 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.
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."

ING Groep N.V.
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 transactions, thus making sure environmental and social risks are
properly assessed and managed.
In addition, ING 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, provides tens of thousands of children in countries such as Brazil, Ethiopia and India with access to
primary education.
IN THE NEWS
June 2009: Cut and run

More gloomy news was posted during the summer of 2009 as the Dutch group revealed that it was to leave 10 of the 48 countries that it was
currently operating in. This was in addition to selling 10 to 15 businesses over the next three to five years, according to chief executive Jan
Hommen. Speaking at the Goldman Sachs Financials Conference in Frankfurt, Hommen added that the firm was planning to raise US$8
billion to US$11 billion through the sale of some of its assets. At the time, it was clear that these assets included the firms Asian private banking
business, and that interested parties included both Australian bank ANZ and Indias Religare Enterprises.
June 2009: Japanese job cull

A quarter of INGs employees at its Japanese life insurance unit were asked to leave the firm in another wave of job cuts. Most of the 250 cuts
affected those in the variable annuity business as the firm stopped selling variable annuities after that particular sector posted a pretax loss of
191 million for the quarter ending March 31, 2009. The bank was good enough to hire a consulting firm to help employees with career
planning until they found new jobs.
June 2009: Security in property

The real estate arm of the Dutch financial group launched a second property fund in China with the aim of collecting up to $750 million worth
of property. The new fund, imaginatively called China Opportunity Fund II, will focus on residential development projects in first-tier and
second-tier Chinese cities. It will make nine to 10 investments of $50 million to $75 million each. The firm says that it will realize an internal
rate of return of 20 per cent or higher on these investments.
January 2009: New Year blues

ING started the year off in the worst possible fashion: It announced that it would cut 7,000 jobs throughout the year and its chief executive
would also be stepping down. The firm revealed that it was looking to reduce operating expenses by 1 billion a year starting in 2010, and that
35 percent of the reduction would come from the culling of 7,000 positions, or some 5.4 percent of the firms workforce (of which, 900 were
to occur in Asia). Cuts were also to be imposed for the head office, in marketing, and for its sponsorship of Formula One racing. Meanwhile,
Michel Tilmant cited exhaustion for his reason for stepping down as the firms chief executive. He was succeeded by former chief financial
officer of Philips Electronics Jan Hommen.
October 2008: Lifesaving injection

In a move designed to bolster INGs ability to survive the economic fallout, the Dutch government secured 10 billion for the financial services
company. The bank stated at the time that the structure of the transaction would avoid dilution of existing shareholders, although the Dutch
government would obtain the right to nominate two members to the ING supervisory board. The firm also said that it would use the new capital
to increase shareholders equity in its banking unit by 5 billion and to strengthen the balance sheet of ING Insurance by 2 billion. The
remaining 3 billion would be put towards paying down debts.

ING Groep N.V.
October 2008: Selling off old goods

A day after receiving a lifesaving cash injection from the Dutch government, ING Group sold its Taiwanese life insurance unit to Fubon Financial
for US$600 million. The deal joined ING Taiwans US$18.7 billion in assets to Fubons own operations forming a life insurance firm with about
US$30 billion in assets and what was to become the second largest in Taiwan. The combined company controls a 14 percent market share
in terms of total premiums and adds 2.2 million customers to the existing 6.5 million customers of Fubon Financial. The move was seen as
a first step in ING selling off some of its Asian assets as it looked to raise cash after struggling through the financial crisis.
March 2008: 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.
December 2007: Big Thai tie-up

ING finalized the acquisition of a 30 percent stake in TMB Bank PCL in Thailand for 460 million. Established in 1957, TMB is one of
Thailand's largest banks, with approximately 14 billion in total assets, over 5 million customers and 472 branches across Thailand. The deal
was one of ING's largest Asia Pacific endeavors to date.
November 2007: 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 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.
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. 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 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, Korea, Malaysia, the Philippines,
Singapore, Taiwan and 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 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.

PRESTIGE
RANKING
20 DBS BANK LTD
6 Shenton Way DBS Building Tower One KEY COMPETITORS

Singapore, 068809
Phone: +65-6878-8888 Citigroup
Fax: +65-6445-1267 Standard Chartered Bank
www.dbs.com OCBC Bank
United Overseas Bank Group
LOCATIONS IN ASIA PACIFIC EMPLOYMENT CONTACT

China Hong Kong India Indonesia Malaysia
www.dbs.com/careers
Philippines Singapore Taiwan Thailand
DEPARTMENTS
Asset Management
Corporate Banking
Enterprise Banking
Personal Banking
Private Banking
Securities
Treasury & Markets
THE STATS
Ticker Symbol: D05 (SES)
Chairman: Koh Boon Hwee
Net Earnings (DBS Group Holdings): SG$2.06 billion (FYE
12/08)
No. of Offices: 200+ branches

DBS Bank Ltd.
THE SCOOP
Development banking
DBS is a titan in the Asian financial world: DBS Group Holdings, Ltd. is the largest commercial banking group in Southeast Asia, with a
significant presence in a number of worldwide markets including mainland 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., the U.S. and the
Middle East. As of September 2009, the firm had SG$259 billion in total assets.
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 more than four million customers with about 80 branches, and in Hong Kong, the bank serves
one million customers with about 50 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, and investment banking services) across the vast country. In Indonesia, where DBS operates about 40 branches, the bank is one of
the largest trade finance entities in the country and is in the top five among foreign banks in wealth management.
With the acquisition of Singapore's Post Office Savings Bank in 1998 (now known simply as POSB), DBS has a network of approximately 80
braches and 930 ATMs 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. In recent years,
the bank has pursued an aggressive growth plan, including the acquisition of banks outside of Singapore. These acquisitions include PT Bank
DBS in Indonesia, of which DBS now owns approximately 99 percent; Bank of the Philippine Islands, in which DBS holds a 20 percent stake;
and Bowa Commercial Bank in Taiwan, where DBS was the successful bidder in a government auction for Bowa's "good bank assets,"
including the rights to 39 branches, three business units and over 750,000 depositors. The bank also has a partly-owned (37.5 percent) Indian
subsidiary, Cholamandalam DBS Finance.
Asset management services are handled through DBS Asset Management (DBSAM), a wholly-owned subsidiary. DBSAM was established in
1990 and now manages 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. It was the first time a non-Chinese asset management company based in Asia
purchased a Chinese fund management company. Changsheng was approved for a Qualified Domestic Institutional Investor (QDII) license in
October 2007, giving Changsheng further leeway to help clients invest their funds in overseas markets.
Singaporean Sharia
Islamic banking is a burgeoning business in the Asia Pacific region. In May 2007, to build stronger banking ties between the Middle East and
East Asia, DBS launched a new subsidiary: The Islamic Bank of Asia (IB Asia), based in Singapore. The Sharia-compliant bank was
established in partnership with 34 investors from prominent families and industrial groups based in Gulf Cooperation Council (GCC) countries.
Celebrating its first anniversary to the tune of SG$689 million across 20 deals, IB Asia set up its first representative office in Bahrain in May
2008. IB Asia focuses on corporate finance, capital markets and private wealth management.
Who's got spirit?

DBS encourages a "can-do spirit" and strives to get employees involved in 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. The resulting initiative, named "Project 40/40," aimed to launch 40 educational projects in 40 days. After an overwhelming response
from staff, the initiative had to be renamed "Project 80/40" as the number of schemes doubled. Projects included sprucing up schools in
Mumbai and Jakarta; 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.
In addition to community projects, DBS has also lent a hand in response to a number of disasters that have plagued Asia in the past several
years. When SARS spread across Asia in 2003 and 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

DBS Bank Ltd.
disasters, nearly SG$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.
Awards and rankings

Best Foreign Exchange Provider in Singapore (Global Finance, 2009)
India 's Best Small Bank, India 's Fastest Growing Small Bank: DBS India (Business Today KPMG Best Bank Awards, 2009)
Best International Trading Bank in Asia (21st Century Business Herald, 2009)
Best Private Bank in Singapore (FinanceAsia Private Bank Country Awards, 2009)
Hong Kong Best Contact Centre of the Year: DBS HK (Hong Kong Call Centre Association, 2009)
Ranked No. 8 in Asia, Ranked No. 54 in the world (The Banker Top 1000 World Banks, 2009)
Best local cash management bank as voted by corporates in Singapore for the medium corporate category (Asiamoney Cash
Management Poll, 2009)
Best Debt House, Singapore (Euromoney Awards for Excellence, 2009)
Best Banking Group, Singapore (World Finance Financial Awards, 2009)
Best Domestic Private Bank, Singapore (Asiamoney Private Banking Poll, 2009)
Best Bank, Singapore; Best Investment Bank, Singapore; Best Equity House, Singapore; Best Cash Management Bank, Singapore;
Best Trade Finance Bank, Singapore; Best Private Wealth Management House, Singapore (Alpha Southeast Asia 3rd Annual Best
Financial Institution Awards, 2009)
Best Equity House, Singapore; Best Trade Finance Bank, Singapore; Best Foreign Exchange Bank, Singapore; Best Broker, Singapore
(DBS Vickers) (FinanceAsia Country Awards for Achievement, 2009)
Singapore In-house Team of the Year; Banking & Financial Services In-house Team of the Year; Project Finance Deal of the Year
(Resorts World at Sentosa project finance); Singapore Deal of the Year (Resorts World at Sentosa project finance); Singapore M&A Deal
of the Year (Lion Power HoldingsSenoko Power financing & acquisition) (Asian Legal Business (ALB) SE Asia Law Awards, 2009)
Best Islamic Financial Institution in SingaporeThe Islamic Bank of Asia (Global Finance Islamic Financial Institutions Awards, 2009)
Most Committed to a Strong Dividend Policy, SingaporeRanked No. 1; Best Investor Relations, SingaporeRanked No. 4; Best
Corporate Governance, SingaporeRanked 2nd; Best Managed Company, SingaporeRanked No. 5 (FinanceAsia Asia's Best
Companies Poll, 2009)
Best Domestic Equity House in Singapore; Best Domestic Debt House in Singapore (Asiamoney Best Banks Awards, 2009)
Best Sub-Custodian Bank, Singapore (Global Finance World's Best Sub-Custodian Banks, 2009)
Best SME Partner Award: DBS Bank (Hong Kong) (The Hong Kong Chamber of Small and Medium Business, Best SME's Awards,
2009)
Best Commercial Card 2008DBS World Business Card (MasterCard Worldwide, South East Asia Marketing Awards, 2009)
No. 1 in Asian rankings; No. 28 in global rankings (Global Finance, World's Safest Banks, 2009)
Best Transaction Bank in Singapore, Best Cash Management Bank in Singapore, Rising Star Cash Management Bank in India, Rising
Star Cash Management Bank in Indonesia, Best Trade Finance Bank in Singapore; Best Trade Finance Bank in Indonesia, Best
Domestic Custodian in Singapore, Best Domestic Investment House in Singapore, Best Domestic Bond House in Singapore (The Asset,
2009)
Best Local Bank Private Banking in SG; No. 4 in SG amongst the global banks; No. 8 in Asia amongst the global banks (Euromoney
Private Banking Survey, 2009)
Sales Turnover Excellence Award (Finance); Net Profit Excellence Award (Finance) (DP Information Group, 22nd Annual Singapore
1000 & SME 500 Awards, 2009)

DBS Bank Ltd.
Best Foreign Exchange Provider in Singapore; Best Foreign Exchange Provider in Southeast Asia (Global Finance, World's Best Foreign
Exchange Providers, 2009)
IN THE NEWS
November 2009: DBS Hiring 300

DBS announced plans to hire 300 relationship bankers in its priority banking unit, adding to the already 1,500 bankers in the division. The
move was the first major hiring spree since DBS instilled a hiring freeze and cut hundreds of bankers, back in 2008.
September 2009: Gupta Named New CEO

DBS named Piyush Gupta the new chief executive officer. The 47-year-old Gupta was most recently Citis CEO for South East Asia-Pacific,
overseeing the banks operations in Singapore, Malaysia, Philippines, Indonesia, Thailand, Vietnam, Brunei, Australia, New Zealand and Guam.
Gupta has worked in South East Asia for nearly two decades, including eight years in Singapore.
September 2009: Supporting Olympians

DBS became the official sponsor of the Singapore 2010 Youth Olympic Games. According to the terms of the sponsorship agreement, DBS
will provide the Olympic venues with banking and, with some help from Visa, ATM services. DBS and Visa will also be doling out 500,000 pre-
paid cards to workers and spectators of the Games, which is expected to attract 5,000 athletes between the ages of 14 and 18 from around
the world, 1,200 media personnel, 20,000 volunteers and 500,000 spectators.
April 2009: CEO Richard Stanley Dies

After just nine months on the job, DBS CEO Richard Stanley died from complications related to leukemia on Saturday, April 11th. Stanley
joined DBS in May 2008, having previously worked within Asias banking sector for 18 years, including a period leading Citigroups China
operations. Stanley replaced Jackson Tai, who had served as DBS chief executive for five years before stepping down in September 2007 due
to personal reasons.
As CEO, Stanley helped push DBS forward during a taxing time in the companys history. During his short time in office, Stanley led the bank
through such events as the announcement of a SD$4 billion rights issue, and the downsizing of 900 bank employees. Upon his passing, DBS
Chairman Koh Boon Hwee said that Stanley had shown himself to be both a charismatic and endearing leader.
More than a month after Stanleys death, Koh announced that DBS would be instigating a global search for a new CEO, brushing away queries
into whether he would be taking the role himself. Koh said that the recent global economic downturn open up a wider roster of candidates
that would be able to continue growing the bank, and that the group would not simply recruit internally.
December 2008: The right issue for increased bling

As 2008 drew to a close, DBS turned to its shareholders in a bid to raise capital by utilizing a SG$4 billion rights issue. The rights issue allowed
existing shareholders to purchase additional shares at discounted price. Then CEO Richard Stanley said that he believed that the issue would
enable DBS to capture new opportunities in the Asian market and further strengthen the bank against an uncertain economic environment.
GETTING HIRED
Join the MAP

You can find the DBS careers page at www.dbs.com/careers, which outlines the benefits of working for the firm. 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.

DBS Bank Ltd.
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 "outstanding
undergraduates studying in Year 2 or Year 3 from all disciplines" are encouraged to apply online.
DBS also operates its Management Associate Programme (MAP) for university graduates. Working with the firm to choose 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
firm, approximately 30 to 50 graduates were recruited for the 2008 program. Information on MAP can be found at
www.dbs.com/careers/graduates.

PRESTIGE
RANKING
21 CLSA ASIA-PACIFIC MARKETS
18/F, One Pacific Place KEY COMPETITORS

88 Queensway
Goldman Sachs
Admiralty, Hong Kong
Macquarie
Phone: +852-2600-8888
UBS
Fax: +852-2868-0189
www.clsa.com
EMPLOYMENT CONTACT
LOCATIONS IN ASIA PACIFIC www.clsa.com/about-clsa/careers.php

Malaysia Philippines Singapore South Korea Taiwan
Thailand
DEPARTMENTS
Agency Broking
Debt Capital Markets and Structured Finance
Debt Restructuring and Advisory
Equity Derivatives
Futures and Options
M&A/Financial Advisory
Mezzanine Debt Funds
Private Equity Funds
Property Funds
Research
THE STATS
Employer Type: Independent sub-group of Crdit Agricole
Chairman and CEO: Jonathan Slone
No. of Offices: 19
129
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 Crdit Agricole. The
company 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 Crdit Lyonnais (which was acquired by Crdit 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 Crdit 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 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 a strong
track record in the issuance of equity products for Asian corporates, and the firm has ranked in the top 10 on various Asia Pacific equity
underwriter league tables, including Bloombergs and Thomson Reuters. From January 2002 to December 2008, CLSA has been involved in
240 successful equity transactions in Asia, 115 of which involved companies in Greater China, helping raise US$57 billion for corporates. In
that same 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.
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 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 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 fundsClean Resources Asia
and Clean Water Asiagive 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.
Awards and rankings

Best brokerage in the Asia Pacific region, excluding Australia, New Zealand and Japan, spanning the last 20 years (Asiamoney, 2009)
Best Overall Combined Research and Sales (Asiamoney, 20072009)
Most Independent Research (Asiamoney, 20062009)

Best Overall Research for Asia, excluding Australia & Japan (Asiamoney, 20082009)
Christopher Wood, Best Strategist in Asia, excluding Japan (Asiamoney, 2008)
Best Overall Sales for Asia, excluding Japan (Asiamoney, 2008)
Best Overall Sales Services, excluding Japan (Asiamoney, 2008)
Best Overall Sales Services in Hong Kong, India, Indonesia and Thailand (Asiamoney, 2008)
Best Regional Salesperson, Evelyn Moore (Asiamoney, 2008)
Christopher Wood & Team, Best Equity Strategy (Institutional Investor, 20082009)
IN THE NEWS
November 2009: No. 1 again

CLSA was again ranked as the top research and sales brokerage in Asia in Asiamoneys annual Brokers Poll. The firm ranked No. 1 in the top
four categories: Overall Combined Research and Sales (excluding Australia & Japan), Overall Research (excluding Australia & Japan), Overall
Sales (excluding Australia & Japan) and Overall Sales Services (excluding Japan).
August 2009: JV with Guosheng

CLSA entered into a joint venture with Shanghai Guosheng (Group) Company Limited to create an RMB-denominated investment fund. The
fund will focus on investing in and around Shanghai in renewable energy, green environment, consumer and heavy machinery sectors.
July 2009: Best brokerage in last 20 years

CLSA was named the best brokerage firm in the Asia Pacific region (excluding Australia, New Zealand and Japan) over the last 20 years by
Asiamoney magazine.
May 2009: Back to nature

After 10 years spent leading CLSA from a small regional brokerage to one of the largest in Asia, chairman Rob Morrison called it a day in May
2009. The financial leader passed his chair to CEO Jonathon Slone, who was quick to cite Morrisons achievements within the industry: Rob's
leadership and drive have led to the modernization of all the parts of CLSA. While it is with regret that we see Rob retire, we can thank him
for our enviably stable financial position, robust management team, strong culture and leading market position. In an interesting twist,
Morrison is now focusing his attention on the environment as one of the founding members of the Copenhagen Climate Council and as a board
member on the Asian Advisory Board of The Nature Conservancy.
March 2009: Growing up down under

Like many financial institutions, CLSA faced a number of difficulties stemming from the global economic crisis. For example, the brokerage
was forced to cut costs through both job cuts and pay reductions. However, the economic crisis also proved to be a double-edge sword for
CLSA, as the company took advantage of the dour financial climate and sought to bolster its operations in Australia. While the company
employed just eight staff in the Sydney office when it opened in January 2009, later, in March 2009, Bloomberg reported that CLSA was
planning to hire 24 additional employees in its research and sales divisions by the end 2009. CLSAs Singapore office will continue to handle
all Australian equity shares as well as broker Australian shares to global clients, while the Sydney office will focus on providing local research
and sales resources. The company has also been gradually adding staff to its offices in China.
March 2009: Making the cut

CLSA Asia chief executive Robert Sloan cited a dwindling marketplace as a major factor that contributed to the company cutting 90 jobs in
March 2009. Talking to Bloomberg, Sloan stated that areas in which the companys business had recently declined, in regard to either clients
or assets under management, have witnessed adjusted staffing. These cuts affected 7 percent of the firms staff across 14 of its 19 offices.
Those cut were mostly workers from the administrative, back-office and technology departments.

The March 2009 cuts werent the first time the global economic crisis forced CLSA to make difficult choices. In November 2008, Reuters
reported that CLSA asked 500 senior employees to consider pay cuts. The employees in question had the option of taking a 15 percent, 20
percent, or 25 percent pay reduction. Those who chose to take a greater salary reduction had motivation to do so beyond merely helping the
company through a tight spot. According to the option they chose, employees were promised bonuses of 8 percent, 17 percent, and 25
percent, respectively, in addition to their normal pay the following year. Of course, these bonuses were dependent on monthly cost targets
being met. CLSA ran a similar scheme back in 2003 that was noted for its success.
May 2008July 2009: Swimming in dark pools

In May 2008, CLSA took the Asia Pacific regions first dip into dark pools, creating the first Asia-based electronic crossing network for both buy
and sell-side investors. BlockSec was originally launched in Japan and Singapore before breaking ground in Hong Kong the following
September. One week after its introduction to Hong Kong, BlocSec reached US$1.1 billion in liquidity at an average of US$243 million a day.
Based on an anonymous system, the BlocSec business provides minimized transaction costs and market impact, and has become a major
success for CLSA. In June 2009, BlocSec was also made available in Australia.
GETTING HIRED
I'd like to thank the Academy

CLSA boasts 1,350 employees with 15 offices in Asia, as well as additional offices in Dubai, London and New York. Experienced hires can
submit a personal profile as well as a division and location preference through a separate recruitment page on the firms career web site,
available at www.clsa.com/about-clsa/careers.php.
For young executives, the firm operates CLSA Academy. 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 four-month rotational programs at global offices through
the firm's key businessesresearch, 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, which will open late in the year. 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 email address.

PRESTIGE
RANKING
THE ROYAL BANK OF SCOTLAND

22 GROUP PLC
36 St. Andrews Square KEY COMPETITORS
Edinburgh, EH2 2YB
Barclays
United Kingdom
Citigroup
Phone: +44 (0) 131 556 8555
HSBC Holdings
Fax: +44 (0) 131 557 6140
www.rbs.com
EMPLOYMENT CONTACT
LOCATIONS IN ASIA PACIFIC Graduate recruitment for RBS Group:
www.makeitrbs.com
Graduate recruitment for Global Markets:
Korea Malaysia New Zealand Pakistan Philippines
www.rbs.com/gmgraduates
Singapore Taiwan Thailand Vietnam
Other: www.rbs.com/careers
DEPARTMENTS
Global Markets
Group Functions
Group Manufacturing
RBS Insurance
Regional Markets
THE STATS
Ticker Symbol: RBS (NYSE, LSE)
Chairman: Philip Hampton
Group CEO: Stephen Hester
Net Income: -24.1 billion
No. of Offices & Global Branches: 2,720
133
The Royal Bank of Scotland PLC
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
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 billionthanks 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 and many at
the time reported that the price was far more than ABN AMROs actual worth. 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 laterbecause 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 2000the biggest takeover in the history of British bankingand 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.
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 US$3.1 billion for a stake in China's second-biggest lender, with RBS
investing US$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.
Taxpayers to the rescue

Despite outperforming analyst expectations in 2007 with an 18 percent profit increase and an 11 percent increase in revenue, 2008 became
a year to forget as RBS saw its market value fall below 12 billion. It was one of three banks, including Lloyds TSB and HBOS to accept 37
billion in government aid in October 2008 to stop them from following Bearn Stearns and Lehman Brothers down the financial pan. Lloyds
TSB and HBOS received 17 billion, while RSB received the other 20 billion resulting in the government owning 58 percent of the firm. Along
with the injection of cash, RBS chief executive Fred Goodwin stood down with immediate effect and was replaced by Stephen Hester,
previously chief executive of British Land. As a condition of the deal, the government insisted that senior directors would not receive cash
bonuses in 2008 with future bonuses to be paid in the form of shares.
By January 2009 it became clear that the initial cash injection into the banking sector wasnt enough to start them lending again. As a result,
the government increased its share in RBS to 70 percent in return for the bank making 5 million available in customer loans.

IN THE NEWS
August 2009: Selling up

In April 2009, the bank shortlisted three bidders for its Asian retail and commercial banking assets in the hope of raising up to US$1.8 billion.
ANZ, HSBC Holdings and Standard Chartered were all rumored to be interested in bulking up their assets across the region and were in talks
with the bank. But by June 2009 it was clear that RBS would have to break up its Asian business rather than selling it as a wholewhich
was its preferred optiondue to a string of regulatory hurdles. After months of negotiations ANZ finally agreed to buy some of the British
banks units in Asia for around US$550 million in August 2009. The agreement includes RBS retail, wealth and commercial businesses in
Singapore, Taiwan, Indonesia and Hong Kong in addition to institutional businesses in Taiwan, Philippines and Vietnam. Standard Chartered
was still said to be eyeing up RBS interests in China, India and Malaysia, but by August 2009 the banks still hadnt completed a sale.
June 2009July 2009: Shaking things up a bit

The year 2009 saw a complete shakeup of senior management at the British bank after yet another member of the senior team that oversaw
its disastrous acquisition of ABN Amro in 2007 left the company. In June, Peter Nathanial, head of risk left the bank resulting in almost a
complete overhaul of RBSs senior management since 2007. Once Guy Whittaker, finance director leaves in October 2009 and deputy chief
executive Gordon Pell retires early next year the board will be completely different. Stephen Hester, RBSs chief executive since November
2008 has also changed many senior members of the staff below board level and changed all but three of the banks non-executive directors.
And July saw a number of internal movements and new hires as Andrew Sill became country executive and head of global banking and markets
in Malaysia. Reporting directly to Muhammad Aurangzeb, country executive for Singapore, Sill has worked with RBS for more than 20 years
and has undertaken numerous roles within the bank including responsibility for the heritage NatWest Markets business in Malaysia and India.
Also in July the bank moved David Goffage to head up the equity capital markets in Australia, replacing Patrick Broughton who relocated to
London. As the previous managing director of RBS equity markets Australia, Goffage has worked within the division for over nine years. The
bank also appointed Richard Hitchens from Goldman Sachs as director of specialist quantitative sales within its Australian equities division
and Roger Spellman, previously of Credit Suisse, as director, head of sales for Australian equities.
May 2009: A steep loss with a glimmer of hope

Royal Bank of Scotland posted a US$1.29 billion net loss for the first quarter 2009, compared with a profit of about US$368 million for the
previous year's first quarter. As a cause for the losses, the bank cited US$4.3 billion in write-downs on the value of assets (steeper than the
US$986 million in write-downs it made during the first quarter 2008). Meanwhile, revenue increased 26 percent to US$14.5 billion, partially
attributed to the 97 percent boost in profits at the firm's investment bank. However, CEO Stephen Hester warned against overenthusiasm,
saying, "We expect credit conditions to continue to deteriorate over the next few quarters," adding that "there will be a slowdown in financial
market activity compared with the very buoyant conditions seen in Q1."
May 2009: Finance chief resigns

RBS said its CFO Guy Whittaker will be resigning from the board immediately and officially departing from the firm in October 2009. Whittaker
is the 13th member of the board to leave after the bank accepted a capital injection from the government in late 2008. Whittaker will be staying
on while he helps find his successor, RBS said.
April 2009: Hemorrhaging jobs

RBS revealed that it was looking to cut up to 9,000 jobs worldwide as it sought to reduce costs and repay government funds. The majority of
the cuts affected the banks Group Manufacturing unit, and were part of a process of saving $3.7 billion over the next three years. The unit
combines back office functions like the handling of computer systems, managing the properties of branches and offices, procurement, security
and fraud and human resources.
February 2009: A record first

The largest annual loss in British corporate history was recorded when RBS posted its financial results for 2008. In total the firm lost a total
of 24.1 billion in 2008, which compared with a 7.3 billion profit the year before. The reason for the loss was put down to an over aggressive

spending spree that included a disastrous purchase of ABN AMRO back in 2007 and exposure to the US subprime market, collapse of US
investment bank Lehman Brothers and the failure of Icelandic banks.
In Asia, the banks retail and commercial banking sector was hit by the slowdown in the regional economies. While income rose by 12 percent
to 781 million, an operating loss of 113 million was incurred after manufacturing costs were factored in, compared with a loss of 20 million
in 2007. RBS Coutts, the firms wealth management division continued to post good growth, however, at 19 percent with strong levels of client
acquisition, which were up five percent in the year.
In an overhaul of its structure, the bank revealed that it will be cutting more than 2.5 billion from its cost base, leaving the firm centered on
Britain, with smaller and more focused global operations. The bank said this would mean leaving some countries entirely while reducing its
footprint in others.
January 2009: Balancing act

In a move designed to shrink RBS balance sheet, the bank sold its 4.3 percent holding in Bank of China for $2.3 billion. According to press
reports in Asia, the British bank sold the shares at between HK$1.68 and HK$1.71, a discount of up to nine percent of the prevailing market
price. Reasons given for the sale included the firms need to concentrate scarce capital towards its British market and the hope that it would
reduce the pressure on the bank having to sell its insurance operations Direct Line and Churchill.
January 2008: 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. 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 US$500,000 in investable assets or clients with a net worth of
more than US$5 million. In 2007, Asiamoney magazine named RBS Coutts the No. 1 wealth manager for clients with assets of more than
US$25 million.
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 (www.rbs.com/careers) that allows jobseekers to learn about opportunities in Asia Pacific; graduates
interested in global markets opportunities should check out 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 email 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, finance, human resources, internal audit and risk.
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 qualification, such as a degree in mathematics,
statistics, economics or engineering. All positions require 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 dinnerstressing that the dinner is not assessed. So don't worry too
much about how you were holding your chopsticks when you spilled your wine on the chief executivebut 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.

PRESTIGE
RANKING
MITSUBISHI UFJ
23 FINANCIAL GROUP, INC.
7-1, Marunouchi 2-chome KEY COMPETITORS
Chiyoda-ku
Citigroup
Tokyo, 100-8330
Mizuho Financial Group
Japan
Sumitomo Mitsui Financial Group
Phone: +81-3-3240-8111
Fax: +81-3-3240-7520
www.mufg.jp/english/index.html EMPLOYMENT CONTACT
Send resumes to:
LOCATIONS IN ASIA PACIFIC 7-1, Marunouchi 2-chome, Chiyoda-ku Tokyo, 100-8330,
Japan
Australia Bangladesh China Hong Kong India
Fax: +81-3-3240-7520
Indonesia Japan Malaysia Myanmar New Zealand
Pakistan Philippines Singapore South Korea Taiwan
Thailand Vietnam
DEPARTMENTS
Corporate Banking
Retail Banking
Trust Assets
THE STATS
Ticker Symbol: MTU (NYSE)
President & CEO: Nobuo Kuroyanagi
Gross Profit: JPY 3.273 trillion (FYE 3/09)
Net Income: JPY -256.9 billion

Mitsubishi UFJ Financial Group, Inc.
THE SCOOP
Global giant
Mitsubishi UFJ Financial Group (MUFG) was formed as a result of the 2005 merger between Mitsubishi Tokyo Financial Group and UFJ
Holdings. The company is now the world's biggest bank by assets, with JPY 198.73 trillion under control. MUFG's 45,182 employees provide
deposit, lending, leasing, investment advice and trust services in Japan and internationally in more than 40 other countries. In 2009, MUFG
ranked No. 128 on the Fortune Global 500 list of the worlds largest corporations.
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, 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 the number of 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 the struggling
UFJ. In the fiscal year prior to the merger, UFJ lost US$3.7 billion and was clearly the weakest of Japan's big four banking groups at the time.
Subprime lite
By 2008, its third year operating as a joint company, MUFG claimed its position as the largest of Japan's three mega banks and the world's
largest financial institution by assets, a title it still held as of July 2009. But reality started hitting in late 2007, as the firm began feeling from
the U.S. subprime loan fiasco. For the fiscal year ended March 2009, the firm reported a net income loss of JPY 256.9 billion.
Awards and rankings

No. 128, Global 500 (Fortune, 2009)
IN THE NEWS
July 2009: Mitsubishi and Morgan sitting in a tree

MUFG announced that its strategic partnership with fellow financial group Morgan Stanley would expand its global scope through several new
initiatives. These initiatives include the formation of a loan marketing joint venture based in the U.S. that will make business referral
arrangements in Asia, Europe, the Middle East and Africa; a referral agreement for commodities transactions occurring outside of Japan; and
lastly, a mutual secondment of employees to strengthen personnel experience and exposure. The two financial giants have been discussing
various partnership arrangements since October 2008, when MUFG spent US$9 billion for convertible preferred shares amounting to a roughly
20 percent stake in Morgan Stanley.
June 2009: To catch a thief

A former employee of Mitsubishi UFJ Securities, a MUFG brokerage unit, was arrested in June 2009 by the Tokyo police department under
the suspicion of stealing the personal data of 1.5 million customers. Prior to the arrest, Mitsubishi UFJ Securities had received nearly 15,000
complaints from customers who felt their accounts had been compromised, including institutional accounts, some of whom suspended their
transactions in the brokerage house. The thief is suspected to have illegally accessed and copied the customer information from two of the
companys offices. This crime comes quick on the heels of a similar situation in April 2009, when a company employee sold the personal data
of roughly 50,000 customers.

Mitsubishi UFJ Financial Group, Inc.
May 2009: On the open seas of lending

According to a May 2009 report in Bloomberg, MUFG made US$1.62 billion in shipping loans during the first three months of 2009, surpassing
Norways DnB NOR ASA as the worlds largest lender to the shipping industry. Thanks to the global financial crisis, many banks tightened
lines of credit available to businesses, and the demand for transporting commodities and consumer goods likewise decreased in many areas
of the world. However, many Asian banks took the opportunity made available by the crisis to play a greater role in ship-financing, as the Asia
Pacific region was generally less severely hit by the credit crunch.
May 2009: Close but no Citi

MUFG cancelled its plan to purchase Citigroups Japan trust banking unit in May 2009 after a five-month period filled with twists and tangles.
The dance began in December 2008, when MUFG agreed to buy NikkoCiti Trust and Banking in a cash deal worth JPY 25 billion. This
purchase was announced simultaneously with MUFGs plans to buy other Japanese units of Citigroup, including Nikko Asset Management and
the brokerage firm Nikko Cordial Securities. Unfortunately for MUFG, many of these announced purchase plans led to heated bidding wars
with other large Japanese financial institutions, including Mizuho Financial Group and Sumitomo Mitsui Financial Group, the latter of which
edged out MUFG to acquire Nikko Cordial. After MUFG lost its bids on other Citi units, the company decided that owning NikkoCiti Trust by
itself would not bring it as many benefits as holding several units simultaneously, and thus cancelled its original plans.
May 2009: Cayman Island Capital

In February 2009, MUFG announced the establishment of a new subsidiary devoted to the issuance of preferred securities through private
placements to qualified institutional investors for improved capital management. MUFG Capital Finance 9 Limited, the new subsidiary, was
officially established in late May 2009 and incorporated in the Cayman Islands.
March 2009: Cutting back and closing down

It was revealed that MUFG plans to cut 1,000 jobs and shutter 50 branch locations. Already, the bank had closed 70 branches while
integrating its acquisition of UFJ Holdings.
January 2009: Big write-downs

MUFG said it would take about US$3.2 billion in write-downs for the fourth quarter of 2009.
October 2008: The bank that keeps on growing

In a move that further enlarged MUFGs market capitalization, the prominent Japanese lender completed a takeover of Acom, Japans second-
largest consumer finance company, in October 2008. Prior to the takeover, MUFG already owned a 15 percent share in Acom. The company
then shelled out approximately US$1.4 billion to acquire a roughly 40 percent stake in Acom, making it the largest shareholder in the firm.
GETTING HIRED
Experts, unite
On MUFG's web site at www.mufg.jp/english, the bank describes its management philosophy as providing "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 chances eitherMUFG also details how it contributes to communities, including supporting 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
resume to the firm's physical address at 7-1, Marunouchi 2-chome Chiyoda-Ku, Tokyo 100-8330, Japan.

PRESTIGE
RANKING
24 BANK OF CHINA
1 Fuxingmennei Dajie KEY COMPETITORS

Beijing, 100818
Agricultural Bank of China
China
China Construction Bank
Phone: +86-10-6659-6688
Industrial and Commercial Bank of China
Fax: +86-10-6659-4568
www.boc.cn/en
EMPLOYMENT CONTACT
LOCATIONS IN ASIA PACIFIC www.boc.cn/en
China Indonesia Hong Kong Japan Malaysia The

Philippines Singapore South Korea Thailand Vietnam
DEPARTMENTS
Asset Management
Equities Sales and Trading
Fixed Income
Foreign Exchange and Settlement
Investment Banking (through BOCI subsidiary)
Investment Research
Personal Banking
THE STATS
Ticker Symbol: BOC (HKSE)
Chairman: Xiao Gang
Net Interest Income: RMB 162.93 billion (FYE 12/08)
Net Profit after Tax: RMB 65.89 billion
141
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 US$9.7 billion, the biggest global offering
since the debut 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. It is estimated that one in every six Hong Kong
residents bought shares of the bank when it first went public.
Bank of China 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 services. It also offers credit card services with
the "Great Wall" card, which was the first credit card to enter the mainland Chinese market when it was established in 1986. The bank's
international financial services include inter-bank lending, insurance, and agent and custodian services.
In addition to having branches located throughout China, BOC also operates across the Asia Pacific region in countries such as Australia,
Bahrain, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Globally, BOC has outposts in North and
South America, Africa, and European countries such as the U.K., France, Germany, Italy and Russia. In 2009, BOC ranked No. 145 on
Fortune's Global 500 list of the worlds largest corporations. As of September 2009, it had RMB 8.3 trillion in assets.
Defying warlords
Bank of Chinas roots extend all the way back to 1912, when Sun Yat-sen, the provisional president of China at the time, decided that Da Qing
Bank should change its status and become a central bank. On Suns orders, Bank of China was then established, with its headquarters located
in Shanghai. Only four years later, during the so-called Warlord Period, the government of the northern warlords threatened BOC and
demanded the bank stop redeeming bank notes for silver. However, facing down the warlords with steely financial courage, the bank rejected
the order, boosting its credibility as a credit-worthy bank in the process. In 1929, BOC opened its first overseas branch in London and
continued to greatly expand its international presence over the next 20 years.
On November 6, 1984, BOC issued the first overseas bond in the history of modern ChinaJPY 20 billion of Samurai bonds from Japan. The
bank quickly became an established issuer of bonds, raising over US$5 billion by 2001.
Restructuring for the future

Bank of China incorporated its subsidiary, BOC International Holdings, Ltd. (BOCI), the first state-owned investment bank in China's history,
in 1998. The institution is headquartered in Hong Kong, but in June 2000, it expanded into mainland China, opening a representative office
in Beijing. The firm now handles all of BOC's investment banking along with equities sales and trading, fixed income, asset management and
investment research. In 2001, BOC merged 10 of its member banks into a subsidiary named Bank of China Hong Kong Ltd., which later went
public in July 2002, raising US$2.8 billion.
IN THE NEWS
October 2009: Turning a profit

For the three months ended November 30, 2009, BOC brought in net income of RMB 40.9 billion, which was relatively flat versus the third
quarter of 2008. But for the nine months ending November 30, 2009, Bank of China booked a profit of RMB 62.23 billion, an increase of 3.8
percent versus the same period in 2008.
May 2009: Water world

Bank of China signed a strategic agreement with Sinohydro Corporation, one of the most prominent Chinese companies in the field of
hydropower engineering and construction, in May 2009. The partnership will involve BOC providing services such as financing for domestic
and overseas projects for Sinohydro, as well as insurance for overseas engineering. The bank has agreed to extend up to RMB 40 billion in
credit to Sinohydro for such projects.

Bank of China
April 2009: Trading pioneer

Japan-based Bank of Tokyo-Mitsubishi UFJ and BOC announced a deal in April 2009 to cooperate on a banking initiative called Trade Service
Utility (TSU). The Trade Service Utility is a system of matching trade documents between banks and corporate clients to increase the efficiency
and stability of funding throughout the supply chain. Bank of China's involvement in this agreement marks a big step in furthering the
development of inter-country trading in China's banking sector.
March 2009: A view from the bridge

BOC won a bidding war to finance an ambitious infrastructure project that will construct a bridge linking Hong Kong to Macau and to
Guangdong Province in mainland China. Estimated to cost around RMB 72.6 billion, the project has been in development since 2004, and
will feature a bridge spanning an impressive 29.6 kilometers over open ocean. Apart from money that will be invested in the project by China's
central government, banks will provide an additional RMB 21.87 billion in financing. Since it won the bid, BOC is responsible for providing
financial consultation along with organizing credit solutions.
March 2009: Triumphing over the financial crisis

Bank of China released surprisingly good year-end results for 2008 in spite of the raging global economic crisis. In its annual report, released
in March 2009, the bank reported that its total assets grew by 16 percent in 2008 to reach RMB 6.95 trillion. Meanwhile, profit after income
tax, increased 6.22 percent for the year, climbing to RMB 65.89 billion. In the latter half of 2008, the bank lent extended credit to a multitude
of companies, supported, in part, by the central government's economic stimulation policies. Some of the strongest areas of growth for BOC
during the year were commercial banking and foreign exchange settlement. In the midst of its increasing assets and profits, BOC also gave
back to the community, donating a total of RMB 150 million to victims of the May 2008 earthquake in Sichuan Province.
January 2009: Shares for sale

Royal Bank of Scotland (RBS) sold its 4.26 percent stake in BOC for GBP 1.6 billion, just weeks after another large European financial group,
Switzerlands bank UBS AG, unloaded roughly 3.4 billion of its shares in the Chinese bank. In both cases, the shares were sold to institutional
investors. UBS had originally purchased its BOC shares at the time of the bank's IPO back in 2005.
November 2008: Banking on the tracks

China's Ministry of Railways (MOR) signed a deal with BOC in November 2008 to enhance cooperation and business between the two entities.
Under the terms of the agreement, BOC is now designated as the main financial institution for the MOR for both investments and insurance.
In addition, BOC agreed to help the MOR finance railway and infrastructure projects carried out between 2009 and 2011.
August 2008: Airing out the laundry

Former BOC managers Xu Chaofan and Xu Guojun were found guilty of conspiracy charges in the U.S. in August 2008, based on fraudulent
activities that began in 1991. The two managers were involved in an elaborate scam in which they took bank assets and moved them to the
U.S. through laundering and visa fraud. Auditors traced irregularities dating back to 2001 to the branch where Xu Chaofan was manager.
Later, after the identities of the men and the scheme they had perpetrated were discovered, an investigation team found the men living under
false identities in the U.S. In May 2009, a Nevada judge sentenced Chaofan to 25 years in prison, while Guojun was sentenced to 22 years
behind bars.
July 2008: A gold medal opportunity

Bank of China went for the gold as a sponsor and supporter of the 2008 Beijing Summer Olympic Games. The bank was the official banking
partner of the Games and was involved in coordinating nearly all financial aspects of the events. The Hong Kong branch of BOC also got in
on the action by issuing limited-edition commemorative banknotes for the Games. Meanwhile, the company had a more personal connection
to the games as well, as BOC Chairman Xiao Gang took part in the torch relay in August, and the following month 14 of the bank's employees
participated in the torch relay for the Paralympics.

Bank of China
January 2008: Year of the Yao

BOC announced that it would be partnering with China Merchants Bank, Legend Holdings and the Walt Disney Company to buy approximately
11 percent of NBA China, a new company focused on nurturing an appreciation for basketball in China. The National Basketball Association
(NBA), a U.S.-based company thats runs a professional basketball league in the states, hopes the new company will raise the bar for the sport
in China. NBA China reserves the right to create new teams, as well as to broadcast games and sell licensed merchandise at its discretion.
The company has recently welcomed legions of new fans in China in recent years, largely due to the success of Yao Ming, a seven-foot tall
basketball superstar from Shanghai who plays for the NBA.
GETTING HIRED
Use your resources

Although BOCs main site at www.boc.cn/en 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. Applicants able to read Simplified
Chinese can head to www.boc.cn/bocinfo/bi4 for a list of recruitment notices for both experienced hires and students. Open positions and
campus visits are periodically listed.
The English page of BOC's Hong Kong site at www.bochk.com has a careers section under the "About Us" heading that lists positions by
department, including audit, China business, corporate banking, global markets, investment product management, risk management and
much more. Links for the firm's graduate trainee and summer internship programs are also available. To apply for a position, send 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.

PRESTIGE
RANKING
ANZ (AUSTRALIA AND NEW ZEALAND

25 BANKING GROUP)
Level Level 6, 100 Queen St. KEY COMPETITORS
Melbourne, 3000
Commonwealth Bank of Australia
Australia
National Australia Bank
Phone: +61-3-9273-5555
Westpac Banking Corporation
Fax: +61-3-9273-6142
www.anz.com
EMPLOYMENT CONTACT
LOCATIONS IN ASIA PACIFIC www.anz.com/about-us/careers
Australia Cambodia China Hong Kong Indonesia India

Japan Korea Laos Malaysia New Zealand
Philippines Singapore South Pacific Islands Taiwan
Thailand Vietnam
DEPARTMENTS
Business, Corporate and International Banking
Commercial Banking
Foreign Exchange
Markets
Investments and Insurance
Personal Banking (Transactions, Loans, Credit Cards, Debit
Cards)
Private Bank and Trustees
Transaction Services
THE STATS
Ticker Symbol: ANZ (ASX, NZX)
CEO: Mike Smith
Revenue: AU$30 billion (FYE 9/09)
Net Income: AU$2.94 billion
No. of Offices: 1,346 branches/ representative offices
145
Australia and New Zealand Banking Group Limited (ANZ)
THE SCOOP
Australasia and beyond

The Australia and New Zealand Banking Group (ANZ) may be headquartered in Melbourne, but the bank has operations across the globe with
major outposts in China, East and Southeast Asia, the South Pacific Islands, the United Kingdom and the United States. Aiming to be a "super-
regional bank" by 2012 with 20 percent of its revenue coming from Asia, the bank took some big steps towards this goal in August 2009 by
scooping up a number of the Royal Bank of Scotland's Asian businesses.
In 2008, ANZ named its Hong Kong office as a centralized regional hub for its Asia Pacific operations. With assets of more than AU$471
billion as of September 2008 (the end of ANZ's fiscal year), and boasting more than 6 million personal, private banking, small business,
corporate, institutional and asset finance customers, ANZ is one of the four largest banks in Australia.
Hungry for acquisitions

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 later, 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, cementing its current form. After the merger,
the banks name was changed to Australia and New Zealand Banking Limited Group. At the time, it was the largest merger in Australian
banking history.
Having already established a presence in the Solomon Islands, New York City and Tokyo, the newly merged company expanded its presence
to include offices in Malaysia and Vanuatu. Over the next 30 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. Further, in 1990, ANZ once again went acquisition crazy,
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 worldin Paris; Frankfurt; Singapore; Manila; Bangkok; Hanoi and Ho Chi Minh City; Beijing, Shanghai and
Guangzhou; and in Tonga and the Cook Islands.
In June 2007, ANZ also completed its acquisition of E*Trade Australia in an attempt to fully take advantage of the increase of equity trading
in Australia. Following the acquisition, ANZ achieved a leading global bank ranking on the Dow Jones Sustainability Index, which it retained
in 2009 for the third consecutive year. Additionally in 2007, ANZ acquired a stake in AMMB Holdings Berhad (AmBank), the fifth-largest
financial institution in Malaysia, and now holds almost 20 percent of the firm.
Expanding in China
During the past few years, ANZ has focused much of it expansion efforts in Asia on gaining a stronger foothold in China. This strategy began
taking shape in 2006 with the US$252 million purchase of a 19.9 percent stake in Shanghai Rural Commercial Bank (SRCB). At the time of
the buy-in, SRCB had approximately 330 branches, 5,000 employees, 2.5 million customers and RMB 137 billion in assets. In the world of
Chinese finance, however, that only places SRCB as the 17th-largest bank in mainland China.
Pushing further into the mainland in 2006, ANZ purchased a 20 percent share of Tianjin City Commercial Bank for US$112 million. ANZ
hopes that these expansion efforts will place it among the biggest foreign players in China, such as Citigroup, Bank of America and HSBC,
who all made investments in Chinese banks prior to the World Trade Organization regulations adopted by the Chinese banking industry in
December 2006.
Hello, Mr. Smith

In October 2007, ANZ brought in Michael "Mike" Smith, a veteran from The Hongkong and Shanghai Banking Corporation (HSBC), to lead
the way forward as ANZ's CEO. Smith indicated plans to continue expansion in the Asia Pacific region in both the short- and long-term future.
Smith's base salary at ANZ was reported to be AU$9 million, giving him the distinction of being the most highly paid executive among
Australia's commercial lenders. Prior to joining ANZ, Smith served as the president and CEO of HSBC's Hong Kong operations as well as the
chairman for HSBCs banking enterprises in the region including Hang Seng Bank and HSBC Bank Malaysia Berhad.

Awards and rankings

Most Sustainable Bank Globally (Dow Jones Sustainability Index, 2007-2009)
Employer of Choice for Women (EOWA, 2003-2009)
Socially Responsible Bank of the Year (Money/CANSTAR CANNEX, 2009)
Most Satisfied Customers in Australia, Innovation Excellence Award for ANZ Online Investment Account, Innovation Excellence Award
for SmartyPig, Best Value Australia Agribusiness Bank (CANSTAR CANNEX, 2009)
Award for Innovation in Account Aggregation for ANZ Money Manager (Financial Insights Innovation Award, 2009)
Best Local Private BankAustralia (Euromoney Private Bank Awards, 2009)
Best Local Cash Management Bank for Small and Large Corporates 2009 (Asiamoney, Cash Management Awards 2009)
Best Trade Bank in Australasia (Trade Finance Asia Awards for Excellence 2009)
Best Trade Finance Bank in Australia 2009 (Global Finance, awarded December 2008)
Best Australian Dollar Bank (FX Week, 2005-2008)
MAstralia loans (by deal value)No. 2 (Thomson Reuters League Tables, 2008)
IN THE NEWS
August 2009: New faces in Asia

With the acquisition of all those RBS businesses, some reshuffling of leadership in Asia was announced. In Hong Kong, Alistair Bulloch takes
the reins as deputy CEO for Asia Pacific, Europe and America, while Gilles Plante comes in to serve as the CEO for North East Asia, Europe
and America. Specifically related to the RBS acquisition, Craig Sims, currently the CEO for ANZ's Pacific region, will be relocating to Singapore
as the firm's head of integration, and aims for a smooth transition in each of the six markets once regulatory approval has been received.
Meanwhile, taking over from Sims as the CEO for ANZ's Pacific region will be Michael Rowland, who will be based in Melbourne. Finally,
there's a new managing director for retail banking and wealth products Asia Pacific: Wendy Lim, who joins from RBS, where she served as the
head of retail banking for Greater China and South East Asia. All positions will be reporting to Alex Thursby, the CEO for Asia Pacific, Europe
and America, and the appointments are expected to take effect in early 2010.
August 2009: Hope you like haggis!

Big news in August 2009, as ANZ ended months of speculation by announcing it had acquired a large amount of Royal Bank of Scotland's
Asian assets. RBS, which was bailed out by the British government and is now 70 percent owned, desperately needed to raise capital to tighten
up its balance sheet. For approximately AU$687 million, ANZ came away with RBS' retail, wealth and commercial businesses in Taiwan,
Singapore, Hong Kong and Indonesia (the latter through 85 percent-owned subsidiary PT ANZ Panin Bank), and its institutional businesses
in Taiwan, the Philippines and Vietnam. The RBS acquisition adds 54 branches, AU$4 billion in loans and AU$8.9 billion in deposits, and
will triple ANZ's customer base in Asia from one million to three million clients. All acquisitions are pending regulatory approval in each market,
which are expected to be completed in late 2009.
Upon the purchase, ANZ Group CEO Mike Smith remarked, "The acquisition of these RBS businesses is a further stepping stone in our super-
regional strategy and creates a new platform for our retail and wealth businesses in Asia." Notably absent from the assets were RBS' operations
in India and China, but further acquisitions could be on the cards. Post-deal, ANZ gained about AU$4 billion in surplus capital under its wings,
and to fuel speculation, Smith added intriguingly, "There are one or two things on the horizon."

August 2009: Opes resolved

Nearly 16 months after the securities house collapsed, investors in the Opes Prime debacle ultimately settled with ANZ and Merrill Lynch in
August 2009 in a deal brokered by the Australian Securities and Investments Commission (ASIC). Under terms of the deal, ANZ and Merrill
Lynch will pay creditors around AU$226 million in cashworking out to a investment return of about 37 cents on the dollarwith the condition
that all legal action is dropped against the two banks.
July 2009: Musical chairs for chairman spot

It was announced in July 2009 that John Morschel would be succeeding Charles Goode as ANZ's chairman, effective February 2010. Goode,
who is retiring, has served as chairman since 1995, and remarked on Morschel's appointment: John is one of Australias most respected
business leaders who has extensive experience as a chief executive and more recently as a non-executive director and chairman of major
Australian and international companies. John will also bring to the role a strong background in banking and financial services.
However, Morschel wasn't the original choice for the position. In November 2008, it had been announced that Sir Rod Eddington would be
succeeding Goode by mid-2009. Eddington joined ANZ as a director in November 2008 alongside prominent Singaporean businessman and
former SingTel CEO Lee Hsien Yangson of the former prime minister of Singapore, Lee Kuan Yew. Eddington also sits on a number of other
boards, including JPMorgan (as the chairman for Australia and New Zealand), Rio Tinto, News Corporation, CLP Holdings (also known as China
Light & Power) and John Swire & Sons.
Eddington withdrew his offer to serve as a director on ANZ's board in July 2009, with no reason cited by the firm, though they did wish him
well. However, numerous news sources pointed to Eddington's connection as a director of failed financial services firm Allco Finance Group,
which suffered due to subprime mortgages and ultimately went into receivership in November 2008, becoming one of the first Australian firms
to collapse amidst the credit crisis. Allco is now the subject of an investigation by the Australian Securities and Investments Commission
(ASIC), according to Bloomberg.
June 2009: New heads in HK and PNG

Two 2008 ANZ joiners moved into top positions in June 2009: Susan Yuen and Vishnu Mohan. Yuen became the CEO for ANZ's operations
in Hong Kong, after serving for many years with Maybank and HSBC in Malaysia. Meanwhile, Mohan was named as the CEO for ANZ's
Northwest Pacific region, as well as the managing director for Papua New Guinea operations. Mohan joined ANZ in 2008 after spending 32
years at Standard Chartered Bank.
March 2009: Job cuts and relocations to India

ANZ announced in December 2008 that it would be cutting 400 further jobs in Australia, bringing total layoffs for 2008 to roughly 800
(approximately 2 percent of its global workforce). Middle management felt the brunt of the cuts. Just a few months later, in March 2009, the
bank announced that an additional 500 IT and back-office jobs would be relocated from Melbourne headquarters to the firm's Indian office in
Bangalore. In a statement, an ANZ spokesperson explained, "In 2008, the size of the operation in Bangalore grew by around 500 people and
it is reasonable to expect there will be similar growth in 2009." ANZ maintained its position that it would keep its call center operations in
Australia. Both the layoffs and the Indian relocations are part of a cost-cutting restructuring plan, which the bank outlined in November 2008.
January 2009: Indonesian express

ANZ steadily continued its Asia expansion in January 2009, shelling out AU$166 million to boost its stake in Indonesia's PT Bank Panin, from
19.9 percent to 38.3 percent. However, ANZ's been in business with PT Bank Panin for quite some time alreadysince 1993, ANZ has owned
85 percent in joint venture PT ANZ Panin Bank. The increased stake in PT Bank Panin comes on the heels of the 2008 launch of the ANZ
Tower in Jakarta, a new hub for the bank in Indonesia. According to Alex Thursby, ANZs chief executive in Asia Pacific, Indonesia is a key
market in ANZs growth strategy in Asia.
March 2008August 2008: Not a prime moment

The meltdown and subsequent liquidation of Australian securities house Opes Prime Stockbroking in March 2008 triggered problems for ANZ
and Merrill Lynch, creditors for the collapsed firm. Causing 22 companies (mostly small-cap) to halt trading, the Opes Prime crisis left ANZ
unable to collect a hefty sum of AU$650 million owed to it by the liquidated stockbroker. ANZs institutional lending division took a hit on a few
other fronts, and as a result, the bank earmarked up to AU$975 million to cover any outstanding bad debts.

ANZ took possession of 26 percent of biotech firm BioProspect and over 20 percent in pharmaceutical firm Solagran; their shares served as
security for loans to Opes Prime. The publicly-listed BioProspect brought ANZ in front of Australia's Takeovers Panel, and ultimately emerged
victorious on its accusations that ANZ was in breach of takeover law by failing to declare the 26-percent acquisition. By August 2008, ANZ
had fully unloaded its shares in BioProspect and Solagran as a way to recoup some of the debts.
GETTING HIRED
Break out of the mold

ANZs careers site at www.anz.com/about-us/careers covers a wide range of opportunities. Job seekers can 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, Wealth, and within the Institutional division. A longer-term industry-based learning (IBL) program is also available in Melbourne
for ANZ for students in their second year. The program lasts 12 months and gives participants some real-life experience at the firm, with the
chance of an early graduate offer upon completion of studies. ANZs Graduate Program offers a rotational program ranging between 18 to 24
months within specific businesses and functions in Australia and New Zealand. A new Global Generalist Bankers Program was launched in
2009, which aims to develop and retain generalist bankers with broad experience across multiple banking disciplines.
For information and requirements on internships, the IBL program and the Graduate and Global Generalist Bankers programs in Australia, go
to www.anzgraduates.com.au. For New Zealand, check out www.anzgraduates.co.nz. Alternatively, ANZ operates local graduate recruitment
helplines in Australia (1800 000 075) and New Zealand (0800 007 456), with direct email contact at anzgrad@anz.com.
Since 2002, ANZ has recruited over 250 Indigenous trainees in branches around Australia. The bank believes that investing in training and
supporting the Indigenous community provides opportunities for talented individuals to grow and open doors to a career with ANZ. In
December 2008, ANZ announced increased employment targets for Indigenous Australiansup to 10 percent of entry-level roles (352 jobs)
at ANZ are expected to be filled by Indigenous Australians by the end of 2011. For more information, read ANZ's Reconciliation Action Plan
at www.anz.com/rap or visit the Indigenous Employment web site at www.anz.com/indigenousemployment.


A

Загружено:

Сведения о документе

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

A

Загружено:

Авторское право:

Доступные форматы

VAULT GUIDE TO THE

TOP 25 ASIA PACIFIC BANKING EMPLOYERS

The best place on the web to prepare for a job search.

The granddaddy of worker sites.

One of Forbes 33 Favorite Sites

To get the unvarnished scoop, check out Vault.

VAULT GUIDE TO THE

TOP 25 ASIA PACIFIC

Library of Congress CIP Data is available.

A Guide to this Guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

OVERVIEW OF THE BANKING INDUSTRY 3

State of the Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

THE VAULT PRESTIGE RANKINGS 9

The Vault 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

TOP 25 ASIA PACIFIC BANKING EMPLOYERS 13

2. J.P. Morgan Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

3. Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28

4. Deutsche Bank AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33

5. The Blackstone Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38

6. HSBC Holdings plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43

7. Credit Suisse Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48

8. UBS Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54

9. Citi Insitutional Clients Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60

10. Barclays Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69

11. Standard Chartered Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75

12. Macquarie Group Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80

13. Nomura Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85

14. Bank of America Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91

15. BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .98

16. Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103

17. Socit Gnrale SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .112

18. Rothschild . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .116

19. ING Groep N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120

20. DBS Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124

21. CLSA Asia-Pacific Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .129

22. The Royal Bank of Scotland plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133

23. Mitsubishi UFJ Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .138

24. Bank of China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141

THE BEST OF THE REST 151

The Bank of East Asia, Limited (BEA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .157

Bank of Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161

Bendigo and Adelaide Bank Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .164

BOC International Holdings Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .168

China Construction Bank Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172

China Galaxy Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .175

China International Capital Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178

China Merchants Securities Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .182

CIBC World Markets Inc. (CIBCs Wholesale Banking Division) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .185

CIMB Group Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .189

CITIC Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .193

Commonwealth Bank Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .196

Daiwa Securities Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .201

GF Securities (Guangfa Securities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204

Guotai Junan Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .207

Haitong Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .210

Hana Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213

Hang Seng Bank (china) Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .218

HDFC Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .221

Hyundai Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .224

ICICI Bank Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226

Industrial and Commercial Bank of China Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .229

Korea Development Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232

Kotak Mahindra Capital Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .235

Metropolitan Bank and Trust Company (Metrobank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238