Chart of the Week: HSBC’s US investment arm raises new analysts’ pay to $100,000; Citi, HSBC, other firms move to close Asia’s coal-fired plants

Weekly Global News Wrap: HSBC’s US investment arm raises new analysts’ pay to $100,000; Citi, HSBC, other firms move to close Asia’s coal-fired plants

And JPMorgan’s new healthcare unit invests $50m in Vera Whole Health.

From Reuters
HSBC has increased pay for first-year analysts in its US investment banking business to $100,000 from $85,000, a source said, following similar moves by Wall Street rivals in recent weeks.

HSBC earlier topped up its bonus pool by $900m after reporting more than doubled profits, as it released cash set aside to cover bad loans from the COVID-19 pandemic.

From Reuters
Financial firms that include British insurer Prudential, lenders Citi and HSBC, and BlackRock Real Assets are reportedly devising plans to speed the closure of Asia's coal-fired power plants in order to lower the biggest source of carbon emissions, five people with knowledge of the initiative said.

The group plans to create public-private partnerships to buy out the plants and wind them down within 15 years, far sooner than their usual life, giving workers time to retire or find new jobs and allowing countries to shift to renewable energy sources.

The proposal, which is being driven by the Asian Development Bank, offers a potentially workable model and early talks with Asian governments and multilateral banks are promising, the sources said.

JPMorgan Chase’s new healthcare unit has agreed to invest $50m in Vera Whole Health, a Seattle-based start-up that aims to launch a new, subscription-type model for employee healthcare.

JPMorgan will begin offering Vera’s services to its employees during benefits enrollment season this fall through its Morgan Health unit. Morgan Health is a new business unveiled in May after a joint venture with Amazon and Berkshire Hathaway folded. 

Photo courtesy of Wikimedia Commons

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Banks should have enough buffers and find climate transition risks manageable.
The products are now available at Eccellente by HAO Market in Singapore.
Institutional clients may accelerate time-to-market financial applications.
This was thanks to a rise in loans made to the service sector during the period.
Discussions between the two banks are at the preliminary stage.
But it reported weaker quarterly performance, largely due to its $309.8m Q3 expense.
Uncertainty over Omicron's impact may drive this slowdown.
Only 2 in 10 Singapore micro-multinationals think banks offer value for money.
The Internet boom has pushed 9 out of 10 digital merchants to accept digital payments.
It’s not as urgent as other markets with credit under-penetration, says TMRW Digital Group CCO.
The move is part of the BSP’s Digital Payments Transformation Roadmap.
Internet economy in SEA has propelled digital payments further.
The market is expected to top $83.2b in four years’ time.
The 3.26% interest rate average is its highest since November 2018.