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Bahren Shaari, CEO of Bank of Singapore, aims to ‘work as one team under |
Two things happened within a week of each other in April, both illustrating the same pattern from a different direction. First, OCBC’s subsidiary Bank of Singapore was confirmed as the winning bidder for Barclays’ private banking operations in Asia, paying $320 million for a $18.3 billion, 1,800-client asset book. Then, a few days later, JPMorgan confirmed reports of a series of cuts in its own Asian private banking division, stripping out potentially 20% of its relationship manager headcount.
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