Therese Esperdy, a 17-year JPMorgan Chase & Co. veteran, suffered what she called “initial shock” in her first few weeks in Asia after three people told her some clients don’t want to pay merger-advisory fees.
This time last year, the chairman and chief executive officer of Israel’s Teva Pharmaceutical Industries Ltd., the world’s biggest generic drugmaker, were foreigners. Miami billionaire Phillip Frost led the board and Jeremy Levin, a South African, was CEO. They were the first non- Israelis to hold those positions.
Credit Suisse Group AG, which runs Asia’s third-largest private bank, will step up lending to first-generation business owners as it seeks to build relationships with potential wealth-management clients.
Italy may need to create a so-called bad bank to take non-performing loans off the books of some of the nation’s lenders, prompted by the European Central Bank’s balance-sheet reviews and stress tests, according to Boston Consulting Group.
Emirates NBD PJSC, the United Arab Emirates’ biggest bank, is aiming for annual profit growth of at least 10 percent at its wealth management business after earnings at the unit tripled during the past two years.
The U.S. is looking beyond Afghan President Hamid Karzai to signing a security agreement with his successor, even as support in Congress slips and intelligence officials warn that the Taliban may retake some territory won by Afghan forces.