Banks Speeding Asia Promotions Doubles Rate of Pay Raises (Bloomberg)
Ang Eng Siong, 33, has been promoted every year since he completed Oversea-Chinese Banking Corp.’s management associate program in 2010, when he was put in charge of two older, higher-ranked colleagues. “My team members were all a lot more experienced in that particular role,” said Ang, now a vice-president of corporate treasury in Singapore under the chief financial officer. “An opportunity to manage an important project would be rare so they wanted just to give me the exposure.” Banks and companies across Asia are putting local employees like Ang on a fast track to senior roles to counter a dearth of management expertise in the region and to deter staff from being poached by rivals. Samsung Electronics Co. Ltd. opened its first leadership academy outside of Korea in Singapore in October, following companies from OCBC to Unilever Plc. that have spent millions on training institutes in the region. “Talent is in short supply and secondly businesses are growing faster than people can grow,” said John Nolan, Singapore-based senior vice president of human resources for global markets at Unilever. “One way to fill that talent shortage is to accelerate the rate of readiness of your people.” He said the company’s philosophy is to try to promote employees in emerging markets faster than the five to six years it takes globally to move up a level.
Criminal Action Is Expected for JPMorgan in Madoff Case (Dealbook)
JPMorgan Chase and federal authorities are nearing settlements over the bank’s ties to Bernard L. Madoff, striking tentative deals that would involve roughly $2 billion in penalties and a rare criminal action. The government will use a sizable portion of the money to compensate Mr. Madoff’s victims. The settlements, which are coming together on the anniversary of Mr. Madoff’s arrest at his Manhattan penthouse five years ago on Wednesday, would fault the bank for turning a blind eye to his huge Ponzi scheme, according to people briefed on the case who were not authorized to speak publicly.
For No. 2 at Fed, White House Favors Central Banker in the Bernanke Mold (NYT)
Stanley Fischer, the former governor of the Bank of Israel and a mentor to the Federal Reserve’s chairman, Ben S. Bernanke, is the leading candidate to become vice chairman of the Fed, according to former and current administration officials. If nominated, and then confirmed by the Senate, Mr. Fischer, 70, would succeed Janet L. Yellen, whom President Obama nominated to succeed Mr. Bernanke as the Fed’s leader when his term ends in January. Mr. Fischer is at once a surprising choice and a popular pick among economists and investors. He is a highly regarded economist with significant policy-making experience, yet many had considered his selection improbable because of his recent service in a foreign government.
Manchester United Faces Doubter in the Market (Dealbook)
The British soccer team Manchester United has made a poor showing on the field this season. Now the British hedge fund manager Crispin Odey is making a multimillion-dollar bet that the club’s New York-listed shares are destined for a similar trajectory. Odey Asset Management, Mr. Odey’s fund, has taken a $22 million short position against Manchester United shares. Mr. Odey’s bet pits him against several investors who remain strong supporters of the team. George Soros has a 5.3 percent stake, and GLG, a division of the world’s biggest hedge fund, Man Group, has a 2.2 percent stake.
Kama Sutra cookie cutters set to raise bakers’ temperatures (Daily Mail)
The £17.99 set includes four raunchy positions to recreate in dough, including the naughtily-named ‘Baking From Behind’ and ‘Very Well Risen’ designs. Each cookie cutter depicts two gingerbread men/women positioned in a different sex act found in the ancient erotic manual the Karma Sutra…The instructions read: ‘Simply prepare your favourite type of cookie dough, cut out your shapes and then turn your oven into a sordid little dungeon of carnal pleasure. Whilst you furiously beat the dough, squirt the icing and grab yourself a nice big rack to cool your cookies on, you can think up all sorts of hilarious baking double entendres.’ Read more »