Daily Dispatches: BNP Japan boss resigns

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BNP Paribas said its chief Japan representative would resign, after the country's financial regulator ordered the French bank to suspend trading in its equities and commodities derivatives division for two weeks as a penalty for stock price fixing and lack of internal controls. The bank said Yusuke Yasuda, who heads its brokerage in Japan, is to step down after the penalty, announced by the Financial Services Agency. (Financial Times)

On the outside, Raj Rajaratnam was rock hard: a driven, demanding hedge fund boss who called his talented employees 'idiots' and worse. (Asia One)

Morgan Stanley says it will seek to rapidly expand in the coming years its high-end wealth management unit catering to the ultra rich. The US bank is hoping to increase its Private Wealth Management unit's employee base by 40 per cent globally over the next three to five years. (938 Live)

Barclays has hired Marubeni oil trader Hiroyuki Oda to help meet growing demand from Japanese refiners and fuel wholesalers for hedging against petroleum price swings. (Bloomberg)

Only months after the financial crisis, Australian banks say the banking regulator is taking too hard a line in proposed measures to improve confidence. Some of Australia's biggest banks have begun an intensive, behind-the-scenes campaign, arguing against an idea from the regulator that all banks have available cash on hand to fund 30 days of operations. (The Age)

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