Daily Dispatches: senior salary spikes in talent-short Asia

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US and European banks are offering huge pay packages to hire top bankers in the Asia-Pacific region, in a sign that the compensation curbs pledged by financial groups after the crisis are already being eroded. A shortage of talent combined with rivalry among banks to expand or rebuild operations across the fast-growing region has sent compensation levels for some bankers soaring to levels last seen before the financial turmoil, according to headhunters and bankers. (Financial Times)

Sumitomo Mitsui Financial Group brokerage and investment banking unit plans to boost staff by 14 per cent over the next three years to tap demand for underwriting securities and advising on takeovers in Japan. (Business Week )

Investment banks in Australia have been forced to look offshore for quality staff after their operations were depleted during the global financial crisis. The number of bankers being lured back to Australia from overseas is rapidly increasing as domestic financial markets recover and the appetite for corporate transactions increases. (The Australian)

Shanghai will speed up the reform of city-based state-owned financial institutions and encourage them to bolster capital for strategic development. Shanghai has created a five-year plan to reform the companies into firms with a national reach as the city continues to develop into a global financial hub. (Shanghai Daily)

Who had the best box at the Hong Kong Sevens 2010? (Finance Asia)