Daily Dispatches: Citi will fire globally but will hire in Asia

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Citi is chopping 4,500 jobs worldwide across a range of businesses. (Reuters)

But here’s where the firm is looking to hire in Asia – trade finance. About 50 to 70 new positions are expected to be filled in markets such as China, India, Malaysia and Australia, according to its head of global transaction services in the region. (MarketWatch)

Both Citi and ANZ are ramping up their transaction management services in Asia as “banks seek to grow businesses that provide them with stable, recurring revenues”. (Reuters)

Singapore is now the sixth most expensive city for expats in Asia, ahead of Hong Kong, a survey finds. Chinese cities like Beijing and Shanghai have also overtaken Hong Kong. (The Straits Times)

UBS joins Goldman Sachs, Bank of America Merrill Lynch, and Morgan Stanley in getting a minority stake in Australia’s stock trading platform operator Chi-X. (The Wall Street Journal)

The outlook for growth at mainland insurers looks lukewarm, predicts Swiss Re. (The Standard)

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