The private banking business is on a roll.
Switzerland and Luxembourg fear— not without cause— that giving up banking secrecy would hit their private-banking business.
The company shuttered its Hong Kong investment banking business a year ago.
The scope of the private banking business is notoriously hard to quantify.
The firms were accused of issuing overly optimistic research in a bid to win more lucrative investment-banking business.
It has a vast banking business serving individuals and small firms, and a big share of the loan-syndication market.
The ICB argues that all retail banking business should be conducted by a separate subsidiary, with independent governance and its own padding of extra capital.
Standard Chartered intends to hire about 850 relationship managers for its consumer banking business over the next 18 months, to gain a larger market share of affluent customers in Asia.
The split of its insurance and banking businesses will probably do ING good.
