One of the key foreign exchange professionals at Goldman Sachs, Jonathan Powell has become the latest key executive to move eastward, Finance Magnates has learned. As the need for a qualified talent pool in banking services in Asia continues growing, the former London-based FX dealer at Goldman Sachs, Barclays Capital and Dresdner Bank has now moved to HSBC Asia.
Mr Powell had spent over 3 years at Goldman, before making the move. Notably, he was one of the more high-value claimants against Commerzbank in a post-financial crisis case against the German lender, which was denying bonus payments to about 20 of the former employees of Dresdner bank.
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The London banker’s claim of about €1.7 million was one of the highest in the case, which was lost by Commezbank in 2012. An appeal by the German lender was denied in 2013 and the bank was forced to pay over €60 million in bonuses.
The move represents another example of the latest trend in high profile baking jobs. While London remains a lucrative place for financial industry professionals, a number of major banks have been expanding their operations in the Far East in response to growing demand for their products.
While having to relocate from London can be an unpleasant experience, a number of banking executives are making the move, perhaps anticipating the higher potential for earnings in the Far East in the coming decades.
HSBC Asia was contacted by Finance Magnates reporters about the move, however at the time of publication no official response has been received.