The Ambani family, headed by billionaire Mukesh Ambani, possesses a wealth of Rs 28 lakh crore, more than double that of the Adani family at Rs 14.01 lakh crore, a report said on Tuesday. The 300 most valuable Indian families have a wealth of over $1.6 trillion (over Rs 140 lakh crore), or more than 40 per cent of the country's GDP.
Financial services major Barclays is to reduce its headcount by about 2,100 in investment banking and money management, as part of its cost cutting measures.The company is cutting 1,300 people from Barclays Capital, the debt-focused investment banking business, 500 from the Barclays Wealth private banking arm, and 330 in asset management business Barclays Global Investors. Overall, the cuts amount to 7 per cent of the three divisions' staff.
The group had earmarked $400-million to fund its expansion in the private banking business globally, two years back. The group has already hired 57 professionals for its Indian operations and plans to enhance the staff strength to nearly 100 within the next six months.
India has more of first generation high net worth individuals than the one who have inherited wealth.
The Adani family, led by Chairman Gautam Adani, is the most valued first-generation family business at Rs 15.44 trillion.
'There is a long-term bull market that commodities will witness. This can take 2-3 years to start. There have been some large moves in foreign exchange. We have seen the pound depreciate by 25 per cent against dollar. We have seen the yen appreciate against the dollar. When the markets start stabilising, these trends will reverse. This will give good trading opportunity. But it is not clear whether any one should do anything yet,' says Robert Morrice, MD, Barclays Wealth.
Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
About 60 per cent of those with assets of more than $1 million said a high appetite for risk had been a big influence in generating wealth, compared to 36 per cent of those with less than $1 million worth of assets.
Asian women, including female entrepreneurs from India, are generating more wealth than women in any other region of the world even as their affluence and influence grows globally, a study indicated on Sunday.
A report published by Barclays Wealth, entitled Insights: The True Value of Wealth, reveals that more than a third (35 per cent) of respondents believe individuals need to have assets worth at least $10 million (5 million pounds) to be considered wealthy.
This new report finds that 39 per cent of high net worth women in Asia classify themselves as business owners, which is far below the 50 per cent of high net worth men in Asia.
In the world's biggest-ever financial services takeover, the United Kingdom's third largest bank Barclays will buy out Dutch rival ABN Amro Holding for $91 billion (Euro 67 billion), creating the world's fifth largest bank.
Jay Shah expressed his vision to grow the global reach of the sport with a particular focus on the opportunity of the Olympic Games in Los Angeles in 2028.
According to sources familiar with the developments, the bank may sell more than Rs 3,000-crore (Rs 30-billion) worth of retail assets in India comprising mortgage loans, personal loans and loans to small businesses.
Barclays is not alone in trying to decide the best size and shape of its investment bank in a changed regulatory landscape.
An estimated $344 billion has been illegally removed from the Indian economy between 2002 and 2011
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
The youngest winners of the thriving tech economy, many of whom came of age during the last financial crisis, aren't often interested in the ideas that attracted clients in the past.
Pharmaceuticals, along with software and services, also added the most new entrants on the rich list 2018.
India with its increasing number of millionaires is projected to be in the 8th position among the world's top 10 wealth centres by 2017, says a report by banking giant Barclays.The report further says that emerging markets like India, China and Russia are fast catching up with the rich countries in terms of their wealth.
One out of five high net-worth individuals plan to give away their entire wealth.
India's widening current account deficit (CAD), driven by the massive spike in commodity prices led by crude oil, is set to put pressure on the fragile recovery, warns a brokerage report that has revised upwards its CAD forecast to $45 billion or 1.4 per cent of GDP by March. According to a report by British brokerage Barclays, the worries arise from the fact that the trade deficit has been jumping continuously since July. From an average monthly trade deficit of $12 billion till June, it has jumped to $16.8 billion in July-October, with September showing the highest-ever trade deficit on record at $22.6 billion, the report said.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
2nd time within a few days RIL has hit the forex debt market.
IndiGo had debt of Rs 3,912 crore at end of the June quarter.
Don't get carried away by the current rally; be picky and take a stock-specific approach.
For investment bankers, a Brexit vote is more than just about volatile prices on a screen but also about where they may end up working and living.
However, volatility is likely to be on the rise, said Benjamin Yeo, MD & CIO (Asia & Middle-East) for Wealth & Investment Management, Barclays.
