In another move to rein in compensation, UBS has notified employees it will claw back part of the bonuses due to its best-paid investment bankers, according to a person familiar with the matter. (Wall Street Journal)

Deutsche Bank has told employees it will impose a US$266k cap on bonuses paying out this year, said three people with knowledge of the discussions. (Business Week)

Citi streamlines its upper management in Asia. (Finance Asia)

HSBC has appointed a top executive to spearhead its efforts to be the leader in offshore yuan transactions in Europe. Paul Gooding will be based in London, which both the British and Chinese governments are keen to develop as the yuan trading hub for the continent. (The Standard)

Allamanda Investments, a unit of Singapore state investor Temasek, has sold about a $300 million stake in ICICI Bank, cutting its holding in the Indian lender by nearly half. (Finance Asia)

Graduates should see their degree as a stepping stone to a career, not a guarantee of a job. (Asia One)