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  • HDFC Life Insurance Data Breach: 1.6 Crore Customers’ Information Leaked On Dark Web – News18

    HDFC Life Insurance Data Breach: 1.6 Crore Customers’ Information Leaked On Dark Web – News18


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    CyberPeace’s investigation reveals that the stolen data is being sold in bulk, with records available in batches starting from 1,00,000 entries.

    HDFC Life Insurance confirmed the data breach.

    If you’re a policyholder with HDFC Life Insurance, it’s crucial to stay vigilant. A massive data breach has come to light, exposing the personal details of up to 1.6 crore customers. According to CyberPeace, a prominent cybersecurity organisation, this sensitive customer data is being sold on a Dark Web forum for 2,00,000 USDT (Tether cryptocurrency).

    The leaked information includes highly sensitive details such as policy numbers, names, mobile numbers, email addresses, dates of birth, home addresses, and even health statuses. The exposure of this personal data, especially policy numbers, has prompted CyberPeace to warn individuals about potential risks, urging them to remain alert and take necessary precautions.

    In response to the breach, HDFC Life Insurance confirmed that some customer data had indeed been leaked. Last month, the company issued a statement acknowledging that certain data fields were being circulated by an unknown source, and malicious intent was suspected. They assured the public that a full investigation was underway to evaluate the extent of the damage and to assess any potential risks to customers.

    CyberPeace’s investigation reveals that the stolen data is being sold in bulk, with records available in batches starting from 1,00,000 entries. While the identity of the hackers behind this breach remains unknown, the organisation stated that a significant portion of the data has already been sold to interested buyers, heightening concerns over its potential misuse. The fact that a large part of the data has already been circulated raises alarms about the severity of the situation and the potential for identity theft or fraud.

    This breach at HDFC Life Insurance is not an isolated incident. Just a few months ago, in October, similar concerns arose regarding Star Health Insurance. Reports surfaced that hackers had stolen and were attempting to sell over 7.24 TB of sensitive customer data, affecting more than 3.1 crore individuals. The stolen information was reportedly being auctioned for $1,50,000, further highlighting the increasing vulnerability of the insurance sector to cybercriminal activity.

    As the investigation into HDFC Life’s data breach continues, customers are urged to monitor their accounts closely and report any suspicious activity. It’s crucial to stay informed and take proactive steps to protect personal information in the wake of such cyber threats.

    News business HDFC Life Insurance Data Breach: 1.6 Crore Customers’ Information Leaked On Dark Web



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  • HDFC Bank deposits see 15% growth in Q2 – Times of India

    HDFC Bank deposits see 15% growth in Q2 – Times of India







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  • HDFC Bank Posts 35 Per Cent Rise In YoY Profit; 2 Per Cent Dip From Last Quarter Of FY24

    HDFC Bank Posts 35 Per Cent Rise In YoY Profit; 2 Per Cent Dip From Last Quarter Of FY24


    New Delhi: Banking giant HDFC bank posted a standalone net profit of Rs 16,175 crore, climbing 35.3 per cent on a Year-On-Year (YoY) basis in the first quarter of Financial year (FY) 2025, as per the financial statement filed by the company with the stock exchanges on Saturday.

    The lender in the same period last year had reported a net profit of Rs 11952 crore. However, the net profit in the first quarter of FY 25 has dropped 2 per cent to Rs 16,511.85 crore, as compared to Rs 16512 crore in the fourth quarter of financial year 2024.

    The bank’s net interest income (NII) rose to 2.6 per cent quarter-on-quarter to Rs 29,837 crore. Net Interest Income (NII) is the difference between the revenue generated from a bank’s interest-bearing assets and expenses incurred while paying its interest-bearing liabilities. 

    The bank had reported Rs 29,078 crore in the March period.The net non-performing asset (NPA) of the bank upped 17.5 per cent sequentially. It stood at Rs 9508.4 crore in the first quarter of FY 25 as compared to Rs 8.091.7 crore in the fourth quarter of last year.

    The gross NPA of the bank also rose by 6 per cent quarter on quarter to Rs 33,026 crore in the June quarter, as compared to Rs 31,173 crore in the preceding March quarter of FY 2024.The bank had reported a 37 per cent YoY jump in the net profit at Rs 16,511 crore in the March quarter. 

    The net interest income had grown by 29 per cent YoY to Rs 29,077 crore.In the last trading session on Friday this week, the HDFC Banks stocks ended in red territory as they lasted 0.46 per cent lower at Rs 1607 apiece on the National Stock Exchange (NSE).The bank’s stocks have seen a decline of around 1.4 per cent over the past five trading sessions. However the the stocks of the bank have performed well rising 12.45 per cent in the last six months. 



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  • Mcap of 8 of 10 Most Valued Firms Erodes by Rs 2.08 Lakh Crore; Reliance, TCS Biggest Laggards – News18

    Mcap of 8 of 10 Most Valued Firms Erodes by Rs 2.08 Lakh Crore; Reliance, TCS Biggest Laggards – News18


    Last week, the 30-share BSE Sensex tanked 1,449 points or 1.92 per cent. It rose by 75.71 points or 0.10 per cent to settle at 73,961.31 on Friday, snapping a five-day losing streak.

    Reliance Industries remained the most valued firm from the top-10 pack, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, SBI, LIC, Infosys, Hindustan Unilever, and ITC

    The combined market valuation of eight of the top-10 most valued firms declined by Rs 2,08,207.93 crore last week, with bellwether Reliance Industries, TCS and Infosys taking the biggest hit.

    While these three firms along with ITC, Life Insurance Corporation (LIC), Hindustan Unilever Ltd, Bharti Airtel and ICICI Bank were the laggards, HDFC Bank and State Bank of India (SBI) emerged as gainers.

    Last week, the 30-share BSE Sensex tanked 1,449 points or 1.92 per cent. It rose by 75.71 points or 0.10 per cent to settle at 73,961.31 on Friday, snapping a five-day losing streak.

    The market capitalisation (mcap) of index heavyweight Reliance Industries plunged by Rs 67,792.23 crore to Rs 19,34,717.12 crore, while TCS mcap declined by Rs 65,577.84 crore to Rs 13,27,657.21 crore.

    The valuation of Infosys slumped by Rs 24,338.1 crore to Rs 5,83,860.28 crore, and that of ITC went lower by Rs 12,422.29 crore to Rs 5,32,036.41 crore.

    Mcap of LIC dropped by Rs 10,815.74 crore to Rs 6,40,532.52 crore, while HUL’s valuation eroded by Rs 9,680.31 crore to Rs 5,47,149.32 crore.

    Bharti Airtel’s mcap fell by Rs 9,503.31 crore to Rs 7,78,335.40 crore, and that of ICICI Bank dipped by Rs 8,078.11 crore to Rs 7,87,229.71 crore.

    However, mcap of HDFC Bank climbed Rs 10,954.49 crore to Rs 11,64,083.85 crore.

    SBI added Rs 1,338.7 crore, taking the market valuation to Rs 7,40,832.04 crore.

    Reliance Industries remained the most valued firm from the top-10 pack, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, SBI, LIC, Infosys, Hindustan Unilever, and ITC.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)

    haris 2023 11 9ade23c55a9604a172d83148ac4d2fff
    Mohammad Haris

    Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experi…Read More



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  • Sensex Slumps Over 1,000 Points To Slip Below 71,000; HDFC Bank, RIL Weigh

    Sensex Slumps Over 1,000 Points To Slip Below 71,000; HDFC Bank, RIL Weigh


    Mumbai: Equity benchmark index Sensex tumbled 1,053 points to close below the 71,000 level on Tuesday, dragged down by index heavyweights HDFC Bank, Reliance Industries and SBI amid mixed global cues.

    Concerns over subdued quarterly performance by corporates triggered selling pressure in most of the counters, according to traders.

    After opening with gains of nearly 450 points, the 30-share BSE Sensex fell 1,053.10 points or 1.47 per cent to settle at 70,370.55. The index hit the lowest intraday level of 70,234.55. It also touched an intraday high of 72,039.20.

    Broader Nifty also declined 330.15 points or 1.53 per cent to close at 21,241.65.

    Among the Sensex firms, IndusInd Bank was the biggest loser and fell 6.13 per cent, followed by SBI (3.99 pc), Hindustan Unilever (3.82 pc), Axis Bank (3.41 pc) and HDFC Bank (3.23 pc).

    In contrast, Sun Pharma, Bharti Airtel, ICICI Bank and PowerGrid defied the trend and closed with gains of up to 3.67 per cent. TCS and Bajaj Finserve were the other gainers.

    A total of 24 stocks of the 30-share index closed with losses.

    In Asia, Hong Kong’s Hang Seng closed with a sharp gain of 2.63 per cent and China’s Shanghai Composite increased by 0.52 per cent. Japan’s Nikkei 225 fell 0.8 per cent.

    European markets were trading lower on Tuesday with Germany’s DAX down 0.09 per cent and CAC 40 of France losing 0.16 per cent. London’s FTSE 100 also declined 0.13 per cent.

    In the US markets, the Dow, S&P 500 and Nasdaq closed with gains of up to 0.36 per cent on Monday.

    The domestic equity market was closed on January 22 due to the consecration ceremony in Ayodhya, while NSE and BSE held normal trading sessions on Saturday.

    On Saturday, the 30-share BSE Sensex fell 259.58 points or 0.36 per cent to settle at 71,423.65. The Nifty declined 50.60 points or 0.23 per cent to close at 21,571.80.

    Meanwhile, global oil benchmark Brent crude declined 0.40 per cent to USD 79.74 a barrel on Tuesday.

    Foreign Institutional Investors (FIIs) offloaded equities worth Rs 545.58 crore on Saturday, according to exchange data.



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  • Indias First Stock With Market Value Of $1 Trillion By 2032; These 3 Companies Are Top Contenders, Says ICICI Securities

    Indias First Stock With Market Value Of $1 Trillion By 2032; These 3 Companies Are Top Contenders, Says ICICI Securities


    New Delhi: India is expected to get its first company with market value of USD by 2032, Brokerage house ICICI Securities has said.

    “Our calculations suggest that India’s first USD 1trn market cap (mcap) stock could emerge by 2032. The macro framework is based on the assumption of reaching peak corporate profitability (~7% ‘PAT/GDP’ ratio) in the listed space driven by gradual advancement towards peak GDP growth of ~9%. Other key assumptions include – ratio of the largest stock’s mcap to aggregate mcap sustaining at long-term average of 5-6% and no re-rating in P/E ratios from current levels. Micro-level verification is done by screening stocks that have exhibited historical PAT growths in the vicinity of the hurdle rate required to reach a USD 1trn mcap by 2032, assuming no P/E re-rating,” ICICI Securities said in its report. 

    The Brokerage house said that HDFC Bank is the most likely stock with a hurdle rate of ~25.5%. RIL could make it if its profit growth trajectory jumps up to ~21%, while Bajaj Finance will need to maintain its past growth rate of ~35%-40% over the next decade to reach USD 1 trillion m-cap.

    “HDFC Bank’s hurdle rate of ~25.5% against its historical profit growth trajectory of ~20% makes the stock a prime contender with scope for valuation re-rating. RIL could make it if its longerterm profit growth trajectory jumps to ~21%. Bajaj Finance will need to maintain its past growth rate of ~35%-40% over the next decade to reach the USD 1trn mcap mark, assuming no P/E re-rating,” said ICICI Securities.

    The brokerage firm said that USD 1 trillion stock will herald deepening of Indian markets and significantly improve large free floats available for investors.

    The largest stock’s mcap stood at USD 10bn in 2001 before scaling up to reach USD 100bn by 2007 under the influence of a bull market driven by a notable lift in the corporate profit cycle – expressed in terms of an all-time high PAT/GDP ratio of ~7%. Consequently, the mcap to GDP ratio hit the all-time high of ~160%. 

    Surprisingly, the peak P/E ratio of the market, although high, was not outlandish at ~21x in 2007, thereby showcasing the illusory nature of point in time P/E ratios and the fundamental groundings of CAPE ratio (cyclically adjusted P/E ratio). The CAPE during 2007 peak stood at an outlandish 35x as compared to a point in time forward P/E of 20x, the report added.



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  • HDFC Bank becomes 2nd most valuable company; TCS falls to 3rd place – Times of India

    HDFC Bank becomes 2nd most valuable company; TCS falls to 3rd place – Times of India



    NEW DELHI: HDFC Bank on Thursday became the second most valuable company by market capitalisation, overtaking IT behemoth Tata Consultancy Services.
    At the close of trade, HDFC Bank, which recently completed the merger of its mortgage financier parent HDFC into itself, commanded a market capitalisation (mcap) of Rs 12,72,718.60 crore, which was Rs 5,826.95 crore more than TCS‘ Rs 12,66,891.65 crore valuation on the BSE.
    Shares of HDFC Bank ended at Rs 1,688.50 apiece, up 0.22 per cent on the BSE. During the day, it climbed 0.36 per cent to Rs 1,690.95.
    However, shares of TCS dipped 0.25 per cent to end at Rs 3,462.35 each. During the day, it fell 1 per cent to Rs 3,436.
    HDFC, the parent of HDFC Bank, merged into the lender on July 1.
    The USD 40 billion merger, the largest such deal in the Indian corporate history, was driven by a changing regulatory landscape, which limited the advantages for HDFC continuing as a non-bank lending entity.
    Reliance Industries is the country’s most valued firm with a market valuation of Rs 17,72,455.70 crore, followed by HDFC Bank, TCS, ICICI Bank (Rs 6,96,538.85 crore) and Hindustan Unilever (Rs 6,34,941.79 crore) in the top five order.
    HDFC Bank is also the country’s most valuable bank by mcap followed by ICICI Bank, which commanded a market valuation of Rs 6,96,538.85 crore, and State Bank of India (Rs 5,44,356.70 crore).
    The 30-share BSE Sensex jumped 474.46 points or 0.71 per cent to settle at its fresh all-time closing high of 67,571.90. During the day, it rallied 521.73 points or 0.77 per cent to hit its lifetime intra-day peak of 67,619.17.





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  • Who is Hasmukh Thakordas Parekh, The Man Who Once Lived In A Mumbai Chawl And Founded Rs 4,14,000 Crore Company?

    Who is Hasmukh Thakordas Parekh, The Man Who Once Lived In A Mumbai Chawl And Founded Rs 4,14,000 Crore Company?


    NEW DELHI: The mega-merger of the HDFC Bank and its parent company the Housing And Development Finance Corporation (HDFC) was one of the biggest news from the banking sector recently. The merger has made HDFC the 4th largest bank in the world and brought the spotlight back on Hasmukh Thakordas Parekh – the man who was the pioneer of Housing Finance in India and founded the Housing Development Finance Corporation in 1977. HDFC – the brainchild of Hasmukh Thakordas Parekh – has since come a long way, overcoming several obstacles in the evolution from a fledging start-up to India’s leading provider of Housing Finance. For his invaluable contribution to the housing finance industry and the banking sector in India, Parekh was awarded the Padma Bhushan by the Government of India in 1992. The London School of Economics also conferred on him an honorary fellowship.

    Inspiring Story of Hasmukh Thakordas Parekh 

     

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    Hasmukh Thakordas Parekh was born on 10 March 1911 in a banking family in Surat, Gujarat. He inherited the Gujarati business acumen from his father. However, he was deeply influenced by his mother. While growing up in a Mumbai chawl along with his family, Parekh did some part-time jobs and graduated in Economics from Mumbai University. He later went to the London School of Economics from where he pursued a B.Sc. degree in Banking & Finance.

    After returning to India in 1936, Parekh began his financial career with a leading stock broking firm, Harkisandass Lukhmidass. Simultaneously, he also worked as a lecturer in Economics at St. Xavier’s College in Mumbai for about three years. He later revealed how his two-decade-long stint at the broking firm shaped his career and gave him his most basic lessons in the business.

    First Stint With ICICI

     

    His first big break came in 1956 when he joined ICICI as Deputy general manager and became chairman and managing director in 1972. He retired in 1976 and served as Chairman of ICICI’s Board until 1978.

    Founding HDFC

     

    Parekh, who wanted middle-class Indians to have the chance to build a home before they were too old, founded Housing Development Finance Corporation Limited (HDFC), India’s first retail housing finance company, at the age of 65 in 1977. This was soon after he retired as the chairman of the Industrial Credit and Investment Corporation of India (ICICI).

    He founded the HDFC – India’s first retail housing finance company – with a personal contribution of Rs 10,000 and without any financial assistance from the Government of India. Under Parekh’s dynamic leadership and direction, HDFC grew manifolds as a company which was also firmly rooted in the principles of integrity, transparency and professionalism.

    A Team Builder

     

    Parekh, who had a keen eye for talent and nurtured it by providing direction and ample learning opportunities, believed in the power of teamwork. He believed that the success of an organization was possible only with a group of dedicated professionals who shared a common goal to serve and were willing to take reasonable risks.

    From disbursing the first home loan in 1978, the HDFC was approving annual loans in excess of Rs 100 crore by 1984. With his efforts, HDFC soon became a role model in the housing finance sector in the entire Asian region. His dream of providing better housing and living conditions for people was accomplished with an organization that was modelled by its international peers but with an Indian heart at the core.

    In 1983, he promoted the first private-sector oil exploration company in India, Hindustan Oil Exploration Company Limited (HOEC). He also set up Gujarat Rural Housing Finance Corporation Limited (GRUH) in 1986, an institutional structure for providing rural housing finance in villages and small towns. Parekh also served as the Chairman of the IMC Economic Research and Training Foundation for nearly 16 years.

    Padma Bhushan

     

    In recognition of his accomplishments, the Government of India conferred the Padma Bhushan honour on Parekh in 1992. Parekh passed away on November 18, 1994, marking the end of an era for HDFC as well as the Indian financial world. The merger of the HDFCs, the original housing finance company and its offspring, has created a financial powerhouse, a banking giant with a market capitalisation of Rs 4.14 lakh crore making the HDFC Bank the 4th largest bank in the world. 





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  • Stocks to Watch: JSW Steel, Zomato, Tata Steel, Marico, Adani Wilmar, and Others – News18

    Stocks to Watch: JSW Steel, Zomato, Tata Steel, Marico, Adani Wilmar, and Others – News18


    Stocks to Watch on July 6: Nifty futures traded 33 points, or 0.17 per cent, lower at 19,479, signaling that Dalal Street was headed for a negative start on Thursday. Here’s a slew of stocks that will be in focus today for various reasons.

    Tata Power: Tata Power has received Letter of Award (LoA) to implement smart metering project in Chhattisgarh State Power Distribution Company. The value of project is Rs 1,744 crore, and the project will be spanned over a period of 10 years.

    Adani Enterprises: According to a report, Adani Enterprises has fully repaid Rs 10 crore of commercial paper, which is unsecured, short-term debt. The company redeemed the commercial paper on July 5, which was the date of its maturity. There is no outstanding amount remaining.

    JSW Steel, Zomato, JBM Auto: JSW Steel will replace Housing Development Finance Corporation (HDFC) in the S&P BSE Sensex effective from July 13. Moreover, JBM Auto Components will replace HDFC Ltd in S&P BSE 500 index; Zomato in S&P BSE 100 index; and Apollo Hospitals in S&P BSE Sensex 50 index.

    Tata Steel: N. Chandrasekaran, chairman of the company and of the Tata group, reportedly told shareholders at the 116th annual general meeting of Tata Steel on Wednesday that the company may have to take a decision on the future of the troubled UK business in a year as the life of the blast furnace in Port Talbot, Wales, will come to an end.

    “Our preference is to replace it with an EAF (electric arc furnace). We have drawn up a proposal and given it to the UK government,” Chandrasekaran told the shareholders.

    Ujjivan Small Finance Bank: In its quarterly business update, the lender informed the exchanges that its total deposits grew 44 per cent/4 per cent YoY/QoQ to Rs 26,655 crore in Q1FY24, while advances were up 31 per cent/5 per cent YoY/QoQ to Rs 25,346 crore. CASA growth moderated as deposits shifted from CASA to term deposits. It grew 27 per cent YoY, but slipped 3 per cent QoQ.

    Bombay Dyeing: According to reports, the Bombay Dyeing and Manufacturing Company is in talks to sell a part of its land parcel in Central Mumbai at a valuation of R 5,000 crore. A Japanese conglomerate is leading the race among the bidders to acquire the land which has a development potential of 2 million sq ft for commercial purposes. Bombay Dyeing will reporedtly use the proceeds to reduce part of its debt and for other corporate purposes.

    DCB Bank: The Bank has received an intimation from RBI receiving approval allowing Tata Asset Management Private Limited to acquire aggregate holding of up to 7.5 per cent of the paid-up equity capital of the Bank through the schemes of Tata Mutual Fund. The approval is valid for a period of one year from the date of RBI letter (July 5, 2023).

    Asian Paints: The Company has incorporated a joint venture company, Asian Cement Holding Limited (AWCHL), in Dubai International Financial Centre, United Arab Emirates (UAE) as the holding company for the purpose of setting up an operating company in Fujairah, UAE. Named Asian White Inc. FZE, it will carry out the business of manufacturing and exporting white cement and white cement clinker.

    Adani Wilmar: The Adani Group company reported volume growth of 25 per cent YoY for the quarter ended June, 2023. However, sales declined 15 per cent YoY due to sharp drop in edible oil prices.

    The food and FMCG segment recorded revenue growth of over 30 per cent YoY to cross Rs 1,000 crore-mark on a standalone basis.

    Marico: Domestic volumes grew in low-single digits in Q1FY24, with a minor volume drop in Parachute Coconut Oil- Consolidated revenue in the quarter declined in low-single digits- Gross margin is expected to expand materially on a YoY and QoQ basis-

    Force Motors: The company sold 1,783 units of Small Commercial Vehicles (SCV) & Light Commercial Vehicles (LCV) in June, 2023, and 648 units of Utility Vehicles (UV), Sports Utility Vehicles (SUV) & Tractors. Total exports stood at 440 units.

    Biocon: Biocon Biologics Ltd (BBL), a subsidiary of Biocon Ltd, has completed the integration of the acquired biosimilars business in over 70 countries in Emerging Markets effective July 1, 2023, increasing the scale and scope of its business.

    BSE: The company’s Board will meet today to approve the share buyback proposal.

    India Cements: LIC has pared its shareholding to 3.83 per cent from 5.88 per cent of the paid-up capital of the company. LIC has divested its stake in India Cement through open market sale at an average price of Rs 191.59.

    Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.



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  • For Advising On $64 Billion HDFC Bank Merger, Bankers Get A 0.0002% Fee

    For Advising On $64 Billion HDFC Bank Merger, Bankers Get A 0.0002% Fee


    About 18 advisers who got credit for a fee pool of just over $1 million.

    A $64 billion merger of two big lenders is yielding almost no fees to financial advisers, highlighting investment bankers’ struggle for profits in the country.

    Housing Development Finance Corp.’s all-stock merger into HDFC Bank Ltd., which created one of the most valuable banks in the world, has about 18 advisers who got credit for a fee pool of just over $1 million, according to people familiar with the matter. Morgan Stanley and Bank of America Corp. will take the bulk of that pool while the rest will be paid just a token amount, they said, asking not to be identified as the information is not public.

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    The fee pool is disproportionately small as the board and executives of the companies led by Deepak Parekh, then chairman of HDFC, drove the merger process, and the role of the advisers was limited, the people said. Many of the advisers became aware that a merger was imminent only a day before the announcement and didn’t have to do any work on the deal, they said.

    “India is a tough place from a fee perspective unless one can offer value-added services or is structuring complex transactions,” said Pranav Haldea, managing director of Prime Database Group, which provides information on fundraisings. “This is an extremely price-conscious market, and thus, one always needs to keep costs under check.”

    Major global banks, including Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co, and Jefferies Financial Group Inc., and leading domestic advisory firms like Kotak Mahindra Capital and Axis Capital, were among the 18 advisers who got league table credit for the deal. 

    Morgan Stanley and BofA were paid more than others as they provided a fairness opinion on the valuation for the proposed transaction, while the rest of the advisers didn’t do much, the people said. HDFC Bank and the advisers declined to comment.

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    The investment banks’ struggles in India to win fee-generating business are in line with advisers’ challenges worldwide after a $1 trillion year-on-year drop in the value of mergers and acquisitions and initial public offerings in the first half of the year pushed them to embark on job cuts.

    JPMorgan, Citigroup, Goldman Sachs, and Morgan Stanley are among those to have started firings across their investment banking divisions globally this year. However, advisory units of overseas and local banks in the South Asian nation were left mostly unscathed as the team sizes were already small and costs were in check.



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