Word: bankerly
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...everyone is having an identity crisis. Pinchin Kwok chose to return to her native Singapore last year after living in New York for five years. The 28-year-old banker says she came home for "the good life" and that she's excited by the changes. "Many of the reasons people leave Singapore when they are young will be gone," Kwok says. "Life can only become more cosmopolitan and sophisticated. Everything will be less boring." Kwok adds that she expects Singapore will become "more of a melting pot like Manhattan, but at the core will be the heartlanders...
With its dark furniture, high-tech gadgets and model jet plane, Philip Green's London office feels a lot like the work area of an investment banker or hedge fund manager. On the wall behind his enormous desk, there's even a photograph of Wall Street antihero Gordon Gekko. But on this May morning, a daytime-TV segment flickering on his sleek, flat-screened television betrays his role as a master of an entirely different universe: women's fashion...
With Paul Wolfowitz under rising pressure to resign as head of the World Bank, a new Washington parlor game has emerged: Who's the next top banker? Some names: former Afghan Finance Minister Ashraf Ghani, top right, who would be the first-ever non-U.S. bank chief; Bank of Israel governor Stanley Fischer (a U.S. citizen), middle; and former U.S. Trade Rep Robert Zoellick. One candidate from 2005, when Wolfowitz got the job, who hasn't gotten much traction this go-round: ex--HP CEO Carly Fiorina...
...idea was to lend to governments that were creditworthy but had no access to rich-country capital markets. "Now we live in a world where there are huge global capital markets, where, if anything, investors are too willing to invest in developing countries," says Adam Lerrick, a former investment banker who teaches economics at Carnegie Mellon University. The World Bank's net lending has plummeted over the past few years, even as it keeps shopping loans to the likes of Brazil, Turkey, Russia and China, sometimes on hugely generous terms...
Lerrick wants the World Bank to stop lending to middle-income countries and restructure its loans to the poorest nations as outright grants. Nancy Birdsall, a former World Banker who runs a Washington think tank called the Center for Global Development, argues that the bank could have more impact on poverty by making better use of its best assets: the expertise of its staff and its ability to coordinate global action. "Lending and grantmaking at the country level should not be the end-all and be-all," she says. "It should be the vehicle for advice and constant rebuilding...