The global banks regroup in Asia

After a year of volatility, recession and political uncertainty, the dust is settling on the changes the world's investment banks have made to their Asian operations. There are new leaders in place, new strategies underway, new areas of priority – and considerably slimmer headcounts. Who's come out looking best? In the following pages Matthew Montagu-Pollock assesses the positions of the traditional leaders and interviews JPMorgan's Asia chairman Ralph Parks.